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The Winning Product Formula in Dropshipping

 

The Winning Product Formula To Find Winning Products Faster And Scale Profitably To Consistent 6 Figure Months

 

(We stole this secret hack from Mark Zuckerberg, Reed Hastings, and Jeff Bezos 🤫)
What if you could:
✅Find more winning product faster…
✅ Have an everlasting winning products to scale…
✅ Scale consistently to 6 figures month after month
You can achieve all these when you apply this Winning Product Formula every week.

This formula follows the same principles that allow Facebook, Google and Amazon to dominate the world.
(Not Elon though. Elon is a different beast. Though we did swipe something from him as well, as you will see)
For the past year, my team has been helping many dropshippers to automate their dropshipping business and scale to consistent 6 figure months.
One of the major factors that has helped our clients to achieve consistent and profitable results is by:

 

 

1. Identifying the key components that help them to test more products and find winning products faster

2. Turning these key components into a formula (WPF) that we can rely on repeatedly to get consistent results

3. Build a system around this formula so that we can track, measure and optimize the most important KPIs

4. Automating the system by hiring and delegating it to team members so that the business owners can continue to get the same consistent results without being involved.
Saving them at least 20-40 hours each week while continue to scale comfortably to consistent 6 figures each month

5. Continuously optimizing and scaling the system so that we can get faster and faster results.
To understand how this Winning Product Formula works, we first isolated the key factors to find winning products.
Now, there are many factors that could affect how quickly you find your next winning products and scale to consistent 6-figures.
For example:

 

 

How good you are at identifying potential diamond-tier winning products (High skill levels and experience involved)
How good you are at marketing, CRO, media buying, creating offers (High skill levels and experience involved)
Luck. Luck does play a huge factor in dropshipping. Sometimes you test a product and get lucky.

Sure, luck may help you to scale to 6 figures once or twice.
But as the lifecycle of winning products is short, you can’t depend on luck if you want consistent 6-7 figure months.
(Though if you are able to hit multiple winners, then it’s no longer luck, but you have a good process for identifying winning products)
But after working with and helping many dropshippers scaling to consistent 6 figure months, here’s what we notice:
Top dropshippers don’t rely on just luck alone to succeed.

Instead, they “make” their own luck.
And that’s by focusing on what they can control.
More specifically, they focus on these two things that allow them to “get lucky” consistently.
Test as many high quality products as quickly as possible
Maximise the potential of each product test.
By doing these 2, they put themselves in a position to get “lucky” consistently.
Once you understand why these 2 things are important, then you can apply the Winning Product Formula to find winning products faster.

 

HOW THIS WINNING PRODUCT FORMULA (WPF) WORKS:
Most dropshippers are not finding winning products fast because of 2 reasons:
1️⃣ They’re Not Testing Enough Products Each Week
If you look at the top companies in the world like Facebook, Amazon, Google and Netflix, they all religiously follow this same principle:
>> Run as many experiments as possible as quickly as possible <<

 

Facebook: At any given time, they are running like 20,000 experiments at once. Constantly testing new ideas to see what works
Amazon: Jeff Bezoz said that the success of Amazon is correlated to the number of experiments they do. If you can increase the number of experiments you try from a hundred to a thousand, you dramatically increase your success
Netflix: They are constantly testing thousands of different ideas every single week.

If you notice, your Netflix
dashboard changes all the time.
The reason why they are doing this is because they don’t know what works and what doesn’t
It’s only by testing as much as possible (and as quickly as possible)… would they be able to find winners faster than their competitors.
This same principle applies to dropshipping.
If you want to find winning products faster, then you need to be doing more product research and test more products.

 

All else being equal, the more products you test, the faster you will find your next winning product.
So you need to be testing more products every week.
There’s no way around it.
Ask yourself this:
How many products are you launching each week?
20?
30?
40?
Now, just to give you an example of what the top dogs are doing:
One of our clients are currently doing 68 product launches in a WEEK.

That’s almost 10 product launches each day.
Even if their chance of finding a winning product is around 4-5%, they are getting at least a few winners each week. (There’s a way to increase this percentage. Using Elon’s “Beast Mode” Hack. More on this below)
Simply by launching more products each week, they get lucky more often.
If there’s only one thing you get out of this post, it’s to increase the number of product tests you do each week.

 

2️⃣ They’re Not Maximizing The Potential Of Each Product
The second reason why most dropshippers are not finding winning products faster is because they are not maximizing the potential of each product.
Before we go into that, let’s talk about Elon.
If you’ve heard Elon’s biography, you would know that one of the things that stand him out from the rest is the amount of thought he puts into each product.
He doesn’t just focus on “good enough”.

 

He puts in maximum effort into each product to maximize the chance of success.
This same principle applies to dropshipping.
It’s not enough to launch a lot of products each week.
You also need to make sure that they are:
✅ High quality
✅ Have great creatives like video, images and copy
✅ Consistent standards and processes
Let’s go through each one:

🔥 High Quality Products 🔥
Because every product launches requires money for ads and time from your team, you want to make sure each launch you do is for a high quality product.
High quality products are products that go through a strict criteria to have the best chance of it becoming a profitable winning product.
When most dropshippers try to find more high quality products, they end up reducing the product research criteria so that their team can find more products.
Meaning, instead of only testing products that fulfills their 5 step criteria process…
They lower down their number of criterias to 3 instead, just so that they have more products to test.
HUGE mistake.

By doing so, you are sacrificing quality for quantity.
Leaving you to test products that have an extremely low chance of being profitable winners.
This is as good as burning cash.
Instead of reducing criterias which reduces quality, a better way to do it: Systemize your product research process into an efficient machine
For our clients, we build them each a personalized product research sheet where parts of their product research process can be automated.
Example: when a product researcher is vetting a product against the list of criterias, instead of having to use her judgement and evaluate each criteria one by one…

All she has to do is key in the product’s information and the sheet will automatically qualify (or disqualify) the product.
This not only saves time, it also reduces human error when it comes to qualifying products.
And the time and energy she saved? She could now use it to search for more products.
Each product researcher is also given a Scorecard Metric that shows them how many unique products they have found each day (after removing the duplicates). So that they know how many more products they need to search for at any time.
At the end of the week or month, this Scorecard Metric will also show how many of their products they found turn out to be a winner.

This way, we can track both the quantity and quality of each product researcher.
If they are not hitting their numbers, then we improve on the process and system to make it more efficient.
If the quality is not good enough, then either we review their process, their skills, or find a replacement if they are not suitable.
That way, everything is tracked, measured, and continuously optimized towards finding more high quality products faster.
After using this customized system we built, our client was able to scale from testing 3 products a day to up to 12 products a day EVEN when they had to follow his extremely strict 5 step product research criteria.

This allowed him to find high quality products consistently and he is now on his way to crushing 7 figure months.
🔥 High Quality Creatives 🔥
Once your team has identified high quality products, the next step is to have great creatives.
Creatives here refer to the copy, the image and the videos.
It’s no secret that the key to maximizing the potential of each product test is to test many different high quality creatives and angles.

Oftentimes, you’re just ONE high quality creative away from scaling to 6-7 figures.
By testing more high quality creatives, you can increase the chance of finding that one winning creative to scale to 6 figures and beyond.
Afterall, it takes a lot of effort (and money) to find high quality products. So it only makes sense to make sure each product is fully tested with different creatives to maximize the chance of becoming a winning product.
The more creatives and angles you test per product > The higher chance the product becomes a winner.
You don’t want to be in the position where you launch a product, didn’t manage to turn it into a winning product that can scale, then scrape it…

… Only to see weeks later, a competitor launching the exact SAME product (but with a different marketing angle), and it is now a winning product.
Thus missing out on earning 6-7 figures revenues and profits 😱
All because you didn’t test enough angles and creatives 😭😭😭
(This is dropshippers worst nightmare)
This is why 6-8 figures dropshippers hire video producers and designers to churn out creatives every day.

But NOT just any creatives.
They got to be of high quality, with each one focusing on different hooks, angles and positioning.
As we all know, producing new videos from scratch is not only time-consuming, it’s also a test of creativity for your team…
So most dropshippers think they have no choice but to hire more video editors when they want more video creatives.
Not true.
Not every new hire will be able to produce work that meets your standards immediately upon joining.
That means you are incurring extra manpower cost + spending time to guide new hires BUT there is no definite ROI.

 

A better way would be to build a system your current team of video editors can leverage on to produce more high quality videos easier.
Here’s what we do:
Instead of having the current team of video editors to produce entirely new videos from scratch, we have a system where video editors simply switch up the first 5-10 seconds of each video, aka, the “hook”.

This works wonders because the hook is actually the main difference between each video.
The hook is where you get to test different marketing angles.
Whereas the rest of the video is mostly on product information (which doesn’t change).
Just by switching the hook, you would get close to the same impact as if you created entirely new videos
You can use the template below as a rough guide:

First 5-10 seconds: Hook + Introduce the new angle by showcasing the “problem” that the product solves.
Next 15 seconds: Using the product + benefits
Next 10 seconds: Features
Next 5 seconds: Call to action.
We’ve developed an SOP and process to ensure that for each video creative, there will be 5 different hooks.

(Works like 5 new videos)
Whenever there’s a winning video, we will double down on the winner by tweaking and optimizing different parts of the winner.
Remember, you need to have a SOP for creating different hooks…
Another SOP for Optimization, and another SOP for scaling.
The SOPs make it much easier for your video editors to produce more videos faster as they can just follow the SOPs step by step.
By following our system, one of our clients was able to scale his video production to over 81 videos per day.
(Yes, that is no typo. 81 videos per day)
🔥Consistent standards and process 🔥
A lot of times, many dropshippers choose product based on:

❌Emotions and preferences: “I like this products”
❌Gut feel: I think this will work
❌No standardized process or criteria during product research
All these cause a lot of inconsistency in the quality of product research.
Which also means that you’re not maximizing the potential of each product test.
This also makes it harder to automate and delegate the process later on as you scale the operations.
All great companies need to have standardized systems and processes that can be repeatable to give you consistent results.

(They are also called SOPs)
This is even more important for dropshippers.
In order to find winning products faster and scale to consistent 6 figures, you need to make sure that there is a standard way of doing every task and activity.
Here’s how we standardize, systemize and automate the entire process for our clients from scratch:
(A) Document and Streamline the entire process
(B) Optimize the process so that it’s efficient and easy to delegate it to someone else
(C) Hire great VAs and delegate it to them.
(D) Hire a project manager to continuously manage and optimize the entire operations.

 

HOW YOU CAN IMPLEMENT THE WINNING PRODUCT FORMULA FOR YOUR BUSINESS
By now you should deduce the winning product formula based on what I’ve mentioned above.
It goes like this:
➡️Winning Product Formula = (High Quality Products Tested + High Quality Video Creatives) X Frequency ⬅️
I’ve already covered “high quality products” and “high quality creatives” and why they are essential.
Frequency here refers to how often or how quickly you’re launching and testing them.
To summarize:
If you want to find winning products faster…

You want to test as many high quality products with as many high quality creatives each week.
The key to making it work easily is to streamline all your processes and turn them into SOPs, optimize these SOPs so that they can be delegated and repeated to VAs, and then hire great VAs to run the system like clockwork.
Hope you find this formula useful 🙂
Story by “Trevor Lim” .

 

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