Have you ever thought about running one product business? For some dropshippers, it’s a simple formula for success. So stick with me, because I’m going to break down that formula for you today. First, we’re going to identify reasons why you may want to run a single product store, and then we’ll explore how you can make that business a success.
Every entrepreneur is different. Some might be awesome at running a general store. But if you’re more suited to running a streamlined, straightforward outfit then you’ll probably appreciate setting up a one product business.
It only takes one good idea for you to make it big. And without the distraction of building a store for multiple products, and then managing and marketing those products, you can focus all of your energy, attention and resources into selling your one product better than anyone else. I don’t want it to sound too good to be true. Because there are challenges that come with setting up a one product store.
Unlike a general store, a one product business goes all in on a single item. And that is perhaps the gnarliest challenge of them all, how to find that one product you want to sell. So that seems like a good point for us to start.
There are five things to keep in mind when you go looking for great dropshipping product.
- It’s not easy to find elsewhere on the web.
- It’s tricky for shoppers to guess the price.
- It’s interesting enough to entice consumers to click.
- It can be purchased by consumers with no need for any prior research.
- It’s inexpensive. A product price of $5 or less, including shipping, is ideal.
Using these criteria I searched the Oberlo marketplace for an example of what could be a good dropshipping product for a one product store.
And I found this interesting solar-powered cranium-cooling accessory. Right, I know this looks a little goofy but hold on. It fits our five search criteria quite nicely, and there already appears to be a market for this cap, as it has got multiple sales in the last month and six months.
And it has a couple of five out of five customer reviews. On top of that, it’s novel, and pretty eye-catching, meaning it would make for a great product to advertise in a video.
Let’s say you’ve also found your product. What now?
Well, now it’s time to build a winning store that’s optimized to sell one product and one product alone. Shopify has a few store themes which are ideal for single product businesses.
Startup is one of those themes for one product stores or stores with small inventories. This theme adheres to a golden rule of one product marketing: it provides merchants with a powerful space above the fold for their product to immediately hook the user. Above the fold refers to what is visible on the user’s screen. In this context, it’s what is visible once a user arrives at your online store. Anything below the fold requires the user to scroll.
A large hero image above the fold is a golden opportunity for single product store owners. This is premium real estate to build your brand, highlight your promotions, and bring your flagship product to life.
As you can see with the Startup theme, a hero image above the fold also works as a great spot to allow your customers to order the product directly from the hero image itself. It acts as a guiding hand, waving away distractions and enticing customers to fill their cart and go to the checkout.
After all, it’s a one product store – there’s nothing else for customers to browse for. But hold up: we’ve gotten a little ahead of ourselves.
How do we even get customers to our store and interested in the solar-powered ventilator hat in the first place?
To do that, we have to get smart with social media. Start by optimizing your Shopify store so that it can leverage the power of Facebook to the max. You do this by connecting your store to a Facebook Pixel. And then run ads to drive traffic to your store.
People are likely to want to find out more about this unique headpiece. Once we generate traffic, the Facebook Pixel monitors what visitors do once they are in the store. The goal is for Facebook Pixel to help you optimize your ad strategy. With the data recorded by the Facebook Pixel, you can segment your store’s visitors into groups, and then hit get those groups with hyper-targeted ads.
Do you like the sound of the Facebook Pixel?
You should do because it is a powerful way of figuring out which customers are likely to buy your product.
All right, your Facebook Pixel is operational. You’re running ads, you’re collecting data, and now you’re running even better ads. Pretty soon you should be getting some traffic and sales.
If not, Facebook has another way of helping you out. Once you collect Facebook Pixel data on one hundred people from a single country, you get access to the Purchase lookalike audience feature on Facebook ads.
A lookalike audience is an effective way to reach new people who are similar to your visitors and customers. You can use a lookalike audience to target a new market, or to simply find a new audience in your existing market. You create a lookalike audience based on the people the Facebook Pixel has already seen.
Facebook recommends that you build this base list for the lookalike audience out of people who have made a purchase in your store, and not just every single person who has visited your store. This generally leads to better results for merchants who use lookalike audiences. That’s because the Facebook Pixel helps bring traffic to your store made up of people similar to customers and not just similar to store visitors. It’s an effective, hard-working Facebook Pixel too. Around 90% of the time, lookalike audiences average a higher click-through rate than other audiences on Facebook.
Have you thought about what kind of ads work best on Facebook?
I can tell you that the trend is pointing very clearly toward video, which is the most popular medium for Facebook campaigns. Facebook users spend 100 million hours a day watching videos. And the clickthrough rate for video is as high as 57%.
It’s generally advisable to make your ads eye-catching and fun so as to encourage impulse buys. But if your product is not suited to impulse purchases you can make a functional video instead.
After all, there is data to say it’s worth it. 96% of consumers said they find videos helpful when they are choosing what to purchase online. And here’s the kicker: nearly 75% of consumers are more likely to buy a product if they have watched a video explainer prior to hitting the checkout.
So this is definitely a medium worth exploring for one product stores. As the merchant, you can focus your time and creative energy on making one hit video for your product, you don’t have to stretch resources to make multiple videos for multiple products.
Now I know not everybody has access to filming equipment, or maybe their product is not well suited to video ads. But there’s good news: good old photos are still popular and are second best to videos when it comes to attracting customers on Facebook.
If you’re considering a one product business but still need some convincing, then you should read one of Oberlo merchant’s success stories.