How To Scale Your High-Ticket Drop Shipping Store Beyond Six-Figures
How I feel about eCommerce, the life lessons that I have learned and I hope that I can impart that on you as you grow your business.
The topic would be from launching to six figures. So it will be the first time you launched your website to grow it to that level where it’s almost at the level where it can support you full time or part-time depending on what part of the world you live in. Going to zero to the first six figures in sales, not six figures profit because with eCommerce, the profit is usually 10% after all the fees are paid for. If you are making $100,000, you are taking home $10,000 a year. That is not a fulltime income. If you are taking home $20,000, you can live fulltime in Bangkok, Thailand.
When you get that six figures markets, it is already a pretty big milestone. You have basically created your entire foundation for your business. You have probably added a lot of products and you started running ads and done your email marketing. You have basically shown that you are able to help people on wider scale through the united states or whichever country you are operating.
Scaling from making that six-figure milestone to pass that like half a million or a million dollars a sales per year is really difficult because it takes a lot more work. It takes a lot more networking and content creation to get there. You can start making a buck online just throwing up some products and running ads to them if you know how to optimize your website. However, you are not going to make a sustainable business. The business is a roller coaster ride. YOu will have a whole week without sales and then all of a sudden you might get a spike because you get lucky.
If you want to build a long-term sustainable business, you have got to build out all your funnel. You have got to work your way up to the top. You got to build out content that’s going to help people that order the middle of the funnel looking for brands and what products they offer and which ones are better.
You got to build out products at the top of the funnel so they want to learn about your niches and how the products work comparing different types and price points. There is a lot to it than that and I am making to it right now.
Here’s the key, scaling from six to seven figures or higher, you have to go to dig deep into your niche. Whatever your niche market is, your life has become almost all about that. Having an eCommerce business is not like a fairy tale thing. It is not like unicorns and butterflies that you get to hang out all day at the beach and chill and sip Pina Colada as well while people order on your website. Although that does happen and people do that periodically. It is not always like that.
What happens is that when you go on vacation and we will be on the beach taking pictures and it will be really fun. That’s the reason I started doing eCommerce in the first place.
We work a lot, I do a lot of marketing and my partner does customer service. It’s a pain in the ass. That’s the thing, you have to make that pain in the ass, something that you love doing. If you are want to grow and scale. We hit this milestone and want to go to the next level. I am going to discuss with you some ideas we are working on to do that.
Digging dip in your niches means you have to go to start creating a lot of content. Content marketing is the key to long term success. You got to create videos, articles, and podcasts. I maybe not doing all of that yet but I am working it. I am building out the foundation for it. One of the big things that have been holding me back is the feeling of whether the contents going to be good enough.
I have been looking at other avenues like doing whiteboard explainer videos for the informational content or I have been thinking about doing things like hiring somebody else. At the end of the day, I just want to do talking hit videos like everybody else. I probably just end up doing that as it is quickest to launch and the cheapest yet it is still going to get values and get a foundation of content built for us.
The beauty of creating YouTube videos is I can just read off the blog articles that we make on the website that I’ve had writers write for me on the website to the video audience. It will make perfect sense to them. As soon as I go and get a chance to get off of the products I sell in my hand. I can show them and that will build credibility and trust.
You can just be talking to videos about the blog content. You just want to explain to people what’s up. By explaining to people and then meeting them in person like this, you will gain trust. They are going to feel way better about buying form your business in the future. You can turn all those videos informational into a podcast. People can listen to that in their ears. You will have your niche keyword as the podcast name. That is going to be helpful for you to reach a wider audience.
Content marketing is the key. In parallel with content marketing, you to have an email marketing set up. If you have a blog post, you’ve got to have at the end of the blog post an email opt-in for a free guide. People can sign up for that and get a free guide. You can send them all your content periodically. It will get them coming back to your blog and eventually they will feel comfortable about it so much that they will want to buy the product from you. That is the point, you want to go goodwill with people and you want o to teach them. If you are the person building goodwill and teaching them as opposed to somebody else, you are most likely going to get sales.
Buying cycles last quite a long time on expensive products. People have to do the research a lot from you. The top of the funnel research and the brands’ research and product research. It takes a long time to do that usually. By reaching somebody when they are at the top of the funnel and teaching them there and following up with them periodically, you are going to be following up all throughout their buying cycles. It could take a month or two for someone to make a decision depending on how expensive the product is and how complicated it is. By the time they get to the bottom, they are looking at you and your brands.
The next thing to do is understand you shouldn’t be just focusing on customers. You should also be focused on the industry leaders. I learned this from an internet marketer who does a lot of industry leader content. He basically creates resource posts and tries to pitch them to industry leaders to get him, his blog and his content linked to from the industry leaders blog and YouTube channel. I think it is really smart and I have not been doing that yet so I have headed that direction.
I created some posts to review the blogs. I didn’t get much attraction. I think that doesn’t really make sense. I think what makes more sense is doing these really big beautiful resource posts. These round-up posts and then sending those to the industry leaders. People like one post and has a bunch of links in it. It is kind of like a search engine because it just makes it easier. When you save people time, it creates value for them.
One thing that we are starting to do more of also is to work really closely with our suppliers and do special promotions to them. That is one of the keys to really grow in your business. You have to be keeping close contact with your suppliers and then always running promotions just for those supplier’s products that nobody else is going to be able to offer.
You have been a commissioned sort of salesman in a way being a drop-ship dealer. You want to be emailing them weekly and say what products are you trying to clear out. Those products they need to clear out for their inventory so they get new ones in and those ones you can put on your send to a VA to put on your website as a discount. Then run some promotions on social media or email.
You want to do email marketing because people want the top in the middle of the funnels, they will be interested in stuff like that usually. If you have people on an email list and you have a special promotion and you know that person is interested in that product, you can send that promotion to that person and it is likely that they might purchase.
Grow your supplier base. You want to reach out to new suppliers consistently. I like to do this quarterly because it takes a lot of time to bring in the supplier on board. I don’t do that too often. Quarterly seems to work pretty well for us. That means you have to be emailing or calling a supplier that may be a competitor has on their website and you don’t.
You have to reach out to them letting them know that they’d great fit for your website and you like to bring them on board and some of your sellers permit. Usually, they will give you a dealer’s application go ahead and fill it out and we’ll get you guys set up with a price sheet and UPC code sheet. You can put them on your website have the normal process of marketing done.
You have to create a system for onboarding suppliers. By that, you are going to make a checklist, video training, and having a virtual assistant who can do the work for you. You get a new supplier, send them the supplier’s information that they sent you or upload to a spreadsheet and then have the VA do the work for you. You have to videotape each step of the way. That is one key done quickly without taking weeks or months to get it done.
Go to industry events, these are the best places to meet new suppliers and build stronger relationships with your current suppliers. There’s a lot of benefits to that. The suppliers will want to do more business with you and give you better deals on their products if they meet you in person.
If you are creating content, you can do an interview with suppliers for your YouTube channel. For us, we are going to the States and Europe for events and we want to interview our suppliers. We are creating a Youtube channel right now with a lot of good content and then go from there. We will put them on the channel. You are going to blasting them out there. You are creating good content for your channel as a dealer and it really does build trust in your company.
This is for people who are interested in building their business, all the stuff is great but you are still promoting other people’s products. If you really want to create a brand and want to build a business, you have to create your own product. It is scary as you don’t know if it is going to sell. The cool thing about dropshipping is someone else is selling that product. You are selling it.
You just have to keep a commission. It is a much lower risk for us as eCommerce stores.
If you really want to scale and take your business to the next level, make a big impact on your industry. You have to focus on product creation in creating your own product. You can think about that direction. It does not have to be a big heavy expensive product if your products are big and heavy and expensive. It could be a small product within that apart or an accessory.
You have to be unique and prove first by using a platform that is a Kickstarter to launch your product. Make sure there are enough people interested in actually buying it and spending money on it before you go and manufacture it.
A lot of people out there including myself like to take the easy way out. Of course, that’s not going to really work out that well. It is like being in a video game and using cheat codes, you really are just cheating yourself and you are not getting the full experience and you are not going to see the full results from there. If I use these cheat codes, I won’t be able to understand the video games fully in-depth and how it works so I won’t be a video game developer or tester. I won’t be able to go-to video game industry events and play video games really well because I’m just not a video game player as I use only cheat codes to make it easy.
Don’t use cheat codes in life. They might be able to see what it looks like in the end but go back and do the hard work. One great example I would like to give in the dropshipping world is that creating new stores before your one store is finished is kind of like trying to shortcut your way to really double that income but what you are really going to do is you are actually going to create less income for yourself. What is happening is you are now spreading your time thin. You don’t get to focus on the more advanced marketing techniques as you need to be doing and the advanced networking technique and advanced content marketing techniques in your one store.
The only time you should be creating a new store which is basically entirely new business which means that someone is going to be happy to do customer service and marketing just like you are already doing. If you have a system in place a team. Don’t start another store until you have a system.
As for me, I have a team and a lot of systems. I am creating a second store while I am doing the marketing. I am having them upload the products, get the keywords, create content, and create banners for the website. I have a virtual assistant do for me as I don’t have to do it all the time. I spend a little bit of time and that websites going to be built over the course of about a month. We will then launch it and I am excited about that because I have a very profitable niche for us.
Our main store though, I am focusing on the super-advanced stuff. Figuring out the email marketing, going in dept of the content, making sure it is really optimized content and then figure out how to get more suppliers. I also connect with influencers and get them to feature us and then create content for our brands and YouTube channel.
I really feel that e-commerce is not as easy as it’s made out to be by a lot of gurus out there. You can’t just go and start making $100 a day randomly on Shopify. There are all these videos out there just get on my nerves because it is not a get-rich-quick thing. You can make a buck but you are not going to have a sustainable income. You have to differentiate, are you going to try just to make a buck right now and then a week or two months in the future you have to figure something else out again because that’s not working anymore or you going to go and try to create a sustainable business.
You might not see as many results right away with a sustainable business model as you would with the make a buck model. You have to focus in that direction to see long-term results. If in three to six months, you want constant sales on a daily basis which feels awesome and it’s really cool. You can sit back on a beach and sip Mai Tai then you have to create a sustainable business. That has a foundation of content and then a foundation of marketing that content and with a system built on market content. With virtual assistant helping you market to that content. YOu have to build out your connections and your network.
I truly believe that building a sustainable business is the way to the future. It’s harder, it’s not as easy and it is a pain in the ass but if you love what you are doing and if you love what you are selling you have to be really into your niche to make this happen. You have to be so into it that you’re just like the raving maniac about it.
It depends on how much value are you going to give in your industry. How much value are you willing to vie to people looking to buy those products. If you are willing to give a ton of value, you are going to increase your income.
Go out there and create lots of value in your niche and let me know how it is. Let me know what it is like in your niche and what your journey has been like. I want to know what you are working on right now and if you are going to use any of these steps to implement in your business.