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double your dropshipping business(this is stupid_ but it works · The Empire of Wealth

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  Speaker 1: When I first started my online business, I was walking
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  Speaker 1: down the street in Europe and I walked past what
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  Speaker 1: I think was like a pajama store. It was pretty
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  Speaker 1: like boutique-y. And on their pajamas, on their pants, there
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  Speaker 1: was these unicorn prints. And I was like, oh, that's interesting.
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  Speaker 1: And at the time I was selling a lot of
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  Speaker 1: products without any type prints on them. I was like,
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  Speaker 1: that's a really good way to differentiate. And then I
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  Speaker 1: kind of, started tweaking my product more and more. I
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  Speaker 1: made it thicker than all of the competitors, which was
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  Speaker 1: really important because it created more warmth and more value.
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  Speaker 1: Then I was like, how can I change the packaging
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  Speaker 1: of the product so that customers, you know, share it
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  Speaker 1: a little bit more on social media and get more
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  Speaker 1: value out of it as well? I was like, without,
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  Speaker 1: you know, increasing the cost so much that it becomes
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  Speaker 1: unfeasible to do so. And, you know, I just came
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  Speaker 1: up with adding a bow to the product, so it's
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  Speaker 1: like a good gifting arrangement. Then I was just like, alright,
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  Speaker 1: let's start customising prints, let's get a graphic designer in-house
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  Speaker 1: and let's really make sure that customers can really connect
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  Speaker 1: with the product and they need to come to us
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  Speaker 1: so that they can get the product that they connect
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  Speaker 1: with most. Because pyjamas, you know, it's not a fashion
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  Speaker 1: statement really, it's just about having a bit of fun.
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  Speaker 1: All of those three factors, while They seem somewhat trivial
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  Speaker 1: and not hugely, like they're not hugely genius. Like they're not,
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  Speaker 1: they're not revolutionary. I didn't create the next iPhone, but
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  Speaker 1: those small weeks allowed us to beat competitors and product
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  Speaker 1: is the greatest form of leverage. And by differentiating product,
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  Speaker 1: you create product and offer. you create more leverage than
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  Speaker 1: you can do through any other strategy. And I think
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  Speaker 1: maybe culture is close to the second, but that's probably
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  Speaker 1: more so for the large companies. A lot of the
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  Speaker 1: dropshippers that are coming to me and they're kind of
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  Speaker 1: freaking out and they're like, how do I actually differentiate
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  Speaker 1: my product? Because competitors coming in and the product's just
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  Speaker 1: going less and less. I've got no repeat purchase rate.
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  Speaker 1: I'm doing 10 million a year and eventually it's going
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  Speaker 1: to go. And I think people kind of people kind
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  Speaker 1: of freak out about it and make it harder than
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  Speaker 1: it actually is. I think one of the really interesting...
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  Speaker 1: I'm going to give you a tip today, and this
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  Speaker 1: is stupid. This is going to be kind of a
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  Speaker 1: very basic overview and checklist of things that you can
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  Speaker 1: do to take your business to the next level. I
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  Speaker 1: like to look at it as, can I change my
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  Speaker 1: product so that it goes viral? And let's define viral
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  Speaker 1: for a second. Sure, there's the virality of getting lots
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  Speaker 1: of views on TikTok and TikTok's algorithm boosting it or
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  Speaker 1: people sharing it on the platform. But traditional virality was
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  Speaker 1: actually defined as where your viral coefficient is greater than one.
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  Speaker 1: So every single person that interacts with your product, on average,
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  Speaker 1: they share it with greater than one person because that
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  Speaker 1: then creates virality. It continuously grows and grows and compounds
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  Speaker 1: until it starts to fatigue, obviously. And I think that
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  Speaker 1: we can shoot for both forms of virality with our
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  Speaker 1: product differentiation. Because the platforms themselves, the way that I
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  Speaker 1: see it is two different things. The viral platform side
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  Speaker 1: of things is more around shop value, whereas the virality
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  Speaker 1: amongst customers, which is the true valuable virality to creating
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  Speaker 1: a brand is more so around customer value. And we
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  Speaker 1: can really dive deep into ways that we can differentiate
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  Speaker 1: our product to achieve both forms of virality. And I
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  Speaker 1: think that these are going to sound very vexing, but
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  Speaker 1: they have worked and they're going to jump between the
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  Speaker 1: kind of tacky forms of virality, but also the customer
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  Speaker 1: value side of things. Now, before we continue, the disclaimer
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  Speaker 1: on this video is like these products, these stories that
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  Speaker 1: I'm about to tell you, I'm showing you how easy
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  Speaker 1: it is and how much value that they created through
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  Speaker 1: these very, very simple forms of customization that you can
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  Speaker 1: take into any sector and any product. So don't just
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  Speaker 1: go and copy these ones because it's probably saturated already
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  Speaker 1: and it just defeats the point of what we're talking about.
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  Speaker 1: And I think that if you're a dropshipper, there is
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  Speaker 1: a chance that you can take kind of any product
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  Speaker 1: and apply these principles. Or better yet, you can take
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  Speaker 1: any commoditized product in perfume, supplements, literally anything and apply
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  Speaker 1: these principles and it will work. So the first one
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  Speaker 1: is obvious. Like it's make something smaller. So I have
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  Speaker 1: a friend and he loves camping, loves four wheel driving, super,
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  Speaker 1: super smart. And he pretty much took a torch. And
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  Speaker 1: shrunk it down into a very, very small torch. Kept
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  Speaker 1: all the other features amazing. And it just exploded. I
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  Speaker 1: think it was doing $ 20, 000 a day. Very, very early on.
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  Speaker 1: Kind of customized the product. Had to go a little
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  Speaker 1: bit back and forth with the factory. But they had
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  Speaker 1: all the mods because they were already making average size torches.
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  Speaker 1: And it just went crazy. There are so many different
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  Speaker 1: types of products that you can shrink down. to be
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  Speaker 1: more convenient for the user or you can shrink down
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  Speaker 1: for the novelty of it. So for example, like if
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  Speaker 1: you write in miniaturizing on TikTok right now, the amount
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  Speaker 1: of viral products on that subject is just crazy. Like
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  Speaker 1: all of these supermarkets, they do miniaturized products of like
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  Speaker 1: Oreos and this kind of stuff. People are just fascinated
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  Speaker 1: by that and that creates the shock value. But probably
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  Speaker 1: what I would push towards is creating value by shrinking
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  Speaker 1: something down. And then there's the opposite. You can make
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  Speaker 1: something really oversized, like oversized foods. We sell huge blankets,
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  Speaker 1: like oversized blankets. Like we've sold human oversized dog beds.
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  Speaker 1: And that small customization changes the use case, increases the
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  Speaker 1: virality and differentiates so that you can actually acquire things
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  Speaker 1: on these platforms. And let's, sorry, I should break this
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  Speaker 1: down a little bit more. Like, yes, virality is a
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  Speaker 1: good measure of, And it's going to be very correlated
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  Speaker 1: with sales, but it's also a very, very good measure
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  Speaker 1: of how it's going to perform on Facebook because the
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  Speaker 1: CPMs are cheaper. So these platforms, they want shock value.
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  Speaker 1: They want viral videos because it's less intrusive to the
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  Speaker 1: user on the platform. So therefore, you should really strive
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  Speaker 1: to make your product development match that, obviously. So making
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  Speaker 1: something smaller, making something really oversized, people are going to
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  Speaker 1: watch those videos to completion. They're happy to sell you
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  Speaker 1: that ad space at a much cheaper rate. The other
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  Speaker 1: good example of like making just something faster or bigger
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  Speaker 1: or just like more grandiose is these water pistols that
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  Speaker 1: have just always been scaling. And yes, sure, so water pistols, boring.
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  Speaker 1: Then they slowly progress. Now they've got lights on them.
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  Speaker 1: Now they shoot faster. People are trying to advertise how
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  Speaker 1: quickly that they can shoot cans and all of this
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  Speaker 1: stupid stuff. But at the same time, it works. It
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  Speaker 1: 100% works. And I think that another really, really good
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  Speaker 1: example of that is this stupid ball that people are
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  Speaker 1: dropping off a balcony and it's bouncing up and going
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  Speaker 1: all the way up. And it's obviously they're just reversing
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  Speaker 1: a footage. But at the same time, that is just
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  Speaker 1: showing efficiency at the highest, highest level for that product.
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  Speaker 1: And that is why it goes viral. That is why
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  Speaker 1: it actually sells. Probably more on like a less tacky
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  Speaker 1: drop shipping sense is, you know, something like HiSmile. Like,
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  Speaker 1: they have now launched Wonka Toothpaste. And also, I put
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  Speaker 1: this in the same category of the pink stuff. If
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  Speaker 1: you haven't seen the pink stuff, maybe it's an Australian thing,
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  Speaker 1: maybe it's a global thing. But I did a whole
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  Speaker 1: series where I launched, like, a yellow cleaning scrub series,
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  Speaker 1: and it sold out. And it's, like, first week. It
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  Speaker 1: was so quick. I probably should have continued on with
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  Speaker 1: it just to show you how easy it was to
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  Speaker 1: do that. But all we needed to do was change
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  Speaker 1: the color, change the flavor. And the more shock value
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  Speaker 1: that you can provide with these customizations, the more attention
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  Speaker 1: you're going to get. And this, you know, High Smile
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  Speaker 1: forecasted for a billion dollars in revenue, like absolutely massive.
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  Speaker 1: You can also go to the flip side of that,
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  Speaker 1: which is also like misdirection. So we've got smaller, bigger
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  Speaker 1: slash oversized. We've got different colors slash flavors that they'll
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  Speaker 1: probably expect. Now we've got misdirection, making something not fit
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  Speaker 1: where it should to create that interesting viral hook. And,
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  Speaker 1: you know, if you created an iPhone case that turned
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  Speaker 1: your phone into a Game Boy, this is taking something
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  Speaker 1: ordinary and changing and making it feel out of place
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  Speaker 1: to get people's attention. A probably more valuable thing, well,
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  Speaker 1: it doesn't even need to be a more valuable thing
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  Speaker 1: to the customer, but it's unique packaging. If you have
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  Speaker 1: incredible packaging on your product and it's economically feasible, and
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  Speaker 1: you then... run that against your competitor, I can guarantee
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  Speaker 1: you it's going to outperform against that competitor in the
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  Speaker 1: acquisition stage, possibly not long-term for the brand stage, because again,
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  Speaker 1: the closer that the the differentiation of the product is
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  Speaker 1: to creating value to the customer long term the more
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  Speaker 1: likely the brand is going to actually work and be
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  Speaker 1: sustainable long term it but at the same time i've
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  Speaker 1: seen a ton of and this is what dropshipping is
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  Speaker 1: built on it's just like if you can make something
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  Speaker 1: such a high shop value you're not going to have
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  Speaker 1: troubles acquiring customers so Make sure you consider where you
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  Speaker 1: kind of fit into that. And at the same time,
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  Speaker 1: the final one, I think, is probably quality as well,
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  Speaker 1: which is just such an important factor that people can change.
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  Speaker 1: But at the same time, everyone says that they have
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  Speaker 1: changed their quality. So you need to do it to
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  Speaker 1: a degree that creates virality or do it to a
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  Speaker 1: degree that is very, very tangible and measurable for the consumer.
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  Speaker 1: Good example of this, iPhone cases. Like, if you drop
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  Speaker 1: your phone and it doesn't break, cool, you've got a
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  Speaker 1: good quality iPhone case. You drop it from a helicopter,
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  Speaker 1: and this is what a lot of these people do,
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  Speaker 1: like a lot of these brands that are scaling do,
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  Speaker 1: I think someone dropped one from space. This is iterating
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  Speaker 1: quality at the highest degree. So think about all of
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  Speaker 1: those factors that you can actually change these dropshipping products
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  Speaker 1: or change to provide more value to customers. And this
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  Speaker 1: is how you're going to build a $ 100 million brand
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  Speaker 1: if you can find that subsection of differentiating to create
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  Speaker 1: tons of value.