Finding a winning product with all of the available tools and methods out there can be a little bit daunting. Between Facebook newsfeed and paid tools, what are you actually supposed to use to find those winners? And what exactly constitutes a winning product?
In this article, we’re going to show you how to find winning products using an easy five-step process. It is incredibly easy to follow, and something that you can quickly pick up and implement right after you get through this article!
But before we jump into the system, let’s briefly go over the requirements for a winning product. Having tested over a hundred different products from various niches, we came up with three simple rules.
Rule #1 – It’s either a problem solving or wow-factor product
We’ve tested close to a hundred different products, each of which belong to a different niche, appealing to compeltely different demographics. For those that worked, we found that they fell into two categories: problem-solving products or wow-factor products.
Problem-solving products are those that address a specific customer pain point or issue. Think of something like a posture-brace.
Wow-factor products are products that have an eye-catching characteristic about them, which typically depend on triggering an impulse emotion in the buyer. An example might be a moon-lamp or a fidget spinner.
Keep in mind that these aren’t necessarily ‘black and white’ categories; a product will actually have characteristics of both types but tend to lean towards one or the other.
Rule #2 – The Product Can Be Sold For At Least $30
Once upon a time, it was super easy to achieve a $5 – $10 cost per purchase on Facebook Ads, making it easy to sell just about any product. Unfortunately, this is no longer the case — it has become extremely difficult to get results like these. This is due to a number of reasons, such as changes in the Facebook algorithm and increased levels of competition.
But, don’t let that dissuade you — it’s still entirely possible to run a successful marketing campaign! It just requires a little bit of a shift in strategy. Rather than focusing on selling lower-ticket products like watches, we strongly recommend that you instead focus on picking products you can sell for at least $30.
Rule #3 – Good Margins
In addition to picking out products that you can sell for at least $30, you need to make sure that you have healthy margins that will actually leave you profitable once you factor in ad costs. You can’t be selling a product for $60 if it costs you $50 to source.
Ideally, you should have something like 250 – 300% margins. If you’re able to get away with higher margins, that’s even better! Generally speaking, we’ve found that we can usually go 300% – 500% on products that we’re selling for $30.
Finding the right price point is a bit of a game, and can require some time and effort. Go to high, and you might find that your conversion rate drops, potentially meaning that you’re not generating enough sales to be profitable.
On the other hand, going too low on the pricing could produce a high conversion rate, but lower your margins significnatly. There’s no point in having hundreds of purchases if your margins are nonexistent, especially when you factor in the transfer fee of Shopify, and any other costs.
When modifying the price point for your product, we strongly recommend waiting several days to see how this affects conversion rate and overall profitability. At the end of the day, profit is all that matters!
Alright, enough marketing theory — let’s get into the actual product-research system!
Step #1: Pick A Method To Find Your Product
There are plenty of ways to find a winning product — from Facebook Newsfeed to paid advertising apps, we’ve tried them all.
Our results indicate that the particular tool or method you use does not matter nearly as much as you would think; you can find a winning product using any of these methods.
Don’t feel like you need to buy the latest and greatest paid tool or spy app. While ultimately some of these can make it easier for you to find different products, they are not 100% necessary to succeed.
That being said, we’re not going to cover the various platforms or techniques you can use to find your products; however, if you would like a list of ways to find winning products, we’ve put together a Google doc that outlines our favorites in detail. Simply join our Facebook Group, and then head over to the ‘documents’ section!
Once you pick out a method, think back to the qualities of a winning product we talked about earlier in this article, and just scroll through various products until something catches your eye. Then, move on to the next step.
Step #2: Product Qualification
So a product has caught your eye, you’re dying to test it out… but hold up! Before you do that, you need to check and see whether or not your product is the real deal. Sometimes you’ll stumble upon products that are nothing like described; other times, you’ll find products that are great ideas on paper but have all sorts of hidden issues. It’s important to figure these things out early on to prevent any sort of problems for your business.
So, in addition to the criteria for a ‘winning product’ that we listed earlier, you must make sure that your product also satisfies the following:
- The Aliexpress reviews for the product are good
- The Amazon reviews for the product are good
The point here is two-fold: to ensure that you have happy customers, and to keep your business up and running. The last thing you want to do is sell your customers a product that sucks.
Potential hazards include Page/Ad Account bans, payment processor blacklisting, etc. These are all easily avoidable with a little bit of preparation and research, so trust us on this one — don’t put this off!
Step #3: Order A Product Sample
Having qualified your product on the basis of customer reviews, you’re not done just yet. While that should remove most concerns you may have, it is important that you actually have a chance to see the product in action and make your own judgment; online reviews don’t always tell the whole story.
If you need some extra incentive: not only will you be able to sleep at night knowing your product is great, but you will also have the ability to shoot cool creative for your video ads!
Depending on where you live, you will either have to order your sample from Aliexpress or Amazon. If possible, Amazon is definitely the go-to: you get a 30-day, money-back guarantee with free return shipping for any reason (for most products) and 1-2 day prime shipping for many other products.
Again, although we strongly recommend you don’t skip this step — if you decide to do so anyway, at least make sure the reviews for your product are stellar, and use your common sense to determine if there are any potential hazards or issues with your product before running your ads.
Step #4: Evaluating The Product
Once your product shows up at your doorstep, it’s time to take a look and see what you’re dealing with. The goal here is to gauge the potential strengths and weaknesses of the product, as well as features that you think the audience would gleam as attractive.
Here are a few questions we like to ask ourselves when looking at a product:
- Is this product high-quality, and does it function as expected?
- Is the product easy to damage through regular use?
- Are there any potential hazards to consider?
- Does the product have an audience that would find it attractive?
Ultimately, you will need to come up with your own set of questions based on the product and your audience. Put yourself in the shoes of your prospect; how would they respond if they saw this product? What features would they look for? Are there shortcomings with some aspects of the product?
Don’t just look at the product once, and decide to roll with it then and there.
Assuming that the product passes your personal inspection, it’s time to go ahead and move on to the next step.
Step #5: Brainstorm Marketing & Creative Angles
Almost there! The only thing that’s left to do now is to determine the marketing & creative angles that will perform best for your product.
We’ve found that just about any product can work, provided that you can come up with a great advertisement that really connects with your audience. Though we won’t show you exactly how to make a great advertisement in this article, here’s a few questions that may help you get started:
- Does the product solve a problem? If so, how can we best demonstrate this in a video?
- Does the product have a wow-factor? Can we synthesize one?
- How can we best show off the features of this product in a video?
- Is the problem aggravating enough for someone to purchase the product?
Once you have some idea of the important aspects of your product, go ahead and try putting a video together.
Conclusion & Final Thoughts
And that’s about it guys! At this point, you have everything you need to find and test your winning products. Don’t be disappointed if your first product doesn’t succeed — it will almost certainly take you more than a few tries to get things going.
The method that we’ve just shown you is the same one that we have used to find all of our winners.
If you have any questions, feel free to drop a comment below, or join our Facebook group if you haven’t already!