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Started My Dropshipping site last Saturday - Here are the results...
Hey everyone!
First time poster under this subreddit. The strategy I'm running is from Store Formula 3 by Jon Mac. I'm usually the type of person who procrasinates but i said 'f*ck, let's do it' and I didn't hold back. I followed his formula pretty much to a T.
Here's what I did.
- I set up an e-commerce drop shipping store on CommerceHQ (i had previous experience with shopify - not a dropshipping store)
- I found particular items that I was going to be selling based on the program's suggestions
- Once I found about 25 items I wanted to test, i launched 25 campaigns, 3 ad sets for each campaign (75 ad sets) then another 3 ads for each ad set.. so in total first day I was running 225 ads in one day.
- Then i optimized the facebook ads based on certain metrics and determined if there were any add to carts/purchases, if no, i turned off
- But if it's good i kept scaling the good facebook ads - I've scaled a few times and now i'm at the point of retargeting based on add to cart, initiate to cart and purchase
My results over 5 days:
- 13 orders
- $491 USD in Sales
- Best day is Saturday (my start day) - 8 sales for $365 in sales
- Slowest time is now (I'm not sure if July 4th has anything to do with the poor results?)
- I have a lot of rules in my facebook ads, so a lot of ads were shut off because they spent money and didn't have enough click thrus.
Pros:
- I learnt alot about another online platform to build an e-commerce site. They have an easy to build platform but I think they only have one person in support but he is very good.
- I learnt how dropshipping works as I was always curious - I've been learning and figuring out Amazon FBA for the last two years and about to launch my product in a couple of weeks.
- I learn how to do this scaled version of facebook ads and I dug deep and worked my balls off for hours at a time (haven't done that in a while)
Cons:
- I really don't know when I'm going to shut this whole thing down, i want to fulfill my order to customers before shutting down if i do
- I jumped out of the gate and I felt like not all the pieces of the dropshipping puzzle were given to me. There's definitely missing elements
- My products were not mine, they are just whoever's product. I had no Brand. I seen some companies actually have a good store name and brand with great following. I feel like this is what's missing and what I kinda am liking Amazon FBA more TBH
- I lost a lot of money in the process.. the software and the website, etc are a lot.
- Website: $99/month
- Software $179/month
- Facebook ads over 5 days $1088
-- Total is $1366
I will subtract this total from my profit margin, as I sure am f*ck not gonna keep it
- Cost of product, roughly 30% so 70% of $491 = $343
Total of all of this is about $1023.
Summary:
I don't think my journey is over here, I found it pretty interesting. I learnt a shit ton. I really want to know different types of dropshipping as this was only method i know so far. While i did lose money, i learnt plenty of invaluable lessons and experience that watching a video will never do justice. I've heard from a handful of people in RL (real life) that they know people who are winning from dropshipping. So i guess i'll just need to figure it out.
Also, i'm lucky enough that i already have a good paying job, so this money to spend on facebook ads and software for this type of program is ok. I want everyone to be aware when they do this, they will need to spend money and be ok with the possibility of losing money. Dropshipping, like any other business in RL, usually operates in a deficit at the beginning
( I work with small businesses all day long, I know.. they tell me)
IF anyone has suggestions or wants link up to talk about it more, would love some help or to trade talks about something I know like Amazon FBA. I started youtube video introducing my Amazon FBA journey but i'll probably make a video about this too as i think people will probably appreciate this (well i hope).
TL:DR - Made Dropshipping store, learnt lot of lessons, need to go back to drawing board
Thanks for reading!
****EDIT: Thank you for all the responses so far! They've been great feedback.. some notes********
- This budgetary spend I used was on purpose, it was apart of the program i followed. It was meant to mine for Data to find it. There are definitely more cost effective ways to probably do this but i wanted to learn how to do scaling of facebook ads too so i wanted to learn.
- If you have suggestions of youtube videos or programs that you've followed that have worked well for you, i would love to hear about those.
- I am Canadian, in case you're wondering about all the Thank yous! lol
Thanks Everyone!
Update#2:
- Since running this massive campaign, I stopped altogether to see what would happen. I generated $151 in sales with no ad spend at all. Seems there might be residual or something out there or good seo for my site! Will prob attempt to run ads after my amazon launch which is actually good decent right now!
- FYI, even though I spent a fair amount on Facebook ads, it put me in a situation where I said to myself.. I am doing this and I will figure it out. I can honestly say, I am incredibly comfortable with running Facebook ads, getting good results for my Amazon product and it was worth it. I generated 300 email leads at an average of .50 over 4 days!
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