Effective Product Research Methods and Ad Strategies for 2024

Introduction

In this blog, we dive into the best product research methods and advertising strategies for 2024 in the e-commerce industry, focusing on upcoming events like Valentine’s Day and leveraging platforms such as Facebook, TikTok, and more.

Product Research for 2024

• The speaker begins the stream by engaging with the audience, asking if they can be seen and heard clearly. The focus then shifts to discussing their absence from streaming and encouraging viewers to hit the like button. The speaker expresses their intention to do product research for 2024 and also plans to share ad strategies for Facebook and TikTok.

• The speaker emphasizes the significance of looking for products related to upcoming events and occasions, with a focus on Valentine’s Day, as it’s approaching in January. They demonstrate the process of using the ‘As Seen On TV’ website for product research, specifically searching for beauty, jewelry, and fitness-related products.

• The speaker highlights the use of a Chrome extension for easily sourcing products from AliExpress. Additionally, they discuss utilizing TikTok to explore trends related to Valentine’s Day and emphasize the importance of considering indirect Valentine’s Day products that could be positioned as gifts.

• The speaker suggests using eBay watch count to identify top-selling products and advises searching for Valentine’s Day gifts on Google Shopping to uncover popular ads and keywords being used by advertisers.

• The presentation concludes with an invitation for audience interaction, including a Q&A session later in the stream.

Product Research and Trend Analysis

• Identifying unique and innovative products is crucial for success in 2020, with a focus on gaming, AI, and time-saving items.

• AI-related products, including AI intelligent toys, are expected to perform exceptionally well due to consumer interest in the latest technology.

• Tools like AfterHive and Pixster offer powerful features for product research, including trend analysis, ad performance tracking, and top winning product lists.

• Understanding consumer psychology and the ‘wow’ factor is essential when selecting products in a competitive market like lighting, signs, and other niche items.

• Product pricing should align with the advertising budget to ensure effective competition and visibility in the market.

• Success stories of beginners achieving substantial profits in a short period can provide valuable insights and motivation for newcomers in the e-commerce industry.

Key Points for Successful Advertising in 2024

• Success with a product depends on individual skills, not just the product being featured in a video or its market saturation.

• Zen Drop is recommended for 2024, especially for China and the US, while Big Buy EU is great for Europe.

• For advertising in 2024, leveraging influencers for TikTok ads as ‘spark ads’ can result in cheaper CPMs and better success.

• Facebook ads are still performing well, with the emphasis being on the creative content over ad strategy.

• Organic reach on social media platforms like Instagram and YouTube is still viable and dependent on the algorithm.

• Cash flow management is vital for dropshipping businesses, with a recommended budget range for beginners.

• Twitter is highlighted as a good platform for image ads, especially for products that rely heavily on visuals.

The Importance of Hard Work and Dedication in Drop Shipping

• Irad, a successful Drop Shipper, shared his journey and strategy for success during a live stream. He emphasized the importance of dedication and hard work in achieving success in the industry.

• Irad mentioned that burnouts happen when overworking without a long-term mindset, emphasizing the need to avoid short-term goals that lead to burning out.

• He credited Ecom King and his mentors for their valuable guidance, emphasizing the importance of mentors in the journey to success.

• Irad discussed his ad strategy, highlighting his focus on Facebook advertising, specifically utilizing broad targeting and engage Shoppers to achieve success.

Analyzing IDE’s E-commerce Journey

• IDE’s profit margin is between 20% and 25% on a $100,000 revenue, translating to $25,000 in profit.

• He emphasizes that this extra income is life-changing when combined with another job, prompting audience engagement about what they would do with an additional $25,000.

• IDE shares his ad strategy, including image ads and user-generated content (UGC), targeting the boyfriend as the customer for the jewelry niche to differentiate from competitors.

• He tested 3 to 4 products before finding a winner, highlighting the importance of a solid ad and product research strategy for beginners.

• IDE uses upselling apps like Moneris and ‘buy one get one free’ strategy on Shopify to increase average order value.

• He spent $1,000 per day when his product was performing well, but due to issues with Facebook ads, he reduced it to $200 per day, with plans to increase again.

• IDE acknowledges the extensive time commitment and dedication required for success, likening it to an addiction with higher rewards than traditional pursuits.

• His current conversion rate on the store is between 2.5% and 3%, above industry standards.

Conclusion

2024 presents exciting opportunities for e-commerce entrepreneurs. By mastering effective product research and leveraging ad strategies on platforms like Facebook and TikTok, success is within reach. Stay ahead of the competition and maximize your e-commerce potential with these valuable insights.

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