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🗣  In this episode of the Dropship Unlocked Podcast, hosts Lewis Smith and James Eardley unveil their method for finding 7-figure dropshipping products. 

They discuss a repeatable process accessible to anyone with an internet connection, shedding light on the crucial stage of product selection in e-commerce.

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Links and Resources Mentioned:

Get Shopify for £1 a month for 3 months: https://www.dropshipunlocked.com/shopify 

Get a free trial with a professional phone line: https://www.dropshipunlocked.com/circle 

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Key Takeaways:

★ Average Product Price and Market Demand: Lewis highlights the importance of selling high-ticket items and assessing market demand through search volume.

★ Assessing Seasonality and Trends: The hosts delve into using Google Trends to identify seasonal trends and ensure long-term market viability.

★ Price Consistency and Competitor Analysis: Lewis explains the significance of price consistency and the value of direct competitors in validating market demand and understanding consumer behavior.

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Learn More:

 ➡️ When people are ready to create time and financial freedom for themselves, they visit - https://www.dropshipunlocked.com/free?el=blog-63-how-we-found-7-figure-dropshipping-products

 ➡️ Subscribe to The Dropship Unlocked Podcast to stay up-to-date on the latest episodes, and leave a like to help others discover the show.

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Topics Discussed:

In the "How We Found 7-Figure Dropshipping Products" episode 63 of the Dropship Unlocked Podcast, hosts L Smith and James Erley discuss the importance of methodically finding profitable dropshipping niches rather than relying on passion or creating a new market. They suggest starting with brainstorming potential product ideas or niches, drawing inspiration from everyday life and observing products in your surroundings. The speakers emphasise the importance of being open-minded and not letting emotions dictate your choices. They also recommend using tools like Keywords Everywhere to determine market demand and focusing on high-ticket niches with a minimum of 10,000 monthly searches and a high average price point. The speakers warn against engaging in price wars with competitors and instead advocate for adding value to the customer experience and building a brand. They also stress the importance of having direct competitors in the market as a sign of proven demand and provide insights into what works and what doesn't. The episode concludes with a discussion on managing customer expectations to prevent frustration and stress.

• 00:00:00 In this section, hosts Lewis Smith and James Eardley discuss the importance of methodically finding seven-figure dropshipping products rather than relying on passion or creating a new market. They argue that it's easier to tap into an existing market than creating a new one. The process begins with brainstorming potential product ideas or niches, which involves personal curiosity and market awareness. They suggest drawing inspiration from everyday life and observing products in your surroundings. The hosts emphasise the importance of being open-minded and not letting emotions dictate your choices. They also recommend keeping a notepad on hand to jot down potential ideas. By wearing the "niche research glasses," as they call it, one can effectively evaluate potential products and niches based on specific criteria.

• 00:05:00 In this section, the speaker discusses strategies for generating potential niches for a dropshipping business. He suggests looking at personal passions, high-end items, and using AI tools to generate ideas. Once a list of about 50 broad product ideas is obtained, the speaker advises whittling down the options based on validation criteria. This includes ensuring there is adequate demand and competition, as operating in an unproven market can come with unforeseen pitfalls. The speaker emphasises the importance of researching existing competitors and understanding the reasons for their success. Contrary to popular belief, the speaker argues that it's not ideal to aim for a niche with no competition, as this may indicate hidden challenges.

• 00:10:00 In this section, the speakers discuss their criteria for identifying profitable dropshipping niches. They emphasise the importance of targeting niches with a minimum of 10,000 monthly searches in the relevant country and a high average price point, ideally above £300. This approach ensures a higher profit per order and a more efficient business model. To determine the average price, they recommend checking Google Shopping as a starting point. The speakers also explain that focusing on high-ticket niches requires fewer sales and less administrative work to achieve the same profit level compared to low-ticket niches.

• 00:15:00 In this section, the speakers discuss the importance of identifying markets with sufficient customer demand before entering. They recommend using tools like Keywords Everywhere to determine the monthly search volume for potential products. By focusing on markets with high search demand, sellers can tap into existing customer interest and avoid the risk and expense of trying to create a new market. Additionally, they advise against entering seasonal or trending down markets, as these can provide inconsistent income. Google Trends is suggested as a tool to help identify stable, non-seasonal markets. Price consistency is also emphasised as a crucial factor in market validation, ensuring predictability and profitability for sellers.

• 00:20:00 In this section of the podcast episode, the speaker shares his experience of engaging in a price war with competitors in a dropshipping business and the negative consequences that came with it. He explains how undercutting prices to match competitors can lead to rasor-thin margins and even the extinction of businesses. The speaker learned the hard way that focusing on being the cheapest retailer is not a sustainable business model, and instead, he advocates for adding value to the customer experience and building a brand that stands for something beyond just being the cheapest. He also mentions that premium suppliers value their brand reputation and may stop doing business with retailers who undercut prices, further enforcing stable pricing in the market. The speaker now ensures that his business avoids markets with undercutting by incorporating it as a criterion in the niche validation process.

• 00:25:00 In this section, the speakers discuss the importance of having direct competitors in the market when validating a niche for a dropshipping business. They explain that competitors are a good sign as they indicate proven demand for the product and provide valuable insights into what works and what doesn't. The speakers advise finding three or more competitors in a market as a final step in the validation process, ensuring a confident start to selling those products. After the episode, listeners are encouraged to listen to episode 26 on selling high-ticket items, do their homework, and follow the process to build a successful e-commerce business.

• 00:30:00 In this section, Benjamin and the speaker discuss the importance of managing customer expectations to prevent frustration and stress. They use the example of a restaurant reservation and a bank support ticket to illustrate how setting clear expectations from the start can help customers relax and trust the process. The speakers suggest setting up automated responses and even outsourcing customer service to virtual assistants or call answering services to manage customer inquiries efficiently. They emphasise that managing expectations is crucial, especially when starting out, to build a successful e-commerce business.

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