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You might have come across a certain product that became extremely popular the moment you started investing your time and resources into it. It had been a real money maker for you for quite a while, but eventually, you found that its profitability had been gradually declining, and over time, it just seemed as though it died, never to be remembered again by your customers. So it just stays there in your store, left without an ad, nor any form of care and attention from you and your staff, to help it make a name for itself again.
If you've previously found yourself in this situation and you want to remove it from your store once and for all so badly, I'm here to tell you NOT to make rash decisions. In fact, I am here to help you revive that old product and start making more profit than ever!
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In this post, I am going to teach you how you can revive a winning dropshipping product, so you no longer have to waste your time looking elsewhere for something that would make you money -- through example.
Reviving a Winning Dropshipping Product
On the 3rd of January 2019, my team and I restarted to run ads on a specific product (disclaimer: this product has been dormant for quite a while before all this happened; no ads, no sales. It just sits there in our inventory) and only had over $50 invested in it. We simply turned on the ad sets for this product that were previously working and effective in getting people to convert into buying customers -- the ones that have gathered all the valuable engagement, the likes, shares and comments. Fortunately, we got a little bit of traction and, at the end of the day, made over $70 in revenue (Average ROAS = 1.43). It's not much, but from here I knew that my next steps would be really worth it.
Then my team and I sat down and thought, "We know this product performed quite well in the last year; what did we do to make it a profitable product? What weren't we able to do that led this product to its current fate? What are we not improving? And what can we do to revive this product?"
The following day, we took a huge leap and increased the ad budget to over $200, and made a whopping $924 in a span of 24 hours (Average ROAS = 4.05)! We quadrupled our investment without putting too much effort into it! How did we do it?
The main things that we have noticed with this product was that the CPM had gone up. Obviously, that was a reflection of our retargeting and how large our audience actually was back then. The U.S. will have higher CPMs because more businesses are trying to advertise their products. Whereas if we go worldwide, our CPM would become lower. And that's one thing that I want to point out: we went broader with our target countries so as to lower our CPMs.
What was particularly interesting about this is that our relevant scores for our ads ranged from 5-10. And if we looked at our ad performance last year, this would range from 9-10. What that means is that our methods of turning the ads back on and slowly increasing our budget were obviously effective in bringing our audiences' interests back to our brand and product. Now we know that the patronizers are coming back -- people are turning their heads around and loving every bit of it!
Another thing that I want to emphasize on -- because I felt like we weren't doing enough of this in the past years -- is that during this trial run, we did a lot of long-form test copies (which are basically just long paragraphs in an ad) to see which one would click with the masses and therefore have more engagement.
I actually went with an ad structure used by Russell Brunson, which goes as follows:
- Who are you, and what is your brand made of?
- What are you selling?
- Why do the people need to buy it?
- How can the people get to your product page (link)?
We've been playing a lot around our ad copies and just went on with the variation that made the most money.
Over a period of 3 days just testing out all sorts of different ad copies and retargeting strategies, I found that my average ROAS was at 5.77. Not bad at all -- in fact, it's quite more than what I expected! I was making almost 6 times more money than my initial investments. And these are all from cold audiences -- no lookalikes, nothing!
Let's Wrap It Up!
Don't throw out that dead product yet! If it was profitable in the previous years, it sure as hell would be this year, too! All you need are some simple strategies and a little bit of creativity to turn things around for that product. Who knows, once you get enough traction from it, it might become your star product, and you can proceed to scaling it up even farther and make heaprs of profit out of it!
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If you have any more questions about reviving a dead dropshipping product, Facebook Ads, CPMs, country targeting, creating the most profitable dropshipping stores, dropshipping in Australia or anything regarding this video, feel free to personally contact me via the Contact Form HERE. You can also leave your comments and feedback below, and our team over at WagePirate will definitely get back to you with a response. For more reviews, news and updates, do not forget to subscribe to my YouTube channel!