Whether you’re experiencing success with your dropshipping business or currently struggling to get it off the ground, there are certain strategies you can use to see the instant dropshipping profits you want. Based on the success one of our clients experienced, we can show you some specific dropshipping hacks to supercharge your business and maximize profitability. Here we’ll review these hacks and how you can use them to make more money soon after implementation.
1. Optimizing Opt-in and Conversion Rates
The very first metric we want to see on someone’s sales funnel is a strong opt-in rate. If people aren’t opting in and providing email addresses and other information, then they aren’t going to make a purchase. Even if people are buying, it will be at a significantly lower rate than it should be.
Our client had a two-step order form through Clickfunnels and saw an impressive 60% opt-in rate. This is rare to see. While we don’t recommend you try to reach this number from the start with your business, it is possible to get there with enough time and effort, as this client proved. With our team of experienced professionals and plenty of tweaking, we were able to help our client reach this level, and you can, too.
In addition to a stellar opt-in rate, our client had an equally impressive 11.74% conversion rate. This is incredible compared to the average Shopify store, which sees a conversion rate of around one percent.
Together, these opt-in and conversion rates tell us that there’s nothing wrong with the client’s opt-in and landing pages.
2. Understand the Difference Between Maximizing Profits and Leads
One point we want to emphasize here at Ecommerce Empire Builders is that you need to know the difference between maximizing profits and getting people into your sales funnel. You need to have a combination of both profits and leads.
To see instant dropshipping profits, you should have a set of profit maximizers at the ready to help you increase your average cart value. This entails creating maximizers such as:
- Order bumps
When it came to upsells, our client saw an insanely high conversion rate of 16.28% for the first upsell. The second upsell didn’t slow things down, either, with an even higher 16.39% conversion rate.
Regarding subscriptions — we’re talking about services such as Netflix, Dollar Shave Club, and others that charge customers on a monthly basis. If you’re not using subscriptions for your business, we recommend you integrate one as soon as possible. They generate recurring revenue. Our client uses subscriptions to essentially receive free money consistently, without putting in extra work to see that steady passive income.
3. Optimize for Specific Conversion Rates
It may surprise you to hear it, but we believe these numbers our client is seeing are simply too high. For most businesses, these numbers are excellent, particularly to start with when going into dropshipping. The reason we see these figures as too high here is that, ultimately, your goal is to maximize profits as a business owner. Even if things seem to be going extremely well, there are always ways to further improve and increase income.
Target 10-15% Conversion Rates for Upsells
We’re blown away by our client’s 16+% upsell conversion rates. But we’ve found that the ideal conversion rate falls at around 10 to 15%. It all depends on the structure of the funnel. Maybe your upsells consist of more of the same thing, or a premium-priced product is included with a purchase.
These extraordinarily high conversion rates could indicate that these upsells are too good of a deal for people to pass up, leading them to jump on them more frequently. In this case, we’d recommend raising the price on upsells to lower those conversions to the 10-15% range while further maximizing instant dropshipping profits.
Aim for 10% Conversion Rates for Initial Sales
We also recommended that our client raise the price of the main product to bring that 11.74% conversion rate down to the sweet spot of around 10%. Again, this may seem strange advice to hear, but the fact is that if you’re willing to lose more money to attract more people to your business, you will wind up seeing more profits. Many business owners just starting out may not want to hear that, but it’s an important lesson to learn.
If you’re seeing high conversion rates (and you’re happy with your income), you can keep things the way they are. However, if you’re disappointed with your profits, you can raise them while slightly reducing those conversion rates.
A company like Dollar Shave Club excels because while they lose money when the first subscriber comes in, they make all of those losses back because of the longevity of monthly subscriptions they maintain.
Try to Reach 18-20% Conversion Rates for Order Bumps
When looking at our client’s conversion rate for an order bump, we saw a 14.20% conversion rate that was excellent. Generally, we recommend targeting an order bump rate of around the 18% to 20% range. Order bumps are pre-purchase upsells that customers are likely to add to their cart without much thought. These could include add-ons and other minor purchases that enhance that main purchase before buying.
Unfortunately, many businesses lose a considerable amount of money because they neglect to use an order bump.
4. Knowing What Offers to Consider to See Instant Dropshipping Profits
If you’re unsure what you should be offering your customers, whether it’s a deep discount or another offer, here are some of the different routes you can take.
A “Free Plus Shipping” Offer
In many cases, you’re often better off making a “free plus shipping” offer. These offers are typically safe to go with. But keep in mind that a properly built back-end is vital to get the most from this offer. This is because this offer causes a slight loss of income on the initial sale. But you can make up for that with upsells and other profit maximizers.
A Deep Discount Offer
Deep discount offers are ideal if you’re using Facebook ads. The platform may not accept ads that make “free plus shipping” offers. In fact, we tend to use deep discount offers for our clients in lieu of “free plus shipping” because it’s usually the safer option of the two. For Facebook ads, we suggest you use video ads that maximize engagement. You can also use image ads that can supplement those video ads.
Work With the Pros to Get the Most From Your Store
All of these hacks can help you successfully launch your business and see instant dropshipping profits. But it’s increasingly tough to go it alone. There’s so much to consider when optimizing your dropshipping business, from finding the right niche and developing opt-in pages to preparing and launching ad campaigns. If you want to make sure you have the chance at instant dropshipping profits in this highly competitive industry, you’re likely to benefit from working with a team of experienced professionals. At Ecommerce Empire Builders, we have the combined resources and expertise needed to fuel your business’s long-term success.
To learn more about how you can use the power of sales funnels to grow your online business and find out how we can help, attend our free eCommerce masterclass. We’ll show you the steps you need to take to see the conversions and profits you’ve always wanted. You can also subscribe to my YouTube channel for more insights and business strategies.