PROVEN FORMULA TO SELECT AN HOT PRODUCT THAT CAN GIVE YOU MINIMUM OF 200% ROI ANYTIME YOU PUSH THE MARKETING BUTTON WITH/ IKUVE BENJAMIN
Welcome with me today Ikuve Benjamin
Benjamin you are welcome to Greatpreneur nation, it good to have you here today.
Today we will be talking about a very hot topic in the E-commerce industry, that everyone has been looking up to
PROVEN FORMULA TO SELECT THE RIGHT PRODUCT THAT CAN GIVE YOU MINIMUM OF 200% ROI ANYTIME YOU PUSH THE MARKETING BUTTON
Greatpreneur Nation:- Before I proceed, I will love to ask you a question
I know it been a while you start this e-commerce business
And everyone of us know that e-commerce business in Nigeria is just rising and people just start figuring it out
What are the major odds you’ve seen and experience in the industry that might also be a roadblock to alot of people just rising in the industry
List some of it, if you can’t list all just the major ones
Ikuve benjamin:- Thanks for having me on this great platform, Shola.
Now to your question.
Ikuve Benjamin:- The major challenges most of us are facing in this industry are:
1. Sourcing for the right products.
2. Selling them off.
3. Cost of bringing your goods down to
Nigeria, then to one’s place, for those living outside Lagos.
Now let me talk about them briefly.
Number one . The market is saturated now. So one needs to take his/her time to carry out a research and find products that people would easily pay for, and that has been a major problem for most people.
2. It’s one thing to order for goods. It is another thing entirely, which by the way is the most important aspect, to sell off your goods.
It is only when you sell off your goods that you have your profit. It’s only when you sell off your goods that you stay in business. So the selling aspect is a challenge for most people.
3. In most cases, we spend more money on shipping our goods to us than how much was spent on buying them. This is saddening, and discouraging, I must say.
Those are the 3 major challenges we’re facing in this industry.
Greatpreneur Nation:- Wow alright…
There is a saying that when the source of a problem or challenges is known, solution is already waiting in one corner
As a digital marketing consultant who has helped hundreds of customers advertise their brand
I notice the first key challenges alot of people in your niche face even the ones who are already making some bucks
The major challenges they face is
RIGHT PRODUCT RESEARCH, SOURCING AND MARKETING
And as we all know that having the right product and right marketing channel in the e-commerce industry is one of the basic step to succeed
What are your own experience about this ?
Ikuve Benjamin:- Thanks for this question.
Like I said earlier, sourcing for the right products has been one of the major challenges we’re facing.
Now, after getting the right products, another thing is the marketing as stated earlier (otherwise selling off ones goods)
Trust me, the right product shown to wrong audience is as bad as anything.
Most people make this mistake of depending on family and friends, whatsapp status and facebook timeline to sell off their goods.
Such people are usually discouraged when they wake up to see their goods staring at them.
Personally, I understand it’s all business. Therefore, I do the needful by paying Uncle Mark to show my goods to people who needs them and are ready to pay for them. It’s a win-win thing.
Greatpreneur Nation:- Secondly How have you been able to overcome it
Ikuve Benjamin:- Well. Over time, I’ve mastered facebook advertising, so I use it to make sales online.
Recently, I’ve integrated chatbot into my marketing too. So that’s how I’m able to overcome the marketing aspect.
Greatpreneur Nation:- Alright thanks for that insight
Greatpreneur Nation :- Benjamin i will like to ask, What are the key parameters you check to know if a product will convert in the market or not ?
Ikuve Benjamin:- Let me say this.
Every product is marketable, if only you get it to the right people who needs it.
If you’re talking about hot in demand products. There are certain things I consider before buying a product.
Those who know me must be familiar with this phrase.
“Don’t buy what you like. Buy what people want and are willing to pay for, because it solves a problem”
It’s easy to know if a product would convert.
Answer this simple question for me, Shola.
If it takes you 4 hours to complete a task and I’m able to get you a product that would complete same task in 30 minutes, won’t you buy it?
There you have it. 😁
Greatpreneur Nation:- Sure I will love to have such product
Wow this is getting really interesting
Greatpreneur Nation:- Do you know of any effective formula or strategy or that you’ve develop for Hot product researching and sourcing
Ikuve Benjamin:- Well, it’s pretty easy.
I take a look around.
👉 What’s that problem that people are facing?
And I ask myself. What can I do to bring about a solution. Once you provide solutions, money follows.
Eg. I understood people were really uncomfortable. I reached out to my agent in China and told him to find rechargeable AC for me, because you know we have light issues in this part of the country.
I got the AC, and it’s selling like crude oil. 😂
Other methods I use are:
👉 Spying on international e-commerce stores like Amazon, aliexpress etc. Also, I take a look at performing Ads.
Also get hot product ideas from nairaland.com
Greatpreneur Nation:- Thanks for this insight Benjamin
Greatpreneur Nation:- From your own experience is it a must to go as far as China to source for product and why is it like that ?
Ikuve Benjamin:– I’d not really say it is a must to go all the way to China.
Eg. On two occasions, I got hot products right here in Nigeria. Made right here in naija.
You just need to do your assignment, that’s it.
Like I said, once your product solves a problem, people would definitely buy.
By the way, I’ve not gone to China myself, but I have agents all over China.
Everything is done over the phone. (smiles)
Gone are the days we had issues like currency exchange, distance etc. Now everything is done with ease.
Also, China is not the only place I buy things from.
I buy from UK, Dubai, etc. It all depends on what I want to buy.
Greatpreneur Nation:– Wow this is on point
Let’s proceed, never mind me
I want you to completely DEMYSTIFY this for us
Greatpreneur Nation:- Is there any means or way to source for same hot product here in Nigeria and still make profit from it ?
Ikuve Benjamin:- Sure!
Like one of the products I got right here in Nigeria was a toning soap. Made locally, but powerful. First, I had to be sure it was effective. Once I was sure, I put it out there.
Why did people rush it?
👉 I gave them guarantee, with money back, should they not have results they wanted.
Why was I so confident?
Because I had seen it’d worked on several people, so I was damn sure.
There are hot products right here in Nigeria, my people.
People don’t really care where you got the solution to their problems. They just want to a assured that it’d end their problems
Greatpreneur Nation:– That word is really powerful
People don’t really care about where you got the solution
Greatpreneur Nation:– What marketing channels will you advise people to use?
but before you answer that
Have seen people who only have knowledge about importing but the only marketing channel they know and use for marketing is
Word of mouth
Telling friends and family members which is a little bit slow and sucking
Will you advice us to continue with this or you have some other channels you use that can help ? because it one thing to have a good product, it another thing to know how to market it and get people to buy
Ikuve Benjamin:- We must accept that things are no longer the way it was two decades ago. Thus, we must flow with the change.
The era of word of mouth is long gone.
Everything is gone digital now.
I always emphasize that people should not depend on family and friends, whatsapp status and their facebook timeline to sell off their goods.
Pay Mark Zuckerberg to show your goods to people who needs it and are willing to pay for.
Personally, I use facebook advertising.
I also use chatbot. Well, I think I’m a bit lazy so I like everything automated. (smiles)
I also promote my goods using instagram.
Next, I’d learn how to use Google to promote my goods.
With the constant change in facebook algorithm, one should not depend on his/her timeline to make sales. I repeat, do not depend on your facebook timeline to sell off your goods.
Embrace the change.
Make use of the various digital marketing tools available to boost your sales.
Greatpreneur Nation:- Wow wow wow
The era of word of mouth and moving from house to house is gone
I love that word
Pay mark zuckerberg, chai even myself I dey get more powerful revelation Lol
We really appreciate you for dishing out all these value
But before you go
Greatpreneur Nation:– What is your advice for people like you in this e-commerce business and what is your advice for entrepreneurs in general
Ikuve Benjamin:– My advice for people like me.
It’s not always about your pocket. Be considerate, please. Have your prospective customers in mind when sourcing for products/goods.
If your product is not going to bring about an end to their problems, please don’t bring it in.
for those who call themselves gurus, I’m not. I just know a thing or two about importation business that’s gonna save people some stress, and cash too. Especially for personal branding themselves as importation gurus, collecting money from people and teaching them little or nothing at all, it’s not fair.
My advice for entrepreneurs in general.
👉 Think problems
👉 Provide solutions
👉 Smile to the bank
👉 Repeat the process over and over.
You just need to be smart.
Think outside the box.
Personally, I do tell people.
*Think like there’s no box*
I remain your humble importer.
Greatpreneur Nation:- So powerful indeed
Do you have any word for greatpreneur Nation ?
Ikuve Benjamin:– Here’s what I have to say.
Entrepreneurship is not all rosy like we’re made to believe, but it’s worth it.
Dare to make mistakes.
Learn from them, and keep pushing forward.
Lastly, there’s something I call triple P formula.
👉 Position yourself for greater exploits.
Greatpreneur Nation:- You have my 5 star bro
Pray, but don’t stop at that prepare as well and. Position yourself for greater exploit
Those words contain lots of wisdom
Greatpreneur Nation:- Thanks for breaking down and providing answers to all those questions burning in people
Hope to see you share more of your value in our community
Benjamin Thanks for your time
What channel can people who want to learn more about this e-commerce game reach you on
Possibly your most active social media channel
A link to the channel will be appreciated
Ikuve Benjamin Facebook profile===> http://www.bit.ly/2DrDzPi