All language subtitles for 18 - Deciding What To Sell The Golden Rules English

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These are the user uploaded subtitles that are being translated: 1 00:00:00,360 --> 00:00:00,690 ‫Okay. 2 00:00:00,690 --> 00:00:01,010 ‫Brilliant. 3 00:00:01,020 --> 00:00:05,730 ‫So you've seen in the last lecture how we can find markets and how we can find really exciting products 4 00:00:05,730 --> 00:00:09,480 ‫within those markets, but it's almost as if it's overwhelming. 5 00:00:09,480 --> 00:00:12,180 ‫There are so many products out there. 6 00:00:12,180 --> 00:00:14,220 ‫Which ones do we choose? 7 00:00:14,220 --> 00:00:17,160 ‫Well, this is where my golden rules come in. 8 00:00:17,160 --> 00:00:21,150 ‫The golden rules that are going to help you decide what you're going to sell. 9 00:00:21,360 --> 00:00:24,450 ‫And golden rule number one is the price. 10 00:00:24,450 --> 00:00:28,170 ‫This really is the main key point for this course. 11 00:00:28,170 --> 00:00:28,440 ‫Okay. 12 00:00:28,440 --> 00:00:36,180 ‫So you can see here that I've written by at $10 or less from AliExpress and sell it 25 to 30 on your 13 00:00:36,180 --> 00:00:36,600 ‫site. 14 00:00:36,600 --> 00:00:39,120 ‫And then I put impulse purchase after that. 15 00:00:39,120 --> 00:00:39,300 ‫Okay. 16 00:00:39,300 --> 00:00:40,500 ‫I'll come back to that in a moment. 17 00:00:40,890 --> 00:00:42,840 ‫Now, why are we marking it up in this way? 18 00:00:42,840 --> 00:00:46,410 ‫Well, clearly, we are in business and we need to make significant profit. 19 00:00:46,410 --> 00:00:48,360 ‫And this is exactly how we do it. 20 00:00:48,360 --> 00:00:53,370 ‫We buy at a lower price on Ali and we sell at a higher price on our site. 21 00:00:53,370 --> 00:00:57,720 ‫Now, you might think to yourself, well, that's perhaps a little bit dishonest or not quite right, 22 00:00:57,720 --> 00:00:58,470 ‫or whatever it might be. 23 00:00:58,470 --> 00:01:00,870 ‫But that's the way e-commerce works. 24 00:01:00,870 --> 00:01:07,110 ‫Think about any store that you go into, whether it's offline or online, the price you're paying has 25 00:01:07,110 --> 00:01:10,020 ‫been significantly marked up by the merchant. 26 00:01:10,020 --> 00:01:15,150 ‫They have bought it from somebody else at a lower price and now they're going to sell it to you at a 27 00:01:15,150 --> 00:01:15,870 ‫higher price. 28 00:01:15,870 --> 00:01:19,110 ‫That's how the whole world of commerce works. 29 00:01:19,110 --> 00:01:21,570 ‫And that's exactly what we're doing here. 30 00:01:21,930 --> 00:01:27,270 ‫Now, to come to the point of impulse purchase, this is really key and in my opinion, it's really 31 00:01:27,270 --> 00:01:32,220 ‫worth the price of the whole course because this is going to make a massive difference to the success 32 00:01:32,220 --> 00:01:33,360 ‫of your business. 33 00:01:33,510 --> 00:01:39,120 ‫What do you want people to do when they come to your site is to buy products on impulse? 34 00:01:39,120 --> 00:01:43,650 ‫Or put it another way, we don't want them to overthink necessarily about whether they want to buy this 35 00:01:43,650 --> 00:01:44,010 ‫or not. 36 00:01:44,010 --> 00:01:45,840 ‫We just simply want them to buy it. 37 00:01:46,170 --> 00:01:47,730 ‫Let me illustrate it another way. 38 00:01:47,760 --> 00:01:55,260 ‫If we had products on our site selling for $500 or $1,000, something like that, when you have products 39 00:01:55,260 --> 00:01:58,230 ‫at that price point, people will hesitate. 40 00:01:58,230 --> 00:02:01,170 ‫They'll go to other sites, they'll do research. 41 00:02:01,170 --> 00:02:03,600 ‫They may come back to your site, they may not. 42 00:02:03,630 --> 00:02:06,630 ‫It's a completely different buying process. 43 00:02:06,630 --> 00:02:13,920 ‫And so by pricing at this range of 25 to $30, we are absolutely in the range of an impulse purchase. 44 00:02:13,920 --> 00:02:18,270 ‫Now, others might say that an impulse purchase is higher than this 50, maybe 100. 45 00:02:18,270 --> 00:02:21,570 ‫But in my experience, this price point works incredibly well. 46 00:02:21,570 --> 00:02:26,100 ‫And it's for that reason that I'm advising that you go for very much the same. 47 00:02:26,910 --> 00:02:30,570 ‫The next golden rule is that you don't want your products to be too heavy. 48 00:02:30,570 --> 00:02:34,320 ‫And the reason for this is because you don't want to pay a lot for shipping. 49 00:02:34,350 --> 00:02:38,580 ‫If you start paying a lot for shipping because it's heavy, write heavier items, we pay more for shipping. 50 00:02:38,880 --> 00:02:43,980 ‫If you start paying a lot for shipping, that's going to eat into your margin and therefore decrease 51 00:02:43,980 --> 00:02:44,850 ‫your profit. 52 00:02:45,840 --> 00:02:48,480 ‫Next point we don't want it to be too fragile. 53 00:02:48,480 --> 00:02:53,400 ‫The reason for this is if we start shipping fragile products, they could well break in transit. 54 00:02:53,610 --> 00:02:57,930 ‫And of course, if they break, that means more refunds, more returns, more unhappy customers. 55 00:02:58,170 --> 00:03:00,390 ‫So we don't want fragile products. 56 00:03:01,230 --> 00:03:06,030 ‫Golden rule number four is that we want high quality images to advertise our products. 57 00:03:06,030 --> 00:03:09,720 ‫I talked about the importance of just generally images on your site. 58 00:03:09,750 --> 00:03:11,670 ‫It's exactly the same thing with the products. 59 00:03:11,670 --> 00:03:15,750 ‫And coming up very, very soon, we're going to be adding a product, the first product to your site. 60 00:03:15,750 --> 00:03:18,570 ‫And I'm going to show you how to get those images from Ali. 61 00:03:18,570 --> 00:03:24,270 ‫But when you're looking on Ali, you always want to have the highest quality images you can get because 62 00:03:24,270 --> 00:03:25,890 ‫it's images that sell. 63 00:03:26,160 --> 00:03:28,590 ‫A lot of people think they have to write very lengthy descriptions. 64 00:03:28,590 --> 00:03:31,170 ‫When they sell products, it isn't necessary. 65 00:03:31,170 --> 00:03:31,780 ‫Okay. 66 00:03:31,800 --> 00:03:35,670 ‫Quality images, high quality images will draw a customer in. 67 00:03:35,700 --> 00:03:38,070 ‫It'll give them confidence and it will make them buy. 68 00:03:38,100 --> 00:03:39,690 ‫The description is important. 69 00:03:39,690 --> 00:03:46,470 ‫But if you want a rule that say, I would say 80% of the whole process of buying is more to do with 70 00:03:46,470 --> 00:03:49,610 ‫images than it is to do with the description of the product. 71 00:03:49,620 --> 00:03:52,830 ‫All right, Golden rule number five. 72 00:03:52,830 --> 00:03:53,700 ‫Now, this is a big one. 73 00:03:53,700 --> 00:03:55,260 ‫This comes up all the time. 74 00:03:55,680 --> 00:03:58,650 ‫Avoid all branded products. 75 00:03:58,650 --> 00:04:01,860 ‫Now, this is kind of a bit of a grey area as well. 76 00:04:01,860 --> 00:04:09,060 ‫But there are clearly some products that we know the brands extremely well are Harry Potter, Nike, 77 00:04:09,060 --> 00:04:09,990 ‫whatever it might be. 78 00:04:09,990 --> 00:04:14,340 ‫These global brands that we know you do not want to sell those products. 79 00:04:14,340 --> 00:04:19,890 ‫As tempting as it might be, you don't want to sell them because often you need a license to sell products 80 00:04:19,890 --> 00:04:23,910 ‫like that and you could start selling them, but then you might have problems later on down the road. 81 00:04:23,910 --> 00:04:26,970 ‫So you want to avoid all branded products. 82 00:04:27,180 --> 00:04:32,940 ‫Now, as a little aside to that, often you'll see things that look a bit like a brand on a on an Aldi 83 00:04:32,940 --> 00:04:35,610 ‫product, but it isn't really a brand. 84 00:04:35,610 --> 00:04:39,540 ‫And what you can do there is simply Google the name, see if you can find a website, see if you can 85 00:04:39,540 --> 00:04:41,310 ‫find anything that talks about it. 86 00:04:41,310 --> 00:04:43,080 ‫And often it won't really be a brand. 87 00:04:43,080 --> 00:04:45,300 ‫It might just be a made up name from the supplier. 88 00:04:45,300 --> 00:04:49,890 ‫They literally just made it up and stuck it on the image and at that point you might want to consider 89 00:04:49,890 --> 00:04:50,010 ‫it. 90 00:04:50,010 --> 00:04:54,690 ‫Okay, but generally speaking, avoid all branded products. 91 00:04:55,950 --> 00:04:59,010 ‫Next up, we have can't be found at Walmart. 92 00:04:59,010 --> 00:04:59,880 ‫In other words, you can't. 93 00:04:59,940 --> 00:05:01,470 ‫Find it easily elsewhere. 94 00:05:01,470 --> 00:05:04,440 ‫So I'm not literally saying that it can't be found at Wal-Mart. 95 00:05:04,470 --> 00:05:07,470 ‫Wal-Mart being, you know, the world's biggest mega store. 96 00:05:07,560 --> 00:05:13,410 ‫The point here is that you want your product to have a certain uniqueness, or perhaps to put it another 97 00:05:13,410 --> 00:05:13,950 ‫way. 98 00:05:14,190 --> 00:05:17,550 ‫You don't want a product that it's just literally everywhere, all over the Internet that might be a 99 00:05:17,550 --> 00:05:20,790 ‫trending product right now, for example, that you're seeing everywhere. 100 00:05:20,820 --> 00:05:25,290 ‫You don't want to just jump on that bandwagon because people can find that in all kinds of different 101 00:05:25,290 --> 00:05:25,710 ‫places. 102 00:05:25,710 --> 00:05:26,890 ‫They've seen that product. 103 00:05:26,910 --> 00:05:28,490 ‫It's very easy for them to buy it. 104 00:05:28,500 --> 00:05:33,840 ‫You want a certain uniqueness to your products so they they can't be found easily elsewhere. 105 00:05:33,840 --> 00:05:36,450 ‫I'm not saying like they can't be found elsewhere at all. 106 00:05:36,480 --> 00:05:40,980 ‫So it's like you want your customer reaction to be something like, Oh, I haven't seen that before. 107 00:05:41,010 --> 00:05:41,340 ‫All right. 108 00:05:41,340 --> 00:05:42,450 ‫It's that kind of reaction. 109 00:05:42,450 --> 00:05:44,330 ‫Not, Oh, I've seen this everywhere. 110 00:05:44,340 --> 00:05:45,570 ‫Oh, not another one of these. 111 00:05:45,570 --> 00:05:46,890 ‫You don't want that kind of feeling. 112 00:05:46,890 --> 00:05:47,520 ‫All right. 113 00:05:47,520 --> 00:05:50,720 ‫So I hope that kind of clarifies what I mean by this. 114 00:05:50,730 --> 00:05:58,380 ‫It's a tricky one to explain, but it's that uniqueness that you want on your site as much as possible. 115 00:05:59,380 --> 00:06:04,080 ‫Golden Rule number seven solves a problem or caters to a passion. 116 00:06:04,090 --> 00:06:05,950 ‫Now, we saw this in the previous slide. 117 00:06:05,950 --> 00:06:10,270 ‫Okay, but bring it up again, because I want to keep emphasizing this. 118 00:06:10,270 --> 00:06:10,470 ‫Okay. 119 00:06:10,480 --> 00:06:13,990 ‫There are certain points in this course that are so important, this being one of them. 120 00:06:13,990 --> 00:06:14,290 ‫Okay. 121 00:06:14,290 --> 00:06:15,850 ‫So I'm not going to go over it again. 122 00:06:15,850 --> 00:06:17,920 ‫This is what this actually means, you know, now. 123 00:06:17,920 --> 00:06:24,070 ‫But solving a problem or catering to a passion is a key golden rule for the products that you choose. 124 00:06:25,360 --> 00:06:27,850 ‫Number eight, the supplier. 125 00:06:28,330 --> 00:06:31,900 ‫Again, when we start adding products from Ali very shortly, you're going to see this in a bit more 126 00:06:31,900 --> 00:06:32,260 ‫detail. 127 00:06:32,260 --> 00:06:35,020 ‫So don't worry too much if a lot of this doesn't quite make sense. 128 00:06:35,020 --> 00:06:37,360 ‫But we want good suppliers. 129 00:06:37,660 --> 00:06:42,070 ‫Suppliers get feedback on Ali so we can get a very good feeling straightaway, whether it's a good supplier 130 00:06:42,070 --> 00:06:42,700 ‫or not. 131 00:06:42,700 --> 00:06:44,440 ‫So we want good feedback. 132 00:06:44,440 --> 00:06:49,840 ‫We want them to have plenty of stock because if we choose a product, then start selling like crazy. 133 00:06:50,230 --> 00:06:56,410 ‫We want to make sure they don't run out of stock and we also want to make sure that we've got the best 134 00:06:56,410 --> 00:07:01,900 ‫shipping options and that's either E packet or AliExpress standard shipping. 135 00:07:01,900 --> 00:07:08,500 ‫Both of those are fast, reliable and cheap shipping processes from China. 136 00:07:09,010 --> 00:07:11,110 ‫So those are the things that we're looking for. 137 00:07:11,110 --> 00:07:13,630 ‫Again, if that kind of doesn't really make sense, don't worry. 138 00:07:13,720 --> 00:07:17,260 ‫It'll all become very clear once we start adding products to your site. 139 00:07:18,160 --> 00:07:20,920 ‫And then the final golden rule, which is so important. 140 00:07:20,920 --> 00:07:24,070 ‫I've talked about impulse purchases in the first golden rule. 141 00:07:24,070 --> 00:07:26,590 ‫We've talked about solving a problem or committing to a passion. 142 00:07:26,590 --> 00:07:29,140 ‫It's all wrapped up in this sentence here. 143 00:07:29,140 --> 00:07:32,320 ‫Trigger emotion to impulsively buy products. 144 00:07:32,320 --> 00:07:33,130 ‫The big secret. 145 00:07:33,130 --> 00:07:35,140 ‫Okay, this is the key. 146 00:07:35,140 --> 00:07:35,800 ‫This is the key. 147 00:07:35,800 --> 00:07:37,210 ‫We talked about the price point. 148 00:07:37,210 --> 00:07:39,580 ‫We talked about certain products, not too fragile, etc.. 149 00:07:39,580 --> 00:07:44,500 ‫Those things are relatively straightforward, but triggering that emotion in your in your potential 150 00:07:44,500 --> 00:07:49,360 ‫buyer because it's either solving a problem or catering to a passion is what's going to get them over 151 00:07:49,360 --> 00:07:49,780 ‫the line. 152 00:07:49,780 --> 00:07:54,910 ‫That's what's going to get them to put that product in their cart, go to the checkout and buy your 153 00:07:54,910 --> 00:07:55,690 ‫products. 154 00:07:55,690 --> 00:07:58,030 ‫So those are the golden rules. 155 00:07:58,030 --> 00:08:01,150 ‫And what you're looking at here is years of experience. 156 00:08:01,150 --> 00:08:05,590 ‫And what I suggest you therefore do is that you print these out in the resources section. 157 00:08:05,590 --> 00:08:08,230 ‫For this lecture you should find a PDF. 158 00:08:08,230 --> 00:08:12,970 ‫So if you want to, you can print this out and then you can have it by your side so that whenever you're 159 00:08:12,970 --> 00:08:18,460 ‫looking for products, you make sure that you are always choosing the best possible products to build 160 00:08:18,460 --> 00:08:20,230 ‫out a fantastic business. 15581

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