In this episode of the eCommerce Lifestyle podcast, Anton shares the safest market to sell to if you want your eCommerce store to be around for years to come!
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This is Episode #74 of the eCommerce Lifestyle Podcast.
Listen to all previous episodes by searching for “eCommerce Lifestyle” in your preferred podcast player.
Yo, what's up, everybody? Anton Kraly here from ecommercelifestyle.com, and welcome to another episode of the eCommerce Lifestyle Podcast. As per usual, if you are watching this one on YouTube and you prefer audio versions of podcasts, you like to listen on your phone like I do, just go to whatever podcast player you use, we're on, I think, 13 different platforms now, and just search for eCommerce Lifestyle, subscribe. I do a couple episodes a week, and I've been doing it for almost a year, which is insane to think back that far.
Also, I want to give a quick thank-you to MattyDi, who just left a five-star review on iTunes, which I'm grateful for. Thank you. And Matty says, "A must-listen for anyone who is part of Drop Ship Lifestyle or anyone who follows Anton's work. I listen every time a new episode is published. What makes this podcast unique is that it's published in real time, and you can get a behind-the-scenes look into how Anton is running his businesses. I love how short these are, while still being packed with information. I pick up at least one new tip in every single episode that helped to grow my business even bigger." So, thank you, MattyDi. I appreciate that. That is why I do these things. And just like every other episode, this is real time. I'm recording this thing on June 21st, 2019, and I'm going to upload it the second I finish recording.
So, today we are going to be talking about what business and what market to sell to gives you the best chance of lasting, and as we go into the future and buyer trends change. Before we do that, let me just say today is also the last day that my book is available for free, Drop Ship Secrets. We have already shipped out over the first thousand copies. I know people started getting them in their hands as early as yesterday. So, if you're in the US and you haven't got it yet, it should be in the next few days, and if you're somewhere else in the world, most likely sometime next week, but they are on their way. Again, thank you for the support for everybody that's picked up the book. It means a lot. You know, again, this was definitely a labor of love, lot of work went into it, not just for me, but for my team, so thank you for everybody that supported putting this together, and thank you for everybody that picked up your copy.
Again, you're well on your way. If you're starting here, it's a great starting point, and I look forward to teaching you, if you got the book, in the live training that I'm doing Monday, this coming Monday, June 24th, as a bonus masterclass for everybody that picked up the book. It's going to be live. I have a feeling... It's scheduled for two hours, I have a feeling we're going to be going well over, because I put together a ton of content to share with you.
Speaking of that, as I was putting together this content for this bonus masterclass that you can get still... Today only, though, it does expire today. You can get it at dropshipsecrets.com, and you get a free book, so, win-win. But as I was putting together content, I was looking into a lot of what we do in terms of research, and I was thinking of what things don't just look like now, but if I can predict my best, two years from now, three years from now, five years from now, how things might change. And specifically, I was looking at with the types of people we target.
Now, when it comes to different demographics, one thing that we've been focusing on for almost a decade now is making sure that whenever we get into a new niche, we pick a subsection of that niche, or a niche as a whole, if it applies this way. But we pick a niche that appeals to the upper middle class. I define that as a combined household income of $150,000. It's going up, so I'll probably update that number in the next version of Drop Ship Lifestyle, but, you know, upper middle class, and that's the monetary amount I put on it.
But the way that I think of these people are the families that have disposable income. They're not worrying about their next paycheck because their mortgage is coming due. They're not thinking, "Can I get approved for a loan last-second to buy this thing from Anton's company?" They're not, I don't want to say "desperate," but for lack of a better word, they're not desperate for money. They have money, they spend less than they earn, they earn more than most. Their bank account has a nice safety net, they have plenty of credit ready and available, and if they want to buy something, the decision isn't, "Where does the money come from?" The decision is, "Okay, yeah, I'm going to buy it."
Now, these are the type of people, again, that we've been selling to for a long time now. The reason we choose this market instead of lower-income households is because I have sold to lower-income households, and what I've realized, and rightfully so, but those buyers, the value that you need to provide to them, the thing that they're looking for, is strictly best deal. So, "What is the absolute rock-bottom price? That's what I care about, that's what I want." And again, it's because there's not extra money there. They're living paycheck to paycheck, and if, God forbid, something goes wrong and their car breaks down, or their... I don't know, in their house, their TV breaks and they want to replace it, that money, it's not there, it doesn't exist. So yeah, that's the reason. That market, you're going to have to be competing on price if you want to be there.
And then selling to the wealthy, there is a lot of money to be made there, so like the ultra-affluent, but if you do that, it's a different business. It's more hands-on pre-selling, it's more post-sale interaction. Actually, it's higher returns as well, because you're most likely going to be selling super-premium products, and those buyers expect a certain thing from it, and because of that, you'll have to have more returns. Now, not saying not to do it, but saying that there's more work involved.
Now, what I was realizing, though, as I was, again, just revisiting these concepts, is that we're actually selling to what is the safest market to sell to, and especially now. Again, we've been choosing upper middle class for over a decade, but now, in 2019 and as we move forward, what we're seeing is there are more of what would probably... More families, let's say, or households that would probably appeal to middle-class purchases that would normally fall into my criteria, but those people are so comfortable now buying online that a lot of times, what they're doing is just looking for the best price as well. So, even though their income might be there, what they're looking for still is best price, because again, they're comfortable, they've been buying online for a decade now.
But what we want to do, right, the safest market, the one that I still believe will be here and will be growing, and there'll be a huge opportunity in, again, in two years, three years, five years, it's the people that fall into that category, upper middle class, they have the disposable income to spend, and, here's the extra thing, they're looking for more than just the best price. Okay? They're more concerned about, "Can I actually trust this company? Who am I buying from? What other value is the company providing, rather than just price?" Because again, lower-income households, and now even some of the middle class, because it is... There is a separation. People are still very wealthy. The economy is at an all-time high, and people have a lot of money, but there's a lot of people that are still somewhere towards the bottom of the middle class now. And with them, they'll go online, they'll find what they want, they'll still want best price, that's it.
But the section of people that are kind of pulling away, they're the people that want a little bit more. Again, they care more about trust. They care more about efficiency. They care more about things like shipping times. They care more about things like expert advice. They care more about the content you provide for them. They care more about upgraded delivery options, maybe like white-glove delivery and things like that.
So now, what I'm realizing is, again, almost by chance or by luck, we are in an amazing position, because we've built our product lines and the brands we sell for that appeal to that group, and what we've been focusing on heavily, not for the past decade, but probably the past five years or so, is the value-add side beyond just price. So, you've heard me say this before on the podcast, on the eCommerce Lifestyle Podcast. If you've read the book already, in Drop Ship Secrets, again, dropshipsecrets.com, you've heard me talk about the fact that the company that can provide the most value wins, and what I mean by "win" is wins the sale when somebody is looking online to buy.
So, with the upper middle class, right, the people that don't just want rock-bottom price, what you can provide to them in value goes beyond, "Okay, I'll give you 20% off." Right? What you can give to them is peace of mind for why they can trust you, because their time is valuable, and again, they could spend a little bit more to have their time secure, and not have to worry about a company that might not ship on time, or a company that's not going to pick up the phone when someone calls, or a company that's not going to be able to answer basic questions. So, what I see as the safest market, the safest demographic, the safest opportunity to continue to build your business in and point it towards, is selling to this group of people that have the money and really value their time and efficiency, and if they can trust you, more than anything.
So, some things that we do to build that. This is all taught, by the way, in Drop Ship Lifestyle, in my coaching program. You can learn more there at dropshiplifestyle.com/webinar, so go there to check that out. But what we do for these people is do things like have as many reviews as possible, not just text, but videos if possible, product photos in customers' homes if possible. Any different organizations we can associate with that are bigger than us that are already trusted, we talk about them on our website. Having things like About Us pages that actually go into the story of why we're in business, and why we sell what we sell, and how important customer service is to us. Doing things like actually answering the phone when somebody calls, right? These are all things that connect, and that are important to your ideal buyer, if you want to sell to the buyers that will still be buying from sites like ours into the future.
So, that's my prediction, that's the safest market to sell to. It's the upper middle class that values their time more than only money. And the ways to sell to them are to position yourself as an expert, actually care about your customers, convey those messages on your website, and be there for them when they're ready to place orders, when they have questions, and that way, you will be almost, in my opinion, guaranteed to thrive and to grow as we move into the future of eCommerce.
So, guys, as always, if you got value from this episode, I do appreciate those reviews. Thank you again to MattyDi for that five-star. If you can go to iTunes, leave a quick one, it would mean a lot to me. It also helps us rank in the charts. And again, since this is a real-time podcast, today is the last day to get Drop Ship Secrets. It's dropshipsecrets.com, and you'll be able to have me ship one of these to you, drop ship one of these to you. So, thank you guys, appreciate you, and I'll talk to you all in the next episode of the eCommerce Lifestyle Podcast. See you.
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