What’s up, everybody? Fred Lam here and first of all, Happy Thanksgiving! Today is actually the 14th episode of our daily huddle where I answer five questions every day. And today is a holiday and I’m still here to basically be with you guys and answer five burning questions that you may have.
Now that we’re back, listen I know that today is Thanksgiving, a lot of you guys are spending time with your families so I’m not going to take a lot of your time today but before we actually go into the five questions, here’s a quick strategy for you to actually maximize your sales especially if you’re in e-commerce business this coming Black Friday which is happening tomorrow and Cyber Monday on this upcoming Monday. So, technically you have four days for you to maximize your sales for your e-commerce store and here’s exactly what you want to do:
- Get an email ready where you basically send an email to your entire email data base regardless of your customer, prospect, and abandoned carts, everyone that you can get a hold of and announce that in the subject line you want to say 50% off Black Friday sales. You want to get people to actually go to your website as soon as possible starting tomorrow. I want to ask you to schedule your email to go out at 8AM Eastern time starting tomorrow and you should be sending email every day in the next four days and as a matter of fact on Monday you want to actually schedule two emails to go out, one is at 8AM the other one is going to be roughly at around 5PM Eastern time to do the final push.
Now, that’s the email side. On your website here’s something that you need to do especially if you’re running on Shopify right now. You need to make sure that all the products on your page have a discount on them. It’s very important. You need show on your website that everything has a discount and try to actually discount them as high as 50% and if you can do this make sure that you have a countdown timer. I will actually suggest you use Hurrify on your product page on showcasing that these deals will end midnight Pacific time on Monday because ultimately when it comes to a countdown timer it is proven to sell really well. You have a reason right now to actually have this countdown timer because everyone knows that it is Cyber Monday.
Now, let’s talk about ads at the same time. For your ads, now obviously since that you have used the Facebook pixel you now have all the retargeting people who actually went to your website before. Again, in the next four days what you want to do is to set up a 50% off ad, a quick and simple one and have an ad going and then showcasing and retargeting every single of visitors who actually went to your website. What I do suggest with you guys is that yesterday, I talked about the app legend. What you want to do is to create like a 3/4 seconds live show of your logo and say “Black Friday deals on get 50% off now” and simply have a direct call to action to tell people to go back to your page. And when you advertise your page you want to make sure that you actually advertise the collection of all pages so when people actually click on it they actually see all the products that are in your store and most importantly showing the discounted price of the products. So these are just some quick strategies for you guys for Black Friday and for Cyber Monday. Make sure that you start setting it up. I know that you guys are going to spend time with your family but don’t get drunk yet. Go have your turkey, go get a full meal done and go have some drinks but don’t get drunk yet. Get all your work in place, schedule your email and then you can go drunk and get party. So again, that’s really one of the most important things when it comes to a quick strategy about Black Friday.
So now let’s move on to the five questions. I am actually working around the clock right now just to make sure that I am here live with you guys. It was a crazy last several weeks for me and it’s going to get crazier. I’m actually going to a gala today. I am one of the three finalists and I am one of the finalists to actually win young entrepreneur of the year in Richmond where I am actually based and there were a lot of applicants. They even got applicants from McDonalds and everywhere and I’m one of the finalists so I’ll see if I actually get that award and I’ll give you guys an update tomorrow of what happened. So with that let me dive right into the five questions for today. I’m going to dive right, again I apologize that I’m rushing through this, I usually don’t rush through but today I’m really working around the clock right now just to make sure that I get all my stuff in place before I actually go to the gala.
[0:05:34] Question 1: Facebook Shutdown. is there an easy way I can get around this mess to continue buying FB ads?
The first person isLuca Majero. Luca Majero said,
I opened a Facebook business account twice… and twice they shut me down.
Every time the Business account had 5 different advertisement accounts.
ALL of them got shut down at the same time. Probable reason: I live in one country, but my bank account and company are registered abroad, and FB doesn’t like that. The first time FB shut me down was because I didn’t know this, the second time… I accidentally logged into the FB account without switching on the proxy… The next day I was out! I can re-register (again), but is there an easy way I can get around this mess to continue buying FB ads?
Again, I apologize I know that Facebook security is superb massive and it seems that you already know the problem which is basically your ad account and your credit card or bank billing address is very different. When that happens it triggers the alert. Here’s what you want to do; you want to actually send an email to Facebook’s advertiser’s support and explain the situation to them because you need to get that resolved. Using a proxy can help but that’s not going to be for longevity so, what you want to do seriously just contact Facebook advertising department directly and explain the situation with them [inaudible 06:53] and get this addressed. It is something that you cannot get over off because it’s a Facebook security then technically what you want to do is to simply use a proxy every time. I know that it sucks; I hate to bring that news to you but that is really the only option at this stage.
[0:07:16] Question 2: Would running a PPE to an existing WC (Fred: For those of you who don't know what PPE is, it stands for Post Per Engagement) ad help lower the CPM?
Moving on to the second question by Anthony Chan. Anthony asked,
Would running a PPE to an existing WC (Fred: For those of you who don’t know what PPE is, it stands for Post Per Engagement) ad help lower the CPM? If so, how do you do it, I tried duplicating the ad but I am doing it incorrectly. Currently, I have a product that has 4%-5% CTR, .5-.7 CPC and a CPA that allows me to breakeven (F+S). I am trying to lower my CPM as it is around $27-$35. I am in phase II of scaling right now and have enough for purchase events for phase III. What’s the best way to go at this?
First of all, you cannot control what the CPM is. Regardless if you are going to run a PPE ad or a WC ad; you cannot control what the CPM is because the CPM is actually controlled based on the auction on how many other competitors of yours are trying to actually reach to the same audience that you are going after. So, if you are really breaking even right now of your free plus shipping that is awesome because I keep telling you guys free plus shipping can only break even. It can potentially give you some profit but not a lot of profit. What you want to do is to make sure that you have what we call the profit multiplier in place to actually get people to go back to your website and buy more products, you want an email marketing in place and also build a funnel. You want to maximize these sales and you want to basically increase your Average Order Value (AOV). Again, I hate to tell you this CPM cannot be controlled especially if you are having an audience that is in the market already it’s only because again, Facebook is an auction-based marketplace even though there are a lot of parameters that are involved. Getting your CPM lower is typically hard and changing marketing objectives won’t help at the same time but if you are getting a $0.50 to $0.70 CPC that is amazing already. What you want to do right now is not to focus on how to get a lower a CPM but to how to increase your Average Order Value (AOV) for every customer that’s actually going to your website.
I see that you are going to enter the phase III. Well that is awesome because when you go into phase III you’re going to use the look alike audience and when you start using the look alike audience that is where you can actually start scaling up but again like I said earlier if you want to scale up and you can’t control the CPM and you are already getting a $0.50 to $0.70 CPC then what you essentially want to do is like I said increase your AOV with email marketing, with profit multiplier which we have inside Zero UP and also having a funnel being built because if you have just one upsell and the tick rate is 20% that instantly increase your revenue by 20% and you are from breaking even to making profits right away with whatever you are doing. All right so that’s what I would suggest you to do.
[0:10:19] Question 3: Fred, please tell me if ZeroUp 2.0. works with every Shopify theme. Is it possible that the will be any limitation on the theme?
Moving on to Boris Dolinsek.
Fred, please tell me if ZeroUp 2.0. works with every Shopify theme. Is it possible that the will be any limitation on the theme?
Great question. The answer is there are no limitations at all. Zero Up just automates your business. It basically enhances your business and helps you increase you AOV so it works with every single theme because we don’t actually have it with the theme. We actually do the back end for you that’s what Zero Up is.
[0:10:52] Question 4: I am setting my ecommerce business (www.petplanet.store), it is a pet products store. My audience is people from USA. I have set the store in Shopify and Facebook, I received visits to my website but no sales. I did 2 campaigns but they have not worked. I’ve set double prices (for example, if the supplier sell me the product for $20, I sell that product in $40) and offer a 25% discount in my campaign.
Moving on to the fourth question, Javier Pineda. Javier Pineda said,
I am setting my e-commerce business (www.petplanet.store), it is a pet products store. My audience is people from USA. I have set the store in Shopify and Facebook, I received visits to my website but no sales. I did 2 campaigns but they have not worked. I’ve set double prices (for example, if the supplier sells me the product for $20, I sell that product in $40) and offer a 25% discount in my campaign.
So technically, you only have a 25% margin that’s not going to be sustainable just to let you know.
I thought that maybe it was a good marketing idea. The price of 3 products that I offer in the campaign (by ads) is almost the same price as the supplier. So I would earn money from the shipping cost ($5 to $10) and I have a new customer and maybe the same customer to buy another product and pay the double price. My technique is set to have 3 products with the same price from the supplier but the other products (and the rest of the store) will be double priced. I don’t know if that is a good marketing idea or maybe I have to look for another idea to get orders and clients. Thanks, Fred. Have a nice day.
I get where you’re going to. Javier, my answer to your question is, that is awesome but you have to make sure that you have things in place like I said earlier. It actually aligns. All the questions are aligning. You could increase your Average Order Value (AOV) so at the end of the day you want to have profit multiplier in place, you want to have email marketing in place and you also want to make sure that you have the funnels in place because again your strategy is to simply break even right now. That’s what your goal is. The shipping price won’t really give you the opportunity to actually make you profit only because you have to pay for your ads. With that, you really need to craft your Average Order Value (AOV). You need to start focusing on your backend and you need to start really maximizing the sales that are coming in from your customers. You have to make sure that you have all these parameters in place and that will be pretty awesome to actually go after.
Now, in respect to that you don’t necessarily need to sell a product that’s going to be like $20 that’s what I’m assuming right now. You can try different ways like [inaudible 13:07] method, free plus shipping and you want to basically find all different angles and sell pet products at a break even right out your ads and actually make all your profit in the back end. It is a great mentality that you have on where you are going but at the end of the day you want to make sure that your ads are either breaking even or making you a little profit right out the gate and then start putting your funnels in place to increase your Average Order Value (AOV).
[0:13:43] Question 5: I have a doubt; I have seen all your videos. But why will someone buy a product of $10 in $20 from your site? How to make money through affiliate marketing and how to build email list?
So, moving on to the last question of the day by Leather Brain. Leather said,
I have a doubt; I have seen all your videos. But why will someone buy a product of $10 in $20 from your site? How to make money through affiliate marketing and how to build an email list?
That’s two completely different questions, Leather. First of all, let me ask you why would you go out and buy a product on a local market when you know they already marked it up? The answer is I don’t know. But at the end of the day here’s what you need to know; it doesn’t matter what they think on the other side or it doesn’t matter if they’re like “Oh, I can buy it somewhere else cheaper.” What matters is the data that you’re actually getting back from your Facebook ads or from your Google ads and all those other places. This is something that you need to get over with. You want to be in your customer shoe and if you can showcase that your product has high perceived value then the market is going to be there and that’s how you can actually make money. And to be honest with you, all businesses mark up their pricing and actually make the profit. It is a known thing because you are here to do business. You’re not here to create a charity and give things away. Ultimately what you want to do is get over that mindset and you want to start advertising it and you want to basically let the data tell you what is happening. And do not go into your market based on assumption because that’s what you’re basically doing right now so, scratch that mindset off.
Now to your last question which is how to make money through affiliate marketing, how to build an email list. I’ll touch base on this briefly. What you want to do is to basically have something that you can attract a person to give you their email address. When it comes to email marketing; I tell this to every single person is that you are building a relationship with your subscribers.
- You have to basically give away something for free, a free magnet, something that you will actually give to your customer in exchange for their email address. Once you got their email address you want to make sure that you deliver that free thing which has an amazing value because that is the first point of contact that you are having with your subscriber. If you’re free magnet is some kind of PLR or something that’s really bad that’s only like three pages then guess what you’re going to lose that person forever because they don’t see value on being in your email list. So you want to over deliver which why I tell people that in your lead magnet you want to over deliver just like mine. My lead magnet is actually a book cost starting from zero and guess what, that book is 166 pages and also the foreword is written by Mr. Robert Kiyosaki so when people receive it they go like, “Holy Macaroni that is some amazing value in content. I can’t wait to receive more email content in my inbox from this guy called Fred Lam.” And that’s what I did; I keep building a relationship with them and emailing them information or emailing information, giving free content, giving value and then asking for a sale here or there. That’s how I do the affiliate marketing side of things.
So again, you want to build a relationship. You don’t want to basically think of how I can make money right away. You want to think of how I can give value to my subscribers. When you start giving value to your subscribers, the money will actually follow along because these people will listen to you whenever you say, “You know what hey I just met up with my friend XYZ he has this, go check it out, it really changed my life” and people will take your recommendation because they see that you have been giving such amazing value away and they trust you then they’ll go to that website and buy that product where you actually making affiliate cut. So technically right out the gate if you want to master affiliate marketing or email marketing:
- Think of a free report that has amazing true value for your future subscribers that you know that the market needs and that they will love it.
- Have some auto responder in place that you don’t sell right away is that you keep giving value to them and build that relationship.
- Find affiliate offers that are legitimate that are not some scammy sites and really basically promote it under your name.
That’s what you want to do and then the money will unfold and it will come along because again, whatever you tell them to do they will go and buy and do that because they are influenced by you. And they’re only influenced by you if they actually get the value from being a subscriber of yours. Also, at the end of the day obviously what you want to do is to drive traffic to that lead magnet. There are things like Facebook ads, Google ads, Bing ads and solo ads that you can use to drive traffic to the sign ups. Then basically what you do is you want to monitor the next 30 days on how much affiliate commission that you are going to make including the high value content that you gave and the products that you sold and you identify how much revenue you actually make or how much commission you make per subscriber. Let’s say that each subscriber in 30 days you can actually make $2 back then that means that in your ads you want to make sure that you acquire an email address for less than $2 then you will know that in 30 days you are going to be in profit.
That’s really it for today’s daily huddle and I hope that these five questions could really help, inspire and get you guys unstuck. Again, I apologize that this is a much faster or quicker pace for our daily huddle which is out of norm that is because I am having a clock on me right now that I have to get all these stuff done and actually make this all at play.
[0:19:42] Last Question: My CPM is too high. Please help.
I have a question by Kanyuen. Kanyuen basically said,
My CPM is too high. Please help.
If you’re CPM is actually too high you may want to identify the age right now. There’s something called the super chat on YouTube and obviously it is like a donation so that’s why I’m basically making sure that I’m getting this question answered. This question is all about CPM; how can we get a lower CPM. Kan, you want to drill down to your age break down and gender and you will actually see a trend that there are potentially some age range and some gender that is affecting your CPM and the overall campaign. Let’s say that you run the ads for two days at $5 per day. You want to go to the break down in your report and look at the gender and the age and you will definitely see certain age range and center gender that is having a higher CPM and affecting your over all campaign. And when you identify that you want to actually remove those age range and gender from replacement especially if you’re not getting a sale on that end of things. You focus your ads only to the ones that are converting. Again, when it comes to CPM the other thing that you can actually do to fight higher CPM is to have a better ad to increase the click-through rate. In our daily huddle, I think it was on our first or second episode I talked about it. You want to make sure that you have some emoji on there with the headline to actually attract them. Number 2, is that you want to have a sentence that builds desire and Number 3, you want to have a link, a shortened link in your post text because now you’re turning your post text giving the ability to click on the link, so having that at play then you have more places to actually have a person click and your click-through rate will actually increase. That’s what you want to do and that’s what you want to focus at and figure out.
- Dissect your data to find out there are certain age range or gender that’s affecting your CPM that’s making it high.
- You want to increase your click-through rate to actually tackle down the CPM. There’s never a strategy to decrease your CPM only. Again like I said, Facebook is a CPM auction based. So, the more competitors there are obviously the more expensive against it’s going to get.
- Here’s another strategy for you. You can also try Instagram ads which is performing really well right now and you could actually use the audience and duplicate a campaign that go after Instagram ads because Instagram ads are at a lower CPM at the same time and the conversions are actually pretty good.
I gave you three tips. Start diving into it Kan and start looking into it and I hope that really helped you out.
Other than that listen guys, at the end of the day here’s the thing spend some time with your family I want to say Happy Thanksgiving to every single one of you. I want to say that I’m super grateful, super thankful for having you guys being part of my journey, supporting me every single time and I can’t wait to actually share what I have upcoming for you guys in 2018. There’s going to be a hell lot of amazing stuff to share with you guys, showcase with you guys so, make sure you’re here every day on our daily huddle. If you actually want to join our encore workshop tomorrow the link is above this video on Facebook and right down below on YouTube there’s a link click on it, sign up and make sure you are there live. I look forward on seeing you guys tomorrow and I’ll keep you posted on what’s going to happen today. Happy Thanksgiving! Spend some amazing time with you families and make sure don’t get drunk yet tonight. Work first then get drunk and get wasted. I’ll see you guys soon.