Ep 19 | MASSIVE News From Fred Lam

So, the first question of today is Javier Pineda, so Javier Pineda said,

Hi Fred,

When I do a campaign, I received 50 visits per day to my website.
How do I get traffic to my website if I don’t have emails, so I can not use email marketing?

Thanks
Regards,
Javier Pineda

So, I’ll be honest with you Javier I don’t know what the background story is so are you trying to actually create an email marketing business or are you trying to actually create an E-commerce business? When it comes to emails you have to know, it’s going to be a long-term play. It’s not going to be instant results; you see sales actually coming in or commission coming in through emails. You have to actually work on building a relationship with your prospect or basically your following by now and really work with them and create a rapport with them give them value before you actually start see sales coming in. Now again I’m not sure if you’re actually running an E-commerce business, affiliate marketing or whatsoever you only told me that you have 50 visits a day. I would assume either or I would assume you’re going after E-commerce. Now if they’re going E-commerce email is important but that’s not the front end of things. You need to actually focus on finding the product, finding the audience, sell the product and then at the end of the day you are going to basically wrap it with email marketing to actually monetize from every single person that actually bought from your store or abandon your cart. So, that’s not like right away you go to start doing your email marketing however you still need to have some sort of email marketing strategy in place so you can actually make your profit from the back end. When it comes to affiliate marketing or email marketing the first thing most important is to actually create an opt-in page to actually attract the person that’s going to your website.

Right now you said you have 50 visits maybe you attract the 50 visits on how they can actually give you their email address and why they should give you their email address. At the end of the day as we all know consumers are brilliant and smart so you can’t just have a page and ask them for their email address, you have to answer the question what’s in it for me?

Let’s be honest anyone that is online in front of a computer in front of a bowl of cell phone they’re technically selfish. They’re not just going to randomly give you their email address. You have to basically persuade them and offer them something like a bait so that they can actually take the bait and give you their email address and monitor from the back end. So, again Javier your question is incomplete but I’m trying to come from different angles to actually have your question answered. I will suggest you to actually submit your question again if you generally don’t know what you’re trying to ask.

So, moving on to Jordan Little. Jordan Little said,

Hey Fred,

I want to thank you for holding the Daily Huddle everyday, you are helping so many people by sharing all your knowledge and experience!

Fred: Now, if you guys actually love our daily huddle give me a “Like “symbol right on Facebook and give me and “Thumbs up” right on YouTube if you guys absolutely like look forward for our daily huddle every single day and that you guys are learning a ton of stuff so that I’d know. I love feedback.

I have followed your training videos in Zero Up to create my eCommerce store and have been using Facebook Ads to advertise some products, and have gotten a few sales so far. However, I have spent more money than I’m comfortable spending with very little to show for it. I guess I just don’t really know what to do at this point.

I don’t have a huge budget to keep spending money on ads, but I know you really like using Facebook ads to turn prospects into customers. I also know it only takes one Golden Product to make all your money back and then some, but I don’t want to keep blindly spending money, hoping to eventually find that one product (without knowing how much I’ll spend to find it).
Any advice would be greatly appreciated, thank you again!
Jordon

Great question! This is really gearing towards for people who have tight budget and I know for a fact that at the end of the day you may have a tight budget because you’re going to pay for rent, you are going to pay for food, you are going to pay for clothes you are going to pay for a lot of stuff and you may be just making X amount of income every single month. Here’s what I actually ask you to do. It can be quite tempting to spend a lot of money through ads. And at the end of the day, it’s kind of like I don’t know for you guys you take this as gambling but for me it is not I think it’s just controlled risk. That’s what I call it. It is an investment that I can actually control.

When I actually look at it as, this is a controlled risk investment I basically look at to myself… well let me actually step back, when I was actually washing dishes obviously I didn’t make a lot of money, minimum salary. How much is there to actually make from washing dishes? Obviously I was in your shoe not very long ago so how did I actually overcome that? Very simple, I basically looked at any given month how much money I am able to save. People love to use the word “save” like every single month you should be saving X amount of dollars into your piggy bank and that should be something that you shouldn’t be using etc, etc. For me, I think that is very dumb because let’s be honest 200 bucks for now, ten years later that 200 bucks it’s not going to be worth the same. So for you what I would actually say is, “Okay, if you are able to actually save 200 bucks a month then that’s basically your budget every single month for your ads regardless of what happens you only spend 200 bucks.” Now, that 200 bucks doesn’t mean that when you start spending it into ads it is basically all going to be gone, right? It may be at a point where you spend 200 bucks and let’s say you made 150 back so if you made a 150 back that gives you a hundred and fifty dollars more that month to continue with ads. So, you let it snow ball and actually have it affect our play. It’s kind of like gambling, right? Obviously, some people will just go crazy borrow money and basically gamble the heck out of their lives. But if you are a smart gambler or if there’s someone that’s just going to play for fun you go into the casino and you simply say “You know what I have 200 bucks in my pocket if I lose it all I lose it all, if I actually gain more I’ll keep using that money to see if I can bank more dollars.”  And I think you need to actually have that mentality at place because if you say that you can only spend 200 bucks a day well that means that technically if you spent $5 a day (divided 5) that means that you spent 40 days. So that means that’s going to be one campaign, one day or one and half or so because we have some like wiggle room.

You want to basically put in yourself in the position where you are comfortable on how much you are willing to actually invest and lose. You will find that sweet spot and that’s what I did previously the first month. I remember I can only spend like 300 bucks and if I lose it all or if I invest that 300 bucks into a course or training, I’ll just wait for the next month to actually kick in so that I’m not sabotaging my living expense. At the end of the day, I’m also basically creating a comfort zone for me to scale my business and move forward.

That’s what I would actually suggest you to do. Now, coming in to run a Facebook ads here’s one of the most important thing, you always have to let data tell you the story. I’ve been telling this almost every single episode. It’s so important because again like I said it is a controlled risk. You get to control or see if you should be spending more or spending less or cutting it off right out the gate. And it is true that you just need one product and once it takes off you will make all your money back and many more to come.

So you have to be patient. Here’s a take away, 1. Create a budget that you are willing to invest in a single month that if you lose it all you don’t feel like you got stabbed by a knife. 2. Let data tell you if that product is going to sell or not. 3. Have patience. This is not a get rich overnight scheme. There’s nothing such as get rich quite overnight except if you go and buy a lottery and you win that maybe that’s how you actually get rich but that’s not sustainable because if you actually look a lot of people who won the lottery at the end of the day they went bankrupt because they don’t know how to invest their money wisely. You have to be patient because that product once you’re able to experience the process, know what you’re doing, find that one product that\s when things will absolutely take off.

I’m not sure if you guys remember one of our brand ambassadors Mickey. He was simply for several months making like a $100 or $200 a day in sales; he was losing money. But through the process he was patient, he was just testing things and now he’s like $78,000 in one single day. This is what it shows you. You just have to be patient. I hope that really helped you out Jordan. Again, it doesn’t matter if you have a tight budget or a lot of budget that’s how you actually have it at play.

Moving on to the third question of the day by Stephanie Wong. She said,

Hi Fred ,

Thanks for the Daily Huddle – Never Miss A Session!
My questions for today – FB ad for eCommerce, I’m at ‘Build’ stage of startup.
I’ve been running $5 ads testing different targeting and creatives.

The best one so far has CTR 3.13%, CPC 82c, Relevance Score 8 but no sales yet. Should I increase to $10, $15, $20 … for everyday 7 days.

Is it worthwhile to keep it running even without sales if the data is good?
Is there a way to reschedule inside an existing ad to keep it going without duplicating it every time?

Many thanks

Stephanie the answer to your question is very simple. If you’re not getting a sale even though you’re getting a great click through rate (CTR) and great cost per click, kill it. However, before you do that you want to double check if you’re getting any add to cart or abandon carts. Now, I would assume that you are because based on the number that you’re getting and with the Q4 of CPM being so drastically high and you’re able to actually get a 3.3% percent per click-through rate and an 82 cent cost per click I would assume that people would love your product but they’re just not buying. They may not buy because of several reasons and I can say right out the gate it’s either one, if you’re not getting any add to cars or abandoned cart then something is wrong with your product page. It just turns people off and they basically are not getting what they actually saw on your ad, so you want to actually take a look at that. Number 2 if you are getting add to carts and abandoned carts then probably what’s going to happen is that your shipping is too high and they don’t see a perceived value of paying that shipping or justifying themselves to pay that shipping to actually finish ordering the product. Again is it worthwhile to keep running? My answer to you is a NO. It doesn’t matter if you have an outstanding click-through rate and an outstanding cost per click if you’re not getting a sale you’re investing at a risk right now. So you want to drill to the culprit on why are you not getting a sale. Is it the product page? Is it because the product is not doing what is set on the ad? Is it going to be basically are you getting add to carts and abandoned carts and people just don’t want to pay the shipping? You have to find out; you absolutely have to find out. So, if you’re basically saying you know what I’m not getting any add to cart, I’m not getting any abandoned check out. My product it’s exactly showing on my ad then kill it, move on. That’s the best advice that I can actually give you.

So moving on to the 4^th question of the day is by Winston Hang.

Hey Fred,

if an ad with 200k reached frequency of 2, what should we do?
Adding new ad creative in the same adset or create a new adset with a new targeting. When we are scaling an ad if the audience is saturated what should we do? Do we try different targeting with new adsets?
Does it means that the conversion algorithm will be a new one again since we are using the a new adset? Or should we duplicate the same adset and allow interest expansion.
Please answer this, this is really a burning question…

You’re asking a lot of questions. Again, the best is to only ask one question but at the end of the day today is Monday and we’re having a special announcement and obviously, you guys definitely are enjoying our session today. You’re first question is “If an ad with 200k reached frequency of 2, what should we do? “ So you want to monitor if you’re getting your cost-per-click is increasing or staying the same, if your cost-per-click is hovering around the same even though your frequency is at the 2 then leave it running. However as we all know when you have higher frequency it will actually affect the click-through-rate of your ad which again affects the cost-per-click that you’re paying and at the end of the day it will affect your cost-per-sale. So, if you already have 200k audience and you’ve reached frequency of 2 and you want to monitor back to see if you are seeing a trend of cost-per-click and your cost-per-conversion both are going up. If it is then it’s basically telling you it’s time for a new ad to actually use a different angle to capture the remaining market share that is within that ad or that targeting. That’s what you want to do.

Now “Adding new ad creative in the same ad set or create a new ad set with a new targeting” so what I would do is, I would actually give it a shot and basically test different creative with that same targeting because you know that targeting is working then you may just have to actually re-tweet the word, change the image to actually capture the remaining market share of the people that may actually buy but the ad itself didn’t really picked their interest, so you have to create a new ad. Now when you say “When we are scaling an ad if the audience is saturated what we should do?” If you’re scaling an ad that it is starting to get saturation then you want to get a new creative. That’s the way to go, you have to refresh creative. I know people that refresh creative so quickly because they have a small audience size and they keep exhausting really quick they just keep changing ad creative to actually restart those sales data.

“Do we try different targeting with new ad sets?” So YES you always have to try new targeting with new ad sets. Now, talking about the conversion algorithm, the algorithm goes basically with ad sets that’s what it does. So if you create a new ad sets with a new ad or a new targeting it doesn’t affect the existing ones that are running within the same time frame. It doesn’t. Last but not the least; I do not suggest you to actually run interest expansion. That little check mark is proven that it does not help. It actually increases cost-per-click; it increases the cost-per-sale so you do not want to actually expand with interest expansion. You simply want to basically create a new ad sets with new targeting and best of all most importantly is as quickly as you can run look-alikes. That’s what you have to do for scaling. I hope that helped you out.

The last question of the day is by Gibran Saliba.

Hey Fred
How can I market a robot that I want to sell to logistics firms. I have not even built a prototype but I need to run a crowdfunding campaign and I will need to collect funds from the firms in that campaign
Thanks
Gibran

Facebook and Google are not going to be where you want to actually be in if you want basically logistics firms to either invest in your idea or if you want to crowd source or crowd fund your idea. When it comes to crowd funding, I have to say the best places are kickstarter.com and indiegogo.com. However, here’s an important tip that I absolutely have to give you; before you even list your product in these crowd funding sites I would ask you to get a patent on your idea or product first because by the time if you don’t have a patent and you actually put it on a crowd funding website as much I hate to say it your product will get ripped off in less than a week. There will be manufacturers that are ready to copy whatever you have and start selling in market right away so you are going to lose a big market share. I know that it is a brutal truth to tell you this but that’s the reality. You want to make sure that you have a patent pending on a product, an idea or a concept before you even put it into these crowd funding websites because if it takes off I can tell you a manufacturer can ripped that off in a matter of weeks. You do not want that to happen.

Now, talking about logistic firms if you really want to go after people who are in the logistic firms whom may invest in your robot that you’re trying to create the best place that I would tell you is going to be Linkedin by far. If you have a B2B business Linkedin is the best place for you to advertise. However, Linkedin is a lot more expensive than any other platform because you’re reading professions. It will cost you at least a minimum of $2 cost per click just to get started on Linkedin. The way Linkedin structure their advertising platform is pretty similar to Facebook. Even Linkedin has like newsfeed right now. You want to basically utilize that for your particular robot that you want to create. Again, it’s very important that you get a prototype done. And if you’re trying to find a way to get your prototype done for as low cost as possible and as effective as possible, I would suggest you to actually check upwork.com. There are a lot of freelancers on there that can actually create a prototype for you and if you actually worked through upwork.com the person who’s actually working for you has to sign an agreement so that you own the rights to everything so you basically protect your butt. You don’t want your staff to leak out or show anything to the public.

I hope that helped you out. It’s great that I love people with concepts and ideas but I’m just telling you in advance these are the things that you need to basically be aware of before you even move forward with it. But again, going after logistic firms I say it’s going to be Linkedin ads. That is the easiest, fastest and the most targeted place for you to actually start getting people in the logistics firms to be interested in your robot. Good luck to you buddy! I’m so excited to see what that robot is going to be.

That’s it for our first session of our daily huddle. Like I said today we have three parts to what is happening today. Now, we’re going to move on to out kick start 500 grant. Put in the word 500 into the comment box and into the chat on Facebook if you guys are excited about it. While I’m waiting for the 500 to roll in let me tell you one thing, for those of you who never of our Kick Start 500 grant, it is simply an application form that you need to complete or fill out in my my website which is www.fredlam.com/500 and you can be eligible on getting $500 investment from me directly to you and your business. I’m not asking for anything back. It is basically given to you so that you can kick start your business right away. I do have to tell you, you have to spend some time on the application. I’m not going to take one word answer on these applications. I really want to help those who are serious and want to move forward, takes action and just don’t have that $500 to actually move forward with your idea, concept or business they want to create. I’m going to invest that to you; I’m not getting anything back. And if in 30 days once you actually got the $500 funds and you actually took action based on what I tell you to do, I can jump on a free one hour consultation call with you so I can help you, see where you at and get my heads together with you to help you build and grow your business. The URL again is www.fredlam.com/500 so if you guys want to see if you can get qualified for that $500 grant.

With that being said, it is our time now to announce who our kick start 500 winner is. Today is Monday December 4 and our winner for our kick start 500 grant this week is going to be Gaetan Hamel. Congratulations for wining our kick start $500 grant this week! Let me share his story. He said, My name is Gaetan Hamel.I am 26 year-old French guy living in Paris. My life has been pretty normal so far. Engineering school first job 9 to 5 but it’s not how I see myself. I want to be independent. I want to learn every day. I want to travel. When I first heard about eCommerce drop shipping I was in deep search face being watching 10 episodes on YouTube about life change. I then watched a couple tutorial videos about Shopify then I joined the Facebook group and now I am here. I am changing my life habits because I want my life to change. I wake up early fueled by morning energy to train before going to my work. I come back home and I work even more. I haven’t made any sale yet but I’m improving and I am determined to succeed and I enjoy the whole process so let’s continue. Moving on, what do you want to achieve? I have a little sister named Lucy, she is 23. When she heard I launched a store online she said she will start a business together. So it’s starting to become a family business so this is very, very interesting. Here’s the part, he said that if I won the $500, I would give the $500 to her so that she could at least afford a new computer. Her teacher is lending one her right now and paying for her ads. I haven’t spoken to her about this but if you need her Paypal address instead of my address forget about the surprise effect.

Gaetan is already building his own ecommerce site and really driven to succeed. That really inspired me. You want to actually get that $500 for your sister to show your support. I hope that your sister is not watching this. I ruined the surprise my apologies. But congratulations! Everyone put the word congratulations to Gaetan. Again, I’m going to do this every week so if you didn’t get one today, it’s fine. Your turn is going to come very, very soon. Congratulations once again Gaetan! You will get an email from my team and then we can go from there. I hope that you will surprise your little sister Lucy.

So moving on, now that we got our daily huddle covered, we got our kick start 500 covered let’s move on to the ultimate news of today. I didn’t hype things up, last week I hyped it up and also I hyped it up a little bit through emails today. If you guys are in my email list I actually hyped it a little bit up about what is happening. If you guys are already hyped up about my massive announcement I’m going to make in just a couple minutes put in the word WOW into the comment box or into the chat box on YouTube right now because I am going to reveal what I have holding my tongue for the last couple of days. I’m actually super excited about this. I never told anyone about it and I would tell you for a fact. I’m getting a lot of WOWs coming in right now. First, let me ask you a question. How many of you will love to spend a day with me personally? Put in a ME into the question box and into the comment box on YouTube if you will love to spend a full day with me personally. We can talk about building your business, growing your business. We can talk about life problems or life rants. We can spend some time over wine and dining. Who would love that? Put in a ME into the comment box first and put in a ME into the love chat right now. I would have to tell you. I get completely flooded with LinkedIn message, Facebook message and emails from people who want to actually meet me in person, people who wants my mentorship. People want one on one consultation with me.

Put in an 8 into the comment box and in YouTube if you also love a full day of consultation with me and if you believe that that one day can transform your life. I’m getting a lot of Me’s and 8’s coming in. Here’s the deal and I have to be honest, we have hundreds of you here right now and this is only going to be available for one single lucky person. How would you like to win a trip to Vancouver where I pay for a one day trip for you and I will cover your itinerary and hotel and we’ll spend a full day together? We can talk about anything you want. If you want to basically have me and abuse me for a full day for your business, we can do that too. Put in the word WOW into the comment box if you are floored right now. Like I’m going to pay for your flight and your hotel and you spend a day with me, a whole 8 hours, you and I. We can basically spend an entire day together. We can talk about business. You can take advantage of my brain. I can dissect your business. We can work on a business plan together and I can share with you basically what you should be doing in your business and maybe in your life too, if you guys will love that. If you guys are excited about that give me some thumbs up and like symbol in Facebook and YouTube right now.

This is what’s going to happen right now, for those of you who have already signed up for the rich dad summit, you don’t have to do anything. For those of you who haven’t signed up for the rich dad summit you can actually find the link above this video or below this video. What happens is that if you pay that $1 to be at that two-day event which is 16 hours of training from rich dad and his entire network of industry titans. What’s going to happen is that if you actually sign up for rich dad summit with the link above this video on Facebook and below on YouTube you will automatically be qualified into an entry. I’m actually going to do the draw during our daily huddle. That’s what’s going to happen; I’m going to do it in front of you guys so I’m not making it up. I can basically find out who bought from my link. I’m going to pull it out and put it into a box and I’m going to do a raffle. I’m just going to do a raffle in our daily huddle and I will actually pull out for the raffle the order ID that wins a one day trip to Vancouver where I’m paying for your flight, hotel and we spend a full day together. I can build your business. We can talk about your business. We talk about your idea. Basically, it’s a full day consultation and it’s just going to be a pure one on one, just you and I. In order for you to qualify for this raffle you need to actually sign up for rich dad summit. I’m only doing this because I want to basically tell you I spent a day with Mr. Robert Kiyosaki and it’s a life hanging experience. I want to pass down that to you guys at the same time too. That’s what it is.

If you have already signed up, you don’t have to do anything. This is a little bit of a big surprise for you guys for those of you who have already signed up. I know that a lot of you have already signed up so you don’t have to worry but for those of you who haven’t signed up yet for the rich dad summit you want to sign up right now. It’s only $1 to secure your ticket. Basically it’s going to happen next Monday. I’m going to have all the order ID’s right into a box and I’ll do a raffle right in front of you guys to make sure you know that I don’t do anything in advance. Put in the word WOW again if you guys are blown away on what’s happening right now. You guys are paying this $1, I get nothing for this $1. It’s just $1 for making sure that you guys secure your seats for the rich dad summit and that’s really it. And I’m really paying everything out of my pocket to inspire you guys to take action. I would love to meet one of you guys and spend a day together. You can actually do whatever you want together and maybe you may just want to spend some time, have some fun and not work, it doesn’t matter I’m fine with that but it’s going to be a full day.

So that’s what my massive news is. How many of you guys love that? A lot of people are putting WOW. Put in the word shock into the comment box and into the live chat if you guys are shocked that I’m actually doing something crazy like this. Obviously this is definitely something crazy but hey I’m down for it especially inspiring you guys to actually take action and learn. Again, I’m just doing this to inspire you guys.That is the major announcement. For those of you who are watching this replay, by midnight Pacific Time Friday the raffle ends so no more entries to the raffle and only one per person because you only need one seat for $1 and then on midnight I’m going to pull all the receipts and put it right into the box. And then on Monday next week, I will do the raffle and we’ll see who wins this present, basically a day trip here in Vancouver, me covering your itinerary and hotel so that we can spend a day together. We just simply work and have some fun.

That’s really it for today. If you guys are excited about this make sure you actually like me on Facebook, subscribe to my YouTube Channel and make sure you actually share this video to your friends and family. Other than that listen guys keep hustling, keep working at it. I know that we are officially into the holiday season so you guys are starting to slack off just like me but if you are an entrepreneur and you’re trying to build your business, very important keep hustling, keep building your business and keep gaining your knowledge because that’s how you really succeed. I look forward on seeing you guys tomorrow in our daily huddle. Every day I will answer five questions in great detail to help you guys get unstuck. Other than that I will see you guys very, very soon.