What is up everybody? Fred Lam here and welcome to our daily huddle episode number 44.
Like always, we actually got Michael Jamison here. Now Michael, let me actually first share with you yesterday when I actually called you out and you weren’t here with us, I was a little bit upset. You have been in my daily huddle every single time but yesterday, I think it was pretty late for you and you I know you live in New York. So, you might be asleep during that time.
With that Michael actually brought up a question and the reason why I wanted to actually call you out first it’s because you inspired me to actually talk about today’s topic which is….
[0:01:09] Question 1: With the upcoming Net Neutrality Repeal Process, is this going to dramatically reflect the e-commerce businesses and possibly shut down alot of the
Hi Fred. With the upcoming Net Neutrality Repeal Process, is this going to dramatically reflect the e-commerce businesses and possibly shut down alot of them?
I think that’s a very legitimate question that you actually get brought up and as a matter of fact, here’s the thing I’m not into politics, I’m not really into current news and all those other stuff, but I’ve been hearing along the grapevines on what is happening. So obviously last year, right before we entered in 2018, I believe it is to Congress or something – I don’t know all the different politics inside United States but there was a repeal about net neutrality and the repeal process is actually in place right now.
From what I know is that ISP so Internet Service Providers get to actually charge differently based on the services or based on IPs and based on what internet connection browser you are actually going into. Obviously, that raises a lot of questions.
Does that mean that the ISP providers are going to actually control what website is going to be showing to the users and how fast that website is going to be loaded? With that being said, you have to ask, is this going to dramatically reflect the e-commerce businesses and possibly shut down a lot of them?
Here’s my take again. I am just making a prediction here and I am simply just coming in based on my experiences looking at this in a business perspective because obviously at the end of the day, even when it comes to politics, you can actually look at things from a business perspective. So, with that being said, here’s my take on this, I believe that when this whole process is completed with the repeal of the net neutrality, I do not think it will affect small businesses or will it affect e-commerce.
Here’s the reason why – basically right now if the ISP gets to actually choose or bill or basically charge companies on X amount of dollars to actually have their site go faster or to have their service load faster that is more gearing towards larger corporations, not really small businesses or medium-sized businesses. So providers like Netflix, Amazon, places like, Hulu or places like Shopify. These are all large companies that they actually have to see if they have to pay ISP extra for their sites, they actually load faster.
Again, I don’t know what’s going to happen. But here’s the thing that I can actually be pretty certain about is that Shopify is a massive company. And any person that I actually has a store or Shopify, the truth is you’re on Shopify server. You’re not on your own web server, you’re not on your own home office server at the same time or a random provider out from middle of nowhere in United States.
Your website is actually hosted by Shopify and Shopify needs to make sure that they protect all their users. So, I think at that point, obviously Shopify will protect you from that. If really ISP need to charge companies a lot more for their site to load faster, then I think that is more having the ball on the courts of Shopify. Now from a consumer’s standpoint, though a lot of people freaked out.
They’re like well does that mean that I do not have freedom on the internet? Does it mean that X Y Z websites will actually take longer to load because the ISP actually decides who to load a website first and who to load faster, who to load slower? When that happens, I actually believe that it opens up competition for ISP, because now it’s not going to be monopolized by large companies like AT&T and all those other large ISP providers in United States. Because if AT&T decides that there are several plans to choose from, there’s going to be a little bit of plan, there’s going to be like $200 a month or whatsoever.
I’m making this up. I’m not sure I’m not from the United States, but I’m just coming in from a business perspective then guess what, there can be smaller companies that can find investors to create an ISP company to actually provide ISP services and be competitive in their pricing to consumers. So, I think it’s not going to be like that big of a deal. It’s not going to be that dramatic.
I don’t think that it will affect a lot of things because (a) big companies like Shopify will need to make sure they protect their e-commerce users and at the same time ISP providers, I think that there will be small companies that will come out and undercut all these large companies so it is going to be up to the consumer to decide who their ISP provider is going to be when it comes to the internet.
Again, I am purely making this up but I’m basically sharing with you based on my experience taking my business perspective in-place to talk about this subject. Is it going to happened, is it going to be true? I do not know, but time will actually unfold. But at the end of the day, listen at the when it comes to the entire world, small businesses is actually one of the key drivers to the economy.
Obviously with you running e-commerce store, you’re technically a small business owner. Given the fact that small business owners is one of the fuel and one of the key drivers to the economy, I do not think that the government will want to do anything that’s going to actually hurt the small businesses or else that means that it’s going to affect their economy at the same time. So, I personally believe it’s not that big a deal. I believe that it may be a good thing rather being a bad thing.
But again that’s just based on what I’m thinking, on my perspective. Am I always going to right? I do not know about that. So I hope that really helped you out Michael the answers are one of your question which actually got brought up to me.
So moving on to the second question, now before we actually move on to the second question, for those of you that are first time joining us every single episode that I actually come on live, there’s a lot of people said that it’s their first time. So what our daily huddle is about is that every day for Monday to Friday, I will be coming on live to answer five burning questions that’s going to be about your business, about buying traffic, about conversion, about a business idea that you want to propose to me that you want me I feedback on it.
Basically it is a time where I answer five questions in-depth, based on my knowledge on running several multi-million dollar businesses. That’s what I’m doing over here. So if you want to abuse me and if you want to actually get your question featured, make sure you go to www.fedlam.com/ask right now. Before I continue on to the second question, I made a decision last night that I’m going to be more active on Instagram and Twitter.
So if you have a question that you want me to answer through Twitter, because obviously there are territorial limits with Twitter and I think that’s going to be the best part for me to answer quick text and quick answer to any questions, you can simply go to Twitter and look up for Fred W. Lam. W really stands for my middle name starting with W. So look for Fred W. Lam on Twitter and you can actually tag me into your question and I actually get the mention. When I get the mention I’ll answer right away and if you want to actually get a sneak peek behind the scenes of Fred Lam.
So besides Fred Lam working his ass off, what else do Fred do? Well he travels or what kind of food he eats or whatsoever, you can actually follow me on Instagram. It is Fred Lam official on Instagram. Search it up, follow me and I will be actually posting obviously more lifestyle photos of me not just talking about business but more like my life, sharing that with you guys. Apparently it may be a little bit boring with my life, but I’ll try to entertain you guys on that.
[0:09:42] Question 2: Do you think it would be better to use the learn more call to action button which will actually do the same thing of leading them to the product page anyways? Or just include the price on the ad? Also how does one optimize with the four levels you recommend if they are no link clicks to generate cpa, ctr link, cpc lin and cp
With that, that’s really what I want to start out with. So let’s move on to the second question of the day. For our second question of the day is by Jordane Iwan. Jordane asked.
Hi Fred, so I notice on a lot of ads for other advertisers a great number of people comment asking for the price even though they have the link to click on and the call to action button as well…….
Apparently the people who comment asking the price believe clicking shop now or clicking the get yours now link will actually make the purchase for them regardless of what the price is……..
In this case do you think it would be better to use the learn more call to action button which will actually do the same thing of leading them to the product page anyways? Or just include the price on the ad?
Also how does one optimize with the four levels you recommend if they are no link clicks to generate cpa, ctr link, cpc lin and cpm?
So really great question that you brought up; the answer to your question is it depends on where you are at in your customer journey. So here’s what I mean, if you actually have not been in communication with your prospect or your customer so it’s the first time hearing about your product, hearing about your store, hearing about what you actually have to sell, you actually do not want to list the price because the truth is if the person is really interested in it they will click the call to action and click on shop now right now or get yours.
If the people that actually just comment and saying info please or price please, those are not going to be people that would actually buy because they’re not savvy enough to learn you can actually click on shop now and fill up a credit card form. If they actually don’t even know how to find a price by simply clicking on shop now, I don’t think they are your ideal customer. I’m going to be perfectly honest because you told them that there’s a link to click on and they didn’t even click on it. So are you going to expect them to actually being able to pull a credit card to actually go through your funnel? The answer is pretty much NO.
However let’s say that you actually have an ad running, no price on it, someone clicked on it, went to your website, didn’t complete the purchase and you’re running a remarketing ad to them. At that point, then you can actually have a price in your ad or maybe a discount in your ad saying what it was before what it is now because with that, they already have engaged with you and engaged with your landing page they saw the price but for some other reason, they just left. So at that point, when you know that they went to your product page and you want to actually get them to come back then at that point you can basically have the price on your ad and obviously when pricing your ad, your conversion will be a lot higher because you already pre-sold that person right before they even actually go to the credit card form.
Again, it really depends on where you are at in the customer journey and I hope that really helps you out. Now if you, going to your second question, you’re basically saying how do one optimize with the four levels if you recommend if there are no link clicks to generate all the data.
So first of all regardless if you have link click or not, the CPM will always be generated because if we strip down to the core, all advertising is basically based on every 1,000 views. It’s always going to be the core of running business regardless if you’re running website conversion ad, if you’re running cost per click, if you’re running PPC. It all drills down into the CPM. So even if you’re not getting a click, you will still get CPM data.
Now if you are not even getting a click obviously, you’re not going to get your cost per click link, your cost per click data or your CTR. If you’re not getting that, then technically you’re getting a zero percent click the rate and that means that you should be stopping your ad. It’s pretty simple. That means that no one’s interested in your product, no one’s interested in your ad. You just want it to actually stop it and literally move on because you’re not even able to actually generate a click at all which that click is supposed to be getting it as low as possible and as high click rate as possible they actually translate into a sale all right.
[0:14:02] Question 3: When featuring an item on a Facebook ad, do you suggest that I put the price on the ad, or drive the traffic that sees the ad to my Shopify store for "More Details" which of course includes the price?
So moving on to the third questions by Lauren Kaplan, Lauren asked,
Hi Fred, Thank you for the great information and encouragement you provide…it has helped me more than you could ever imagine!
On to the question: When featuring an item on a Facebook ad, do you suggest that I put the price on the ad, or drive the traffic that sees the ad to my Shopify store for “More Details” which of course includes the price.
The reason I ask is that occasionally I want to feature an item that is rather expensive…I wonder if the price might scare people away (even those who can afford it) from clicking the link I provide to the item on my store.
Thanks Fred, I appreciate it!
So, Laureen’s question is actually very similar to Jorden I’m not sure why my assistant actually put this inside my daily huddle today. Again, Lauren the answer is the same thing that I actually gave to Jorden earlier. Obviously, it depends on what kind of high ticket item you sell, usually I do not put the price. Usually I do not put the price. Again, only in remarketing I do, but in all fairness when it comes to just cold traffic or even look-alike audiences, I do not put a price on their, regardless if it is a low ticket item or even a higher ticket item. If you’re basically setting a product that is like super unique, packed in it, wow-factor to it, you may be able to use the price as a hook too. So let’s say that if there is a competitor of iPhone that costs half the price of an iPhone then obviously, having a number saying that this $500 phones can do better, can do more than an iPhone X, then guess that ad may actually work because people may want to get an iPhone X and it’s too freaking expensive.
I still remember back in the days when you sign a contract with a mobile service provider, they gave you a free freaking phone. Nowadays you’re going to pay money and iPhone X nowadays cost like freaking $1200 which is ridiculous. But anyways I have one. I love it! But I’m an Apple fan but at the end of the day I figured it’s a ridiculous price. But given the fact that I would just say to you is like if you actually have something that can beat the iPhone, better functionality and all this other stuff and it’s like half the price then having a price point may help you.
So it really again depends on the customer journey and where you’re going at but I do have to tell you pricing do scare up people from an ad. It’s very rare to have a price on an ad unless if there’s a discount or unless if they are pretty far in your customer journey.
[0:17:11] Question 4: How many sales indicate that you have a successful product if you are doing shout-outs and if you are doing Facebook? Thanks!
So moving on to the fourth question of the day is by PJ Barnes, PJ Barnes asked,
How many sales indicate that you have a successful product if you are doing Shoutouts and if you are doing FB? Thanks
For shout-outs, it’s all about the ROI. So, if you actually bought an Influencer shout-outs for let’s say $200 and after 24 hours, you made a maybe revenue with $500 and you netted $300 minus the cost of the shout-out $200, you actually had $100 in your pocket. So as long as you are getting positive ROI after 24 hours of posting with that influencer, then it is pretty much classified as a successful one. Then you can actually go further, find more influencers that are surrounding the same audience, ask who you actually bought the shout out from and scale your campaign for there.
Now when it comes to Facebook ads, what I beam successfully is again either it is breaking even or generating positive ROI for three days in a row. If it’s generating positive ROI and it is actually giving you a break-even point for three days in a row, then you will know that it is an indicator, it is a successful campaign right away. But again, you’ve got to be profitable in three days in a row. Now you’ve got to be basically getting the same four level of optimization number that I gave to you throughout that three days and if it is and your audience eyes can be growing bigger, then you pretty much have a successful ad and a successful product for you to actually scale upwards. So that’s what the indicator should be.
[0:19:23] Question 5: I have a hybrid store and I have a fan page for each of the products I sell and each has a funnel in place to attract buyers and collect emails do you think this a good idea?
Moving on to the last question of the day is by Jorge De La Torre,
Fred, Thanks for doing what you do to help us. I have a hybrid store and I have a fan page for each of the products I sell and each has a funnel in place to attract buyers and collect emails do you think this a good idea? it’s been working so far but would this effect my pixels. I have pixelbay app by the way It works well Thanks.
So that’s a really good question. To make it more into our lingual, George basically has a flex store or a general store that sells a lot of different products and what he has done is that – let’s say he has a general store that goes after the dog niche the cat niche and kitchen and then what George did was that he created three different Facebook page in specific each niche to actually advertise. They’re all using the same Facebook ad accounts. Now if you are using Pixelbay and really creating a product conversion based of whatever product you’re selling, primarily for the dog collection and for the cat collection and for the kitchen collection, then you’re going to be fine. They’re not going to confuse the Facebook pixel; however, if you actually do not use Pixelbay or use a product conversion or create a product conversion tag for your specific product, for your collections and just funnel it all into the purchase conversion events, then you will confuse the Facebook pixel.
So what you do is – I mean am I against it? Do I recommend it? I actually do NOT because then how are you building your brand if you have three or four different Facebook page. Although they’re all in separate niches, running into your general store and then your general store has another name, it is very hard for a branding plate. But if you’re like saying, well Fred what my goal is to use the general store to test out the product and if I found out that my dog niche is doing really well and I can use my Facebook page for my dog lineage to actually spark a new store that is all about dogs, then that may be a good strategy to use.
But if you’re just trying to actually diversify all the Facebook pages and just funnel into one store, I don’t think that it’s a great strategy because they’re not going to have a long-term play. You’re always going to be chasing the market every day and you will be basically day-trading your time for your Facebook ad because you got to watch it like a hawk. Okay so again, that’s what it is.
So let’s see. I see a lot of people are already commenting right now on everyone talking to each other on Facebook and YouTube. I absolutely love it. So, anyways with that being said, that’s really it for our daily huddle for today obviously a lot shorter than any of it because we have two questions that is very similar that’s added in. Now if you want a quick answer on your questions and you can’t wait until you actually get on your question to be featured on a daily huddle, do a @Fredwlam tag on Twitter, follow me on Twitter and just mention me on Twitter and I’ll take a look at it and I’ll just give you like a 1-2 word answer. It actually gives me an opportunity because I can just type in like a sentence or an answer and that’s it. I absolutely love that.
And if you want basically check out what I do on a regular basis or what I do on my weekends, you can actually follow me on Instagram. I will be actually posting more lifestyle stuff inside my Instagram channel. Now last but not least, if you guys have not gotten the free course an 8-part video training series that my mentor Anik Singal and I have created for you guys on how to build a business using nothing but emails. There’s actually a link above this video on Facebook and right down below on YouTube, there’s a link it says free course and then it gives you an arrow and gives you a link.
Click on that link, put in your email address and you can actually get access into a 8-part video training series to actually learn how you can actually build a digital business using nothing but emails. There’s no credit card involved, nothing involved, it’s full content and it’s absolutely free, no strings attached, no nothing. Click that link and actually get signed up right now. Other than that, that’s really it for today. I’m just going to shout out to some people, Michael Jameson has said, “Please do not sell trademark products you will get into serious trouble.” Abehis, “Don’t go after Harry Potter. That’s going to really kill you.”
So I’m just looking at this right now Pleasant View Productions said, “We have been following you in Instagram and Twitter since your interview with Grant Cardone.” Excellente! What about Lisa said, “I’m going to message you Twitter before, but I’m going to be using my other business account athletes and training, remember Water Bell is aka Lisa.” Yes I always remember you Water Bell.
So let’s take a look. Since that I have so much time right now, it’s like way shorter than what I normally do. So I’ll answer some question. So I apologize that I’m reading and watching this side and not actually looking at you face to face. So let’s see I got what recent news and announcement from Facebook for business?
So yeah Mark Zuckerberg made an announcement yesterday and I think that they’re just basically killing organic reach for Facebook pages. It doesn’t really hurt because we all depend on basically sales from ads on Facebook. So if it doesn’t have any organic reach, I think it is fine but I just don’t know why Facebook or Mark decides to really penalize Facebook pages when I think it is very important for them to be actually featured. But I guess people choose friends over Facebook pages to actually see what it’s going on.
So that’s why at the end of the day, I’m telling you guys to follow me on Instagram because Instagram just sees everything so that’s really good. Body Wikipia said, “Walmart closes Sam’s Club to open the e-com division. I don’t think e-com is closing down or going anywhere and Shopify is the biggest.” Yeah, I would have to tell you -you guys are just in the start of the way for e-commerce. It is the perfect time and it’s like a goldmine for you guys right now because it is only the beginning for e-commerce and it would just continue to keep growing and growing and growing.
Let’s see Linda said that she never missed her daily huddle. Sweet! Angie said that I want to win the $500 kick start.
Grant, “Don’t worry. We will keep doing this.”
Freedom says, “Shout-out for Fred Lam.” Shout out back to you.
Neridi asked, “What is your Instagram name?” Simply search for Fred Lam Official. Obviously, when you search Fred Lam and you see this face, you’ll notice me and you’ll see it all in there.
So first daily huddle by Tim. That’s amazing!
Other than that, that’s really it for today. Obviously, I see a lot of comments still coming in right now . Again at the end of the day, if you want to basically ask me a question and have like a one or two-word answer, follow me on Twitter. You want to see my lifestyle photos, what I do, where I travel, simply follow me on Instagram. If you have a question, that you want me to answer in detail and in length then simply go to www.fedlam.com/ask. Submit your question there and I will get a featured in our daily huddle.
Besides that, I know that tomorrow and the next day it’s going to be weekend so we’re not going to do our daily huddle, but it doesn’t mean that you stop working on your business. Weekend’s are the best time to be productive because you don’t have to go to work and just allocate some time to work on your business, gain your knowledge, go watch some of my videos or do whatever and keep gaining your knowledge because you are literally investing in yourself and investing in your time.
Other than that, I look forward to seeing you guys next Monday. If you want to actually keep following me see what I’m doing over the weekend, make sure you follow me on Instagram. That’s it for today guys. I’ll see you next week. Bye now.