What is up everybody? Fred Lam here and welcome to our daily huddle episode number 46.
We are officially live with our daily huddle and I do first want to apologize that I was not able to come on live yesterday for our daily huddle. I missed an episode and I obviously apologize. I feel really bad about it only because I was actually at a very intensive workshop, where I go every other month to learn and be in a scenario where I learn from simply other people that have been doing really well in their business or people that are struggling and have presenters to help me on where I am at and help me grow.
So what I want to basically share with you guys is regardless of where you are at in life, you obviously have to make sure that you continue to educate yourself, you continue to grow, you continue to learn because in our environment nowadays, everything change at such a rapid pace, especially the fact that we have in a vast technology nowadays in our business, in our everyday life and if we want to continue to succeed and if you want to keep leveling up and gaming up your game, you obviously need to continue to learn.
So a lot of people would go like, “Well Fred, do you take any training? Do you do any of these stuff yourself?” Absolutely! But it’s just that the things that I go do and the things that I learn is very different from where you guys are at. I really hope and I mean this from the bottom of my heart, and I really hope that one day you guys will surpass my knowledge and find another mentor that will actually continue to help you guys grow. Again, I’m doing everything that I can to give you guys as much knowledge as possible, giving you guys as much knowledge as possible. But, let’s be honest right, I’m still a human being, I’m still learning every single day and some of you guys may be learning a lot faster than other people and I may cap out on what you’re learning from me and I would encourage you to continue to find different mentors in your life, to continue to help you really crush it online or to basically learn how to really become an entrepreneur, how to work smarter, how to be more effective, how to be more efficient etcetera.
Again, I do apologize sincerely that yesterday I wasn’t able to host my daily huddle and if this affects you, tell me and write in the comment box either on Instagram, if you’re on Instagram, tell me on Instagram, if you’re on YouTube or Facebook, tell me of that affect and it is absolutely fine and I am accountable for that and I apologize for not being here with you guys when I felt like completely tortured at the workshop.
So with that being said, here’s the deal, yesterday during the workshop I learned something super valuable now it’s really basic. It is at the end of the day, I would have to say I know about this long, long, long, long time to ago. Ever since I started my career, but because of how we move or how we hustle and how the pace that we’re at, how fast it is, we always neglect the basics. The basics always is the foundation to your business and if you sometimes go back to basics, it will help you move to a next level or scale up your business.
This particular topic that I wanted to talk about, it’s really aligned with any businesses that you are running, it doesn’t matter if it’s e-commerce, digital publishing, a local business, it just doesn’t matter because it all drills down to the basic. What I wanted to discuss with you guys today before we head to the daily huddle and someone gave me an angry face again. You know what if you give me an angry face get the F out of here. I don’t want you here. I don’t need you here and if you don’t think I’m giving you value, please just stop. I don’t know, hit spam or whatever. I don’t want to see you here and that’s not what I want because I don’t want to have anyone getting negative energy in here and I’ll find out who you are and I’m going to call people out. Never mind the angry face left.
So I’m just being upfront honest. Here’s one of the most important stuff about selling basics which is “why.” And why I wanted to bring this up is very important because you need to understand one thing. You need to know why a customer buys from you. You want to know why the customer will give you their email address; you want to know why that person is listening to you and because right now when we advertise, we go after the targeting, we go after the product etcetera.
But if we take a step back, it is all based on psychology because we, as a human being, make decisions based on emotion. We are a very emotional animal. We bake decision based on emotions before logic actually come in place. That’s why sometimes when a person is super angry, they would use words that freaking sucks, that hurts someone because they are in a state of anger. Same thing when you’re happy, you use a different tonality, you use a different language. Because of that, you need to really identify why. Why are people buying from you? Why are people buying from your store? Why are people actually needing this or wanting this?
If you’re able to drill down the why, I would tell you, it is going to make your life so much easier. I keep telling you guys, you need to be in your niche when you are selling anything online. If you’re selling, fishing or hunting supplies, you need to be a fisher a hunter because you will know on the other side of the screen on why that person click on your ad and why that person is pulling out their credit card. Because you’re able to identify the why, it will be so much easier for you to sell that person and make profit from it and eventually make more money from them.
Let me give you a simple example – a super simple example. Why do people buy a MacBook? What is the why? Why would people buy from Apple? They are absolutely so ridiculously priced but yet people still go and buy an Apple. Only because of the why? Apple basically sets to themselves that we provide the latest innovation and there is no worries of getting your computer having virus or hacks. They are able to talk about the why. You are going to buy an Apple because you are convinced on buying it and buying from their why.
Another example is really great Toyota. Toyota have the best resell value when it comes to automotive. Why do people buying from it? Because of the quality – people buy a Toyota because of the quality. The price that they pay, they know that the resell value is going to be high because of the quality.
Why would people actually go to McDonald’s? Because for a six-year-old kid, every single time they go to McDonald’s, the experience is the same, the food tastes the same, the food looks the same. And if you are able to actually identify your why’s and you’re why cannot be – well, I want to create an ecommerce store so I can start making a lot of money. That is not the why because ultimately, customers don’t give a crap about you. They give a crap about themselves. What’s in it for me? I keep telling you guys that. That ultimately, when you are selling any form of products, when you are doing anything online, when it is talking about a business, you got to identify what’s in it for that person. Now, we enhance it by basically saying why is that person buying from you?
I hope that really helps you guys out and really open your eyes. I know that some of you guys it may not like click right away, but ultimately at the end of the day, what I want to share of you guys is that you need to look at your business differently from time to time because when we are so stuck in our business, we and we working in our business, there are a lot of things that you overlooked. There are a lot of basics that needs to be addressed that will give you a breakthrough in your business.
So, the next time when you are setting an ad, or next time when you are looking for a product to sell online or next time you’re trying to create a e-book that you want to give away to get a customer to give you their email address and sell them affiliate marketing, find out why – why is that person want to give you their money? Why is that person going to give you their email address? And if you’re able to identify the why, it will help you drastically – in your profit margin, in your business, in your sales and anything that you do. As a matter of fact, it will be so much easier for you to create the ad that can create a rapport and connect with the audience right away that it is going to be done with a blink of an eye because you know what the why is going to be.
So if you guys actually love this value, you guys got some amazing advice from me, put in a “me” in to the comment box below. Put it in a “me” if you guys just got an “aha moment” because I will be honest with you. I know that it sounds basic, but when I was in a room with a bunch of millionaires and learning and I was like holy crap that really struck me, like gold – that really struck me like gold. Obviously, over the course of all our daily huddles, I’m not just going to talk about like advertising business models because ultimately, there’s a lot of variables involved like the mindset, thinking about your business, the psychology, the structure, teambuilding, there is a lot in place if you want to eventually go from like zero to six figures and into the multi-million dollar number.
I’m going to share all those knowledge with you and I spend a lot of money to go to these workshops and at the end of the day. I’m just sharing these back to you guys so you guys can actually benefit from all of the training that I get myself that I pay a lot of money a year. I easily pay six-figure a year traveling around the world, meeting mentors, going to workshops and obviously by being in our daily huddle, you get to learn all these for free.
I’m getting a lot of “me’s” coming in. People saying that you guys got amazing value. Awesome! King James said “Where’s the new gong?” I still have not ordered my gong yet. I hope to get it very soon. Moving on and I hope that you guys start thinking about it, thinking about the “why’s”. I will tell you, it’s going to help you drastically in your business. Listen, if you guys are Instagram right now, I’m looking at you guys right now. I’m actually broadcasting on my phone, give me a ‘like’. Make sure you share this. I want to build up my Instagram following and I’m just going to be upfront and honest. I want to get into the hundred thousand by this year. So I got to need your help.
The guy started watching right now please share it. If you’re on Facebook share this. If you’re right YouTube, share this. Do whatever you guys can to help me grow and help me inspire more individuals to become entrepreneur. Because and I proved it in my business my goal is to empower entrepreneurship. The more people that I can help, the more that I can see that I’m making a difference and the more excited I get, every day I get messages people coming in, thanking me for all these stuff and obviously, know that it really helps a lot of people too.
I’m just using my tablet to look for our five questions for today. Now for those of you who are joining us for the first time, while I’m loading, if you guys want your question to be featured on our daily huddle, make sure you go to www.fredlam.com and then you’ll see a section about our daily huddle where you can submit your question to me and I will get it featured in our daily huddle.
[0:14:12] Question 1: Want to incorporate a simple survey of 2-3 questions to customers soon after sale. Survey has radio button & free text style. What’s your recommended approach?
So the first question of today is by Stephanie Wong – Stephanie said,
Thanks for the Daily Huddle – Never miss a session!
1. Want to incorporate a simple survey of 2-3 questions to customers soon after sale. Survey has radio button & free text style.
What’s your recommended approach?
– Have it in the retargeting/thank you email? Or something else?
– Can you recommend any free apps for this? Or use Google form?
Special Request: To help us students expanding our knowledge & diversify in pay advertising, could you please give us more training on Google Shopping – start with the most basic?
All right, so I’ll answer your question first before I talk about your request. So the answer to your question is that is an absolutely brilliant and smart way to do so. However, here’s the only holdback that I have, the customer have not received your product yet. You would be getting more real data after like 2-3 weeks to set up that survey. I won’t suggest they actually have it in the thank you email right away unless if you’re trying to instantly find out why did that person buy from you, that’s a different story. But if you want to look at the big picture, what I would encourage you to do and what I actually do is 3 weeks later, I have an email and I co-relate and I asked for testimonials 2-3 three weeks later I asked for people for a review. But in your case, if you want to use a survey to identify and to simply find out why people buy from you and you want to get more understanding of your customers, I would do it 3 weeks out and the best method that I would do is just set it into your autoresponder and I would just simply use a Google Form.
Google Form is absolutely free that’s what I use for my daily huddle. That’s what I use for my kickstart $500 grant. I use Google Form, it’s absolutely free. They can consolidate all the answers in a visual format so you can see what it’s going on. To your other question about more training about paid advertising; I am doing something right now, it got delayed only because I am building something so hopefully in February, you’re going to see a ton of free training from me.
In a way where people pay thousands of dollars for these trainings online, I’m going just give it away. I’m going to get a lot of calls from people that are going to complain about it, but that’s what my decision is. It’s because this year my goal, is to empower entrepreneurship and I’m going to do it based on the knowledge that I have it and I’m just going to give back.
[0:17:05] Question 2: I am currently living in Paris, but will be doing drop shipping on shopify to mostly USA market. My question is whether I should take into account their state taxes into my product price?
Moving on to the next question of the day is by Yana Paltseva – Yana asked,
Hello Fred, thanks for your tutorials on digital marketing, they are very helpful! I am currently living in Paris, but will be doing drop shipping on shopify to mostly USA market. My question is whether I should take into account their state taxes into my product price? Thanks for a reply!
So, Yana, because you are selling internationally and you do not have a residency in US, you do not have to charge a sales tax. You do not have to do it. Now, I am sharing a case study with you. You’re not restricted just to sell it to the United States. I have a guy, a student of mine, that generates $7,000 a day selling just within France. He is from Paris. He just sells in France. Crushing like nothing I’ve seen before. So, again if you start with US, if you start with France, but ultimately if you actually have residencies in France and you’re trying to sell into the US, so you don’t need you ask for a sales tax.
[0:18:21] Question 3: You say that the price of the product should be 3x the price of the supplier but the supplier is always making offers and discounts. If the supplier’s initial price is 20usd, but the real price is 15usd, what price should I offer in my website? 60usd or 45usd? Or I should set 2x of the initial price (20usd), then it would be 40usd my price, when the supplier’s price is 15usd.
The third question is by Javier Pineda – Javier said,
You say that the price of the product should be 3x the price of the supplier but the supplier is always making offers and discounts. If the supplier’s initial price is 20usd, but the real price is 15usd, what price should I offer in my website? 60usd or 45usd? Or I should set 2x of the initial price (20usd), then it would be 40usd my price, when the supplier’s price is 15usd. Also, How can you update the price, if the supplier is changing all the time the prices? (app oberlo?)
I know that there are 2 questions but please answer both.
Okay. So, Javier, here’s the answer to your question. I would always take the highest number first and the only reason why I would do it is because I don’t want to jeopardize my business. I want to make sure that I am always in profit if I am selling that product; however, I do agree with you sometimes on Aliexpress, vendors purposely put it on sale price.
Now what you need to do is very important, you have to contact the vendor and ask them if the discount is basically there forever and that they can keep honoring that discount. If they can then obviously, you can use the $15 instead of $20 but a time, obviously Aliexpress people they do flash sales, so you don’t want to think the flash sale number to affect it because what happens what if the flash sale is gone, then that means that you are working for less margin and it’s going to be tough for you when it comes to advertising.
Now, when it comes to price changing, at the end of the day, I don’t see anything that has been done but we already implementing inside our technology, Zero Up, we are looking into having those notification of price as well. I hope that helps you out.
[0:20:15] Question 4: Our store has multiple products. How do I determine what would be most appealing to advertise, how do I sharpen the audience focus, and how do I create ads that really appeal to that target audience?
Moving on to the fourth question of today is Don McCrea
Our store has multiple products. How do I determine what would be most appealing to advertise, how do I sharpen the audience focus, and how do I create ads that really appeal to that target audience?
So Don, at the end of the day, when you actually have to do your own testing, I do not have the magic wand or to magic hats or the crystal ball to tell you which products are going to sell well and which products not are not going to sell. If that’s the case, I’ll be a billionaire right now to be very frank with you. And the importance for yourself is to basically test your product and find the targeting that works. Now when it comes to sharpening your audience focus, again like I said earlier, you’ve got to be within your niche. You got identified the why. Why are people buying from you? Why are people wanting your products, because if you are able to identify that, the audience will surface pretty much instantly and very easily. Now if you’re like, you know what, I’m not really into that market, I need help with targeting, what should you do?
There are three things that I do : number one, I use the audience insights and inside the audience insights, I actually put in three different interests, the first interest I’ll put in a public figure that is very well known in the industry like Fitness Julia Michael, Personal Development, Bob Proctor. The other thing I look at is a brand name a very big, big brand name, so let’s say if you’re going after the baby niche, then go after babies [unclear 0:21:55], are us go after Carter’s.
So these are big brand names when it comes to baby. The third, I would actually look at is a keyword like just randomly search for like a particular product like baby moccasins and put it into the audience insight. With that information, it will get you more audience to information. So for example, it will tell you the demographic, it will tell you the age range, it will tell you their interest, what they’re buying online, what other pages do they like. Because with the audience insight, it will give you an indicator on who these people are.
Now that you’ve sharpened your audience, well guess what, the next thing that you wanted to do is to now write a message or write an ad that speaks directly to those people. Because with all those information, you’ll identify the why, why are people liking Baby R Us, because there are a lot of products, right? There are baby products and with those information, you want to identify why would people buy my product? And then your ad will actually just come up.
So I hope that helps you out. Again here’s the one more tip for you, how do you create an appealing ad for your target audience? I would have to say video, slideshow, something moving, will always attract those people. Something moving will attract those people, because in the newsfeed, when people are scrolling, people want to see something that it’s moving.
[0:23:36] Question 5: What is the biggest obstacle u go through in life? How you overcome it?
Moving on, let’s see the last question of the day is by Pei Tong.
Hi Fred, what is the biggest obstacle u go through in life? How you overcome it?
That’s a really great question. Let’s be honest with you. Every single human being will not have a perfect life. I mean at the end of the day, when you look at a YouTuber, when you look at an Instagram, Influencer, you may think that, “Wow that person have a perfect life.” But the reality is that every single person would always have a problem, regardless of how big it is. People only talk about their good stuff, they don’t talk about the bad stuff.
So what are the biggest obstacle I had in my life and I’ll be very, very, very ,very upfront. I have several and I’ll share one that really, really – I think is one of the biggest obstacle that I had in my life. And it took me quite some time to get myself out of it. So the one big obstacle that I really, really, really had back then was simply I would say starting back from grounds up. So when I first got into industry back in 2008 my ex business partner and I, we generated over $4.6 million in four months. That’s a lot of freaking money and if it’s 2008, I was literally just like 18 years old. I was 18 and in four months, we generated $4.6 million, but we lost everything because number one, we didn’t have foundation business, we didn’t really look into our cash flow.
We were spending money like crazy and we didn’t really understand what exactly what we were doing. I mean at such a young age, losing everything, right? You’re a working as a freaking dishwasher, then all of a sudden, you start to build a multi-million dollar business and in a blink of an eye, you lost it all. I think for a lot of people, they’ll be like holy crap they’re going to be in a very ,very bad state. So, I was in a very bad state. I was actually in depression. I went back into bussing tables. During that time, it was a very dark time. I was basically saying and I’m going to swear because it obviously emphasizes – I’ll say, “Why did it fail ? Why the fuck am I back at bussing table?” I keep starting to complain. I started to keep whining. I started to keep basically finding excuses or blaming something or blaming someone.
At the end of the day, one day it hit me – it hit me right away and I basically said, I gained all these knowledge running my first multi-million dollar business and if I kept on complaining and whining and blaming and being the victim and putting myself as the victim, it will just continue to attract negative energy to my body and attract a negative mindset and I will continue to keep being bussing tables. So, at that time, something just hit and I forgot what the culprit is and I can’t remember what it was. I took a step back and I remember that – I took a step back and I looked at the entire incident from a completely different angle – a completely different angle.
I looked at what did I learn from this and identified it well through the process, I’ve learned media buy. I learned how to drive traffic to any websites that I want. I learned how to master Google and there was no Facebook back then. There was absolutely no Facebook back then. I was able to master it and then with that and I start looking at what happened? Why did that business collapse? I really looked at it from the outside and I go like, okay I think and I realized that one of the key reason was I we did not have proper accounting in place. We did not have proper foundation in place. We did not have proper infrastructure in place. And because of that, I identified it that at that point you knew nothing about running a business. You were lucky to actually build got $4.6 million business and through that time, I was just able to acquire that skillset of simply how to run media buy, how to buy traffic online.
With that, I start to look so in order for me to learn about business, I’m obviously not going to go back to freaking school. That’s never going to happen. So what are my options? I kept thinking about it. I kept thinking, well how can I become a business? How can I build a business? How can I learn from these stuff? Then suddenly, it hit me. Guess what? I have a specific knowledge that not very many people have 10 years ago or 11 years ago almost. I went like why don’t I create an agency because if I create an agency, I will have the ability to go into another person’s business, look at how they run a business, while I run their traffic for them.
That’s exactly what happened. I had another ex-business partner, created an agency and we start going off from there. I kept having that intention, I keep having that intention of I’m lacking business knowledge. That’s what I’m lacking right now, I am walking business knowledge for me to actually grow to the next level. I am lacking that knowledge for me to break through and that is a big obstacle in me. Eventually, I think like someone on Instagram said Law of Attraction by My Vanity Jewelry. I think it may be law of attraction that came out. At the end, I got attracted to BMW. When I went to BMW, listen a young kid going into BMW for a proposal. Everyone will be like who that freak is this kid that is so short and look I have an Asian face. I have a baby face. I’m blessed with it, but in the business format it is tough having this face going into you like a superbly business form of place and all dressed up in suit and then you’re talking about a multi-billion dollar market.
With that, I went in with a proposal. I actually blew away the General Manager and from there, I blew away the General Manager, show him my capability and I gained the trust from him and he started to actually groom me. He became my mentor, taught me everything about running a business and how to look at accounting, how to look at sales, how to look at operation, how to look at foundation. And I learn a heck of a lot when I was at BMW.
So that was like one of the biggest obstacle that I have and how I really overcome it and actually I’m just sharing a story and I look back how I overcome it was basically taking a back seat and looking at the problem again. When you hit a problem or when you hit an obstacle, you are always putting yourself as the victim. You never take a step back to look at the entire incident again and look at what happened? How can I be better? Or answer the question, what does good look like for me? I identified it when I took a step back, I removed the negative energy, I removed being the victim to the incident. I basically looked at well, I guess I failed because I am lacking these stuff. I am lacking the business knowledge. I am lacking the operation side. I’m lacking accounting and finance.
Guess what, things just came. It just came and from there, I built an agency grounds up that’s super well then I was like, wow what the heck should I be building other people’s business? So I went back into online business, in creating my own business and start scaling it to now where I am at today. Now again, I’m sharing this story with you guys because I think I by giving you my story, you can reflect easier.
You would actually see by taking the backseat sometimes and eliminating yourself and telling yourself that you’re not the victim. You are just learning from this. You want to actually basically look at the obstacle, you can call it or the problems from another angle and that is where your breakthrough actually happened. That’s where you actually overcome your obstacle. That’s why in all my companies, one thing that I value a lot inside the company is creativity. Creativity is valued greatly inside my company because creativity is that you got to think outside the box, just like this thing.
When you hit a problem, take a step back. Think outside the box on how to overcome that obstacle and if you actually do that, it will help you so much, always. Just take a step back and relook at the incident. Don’t have to blame, whine and playing the victim mentality because that will always put you back into square one. Take a back seat and look at the picture again and I will guarantee you that you would find a solution to whatever problems that you run into.
I know that I rambled a lot more than I usually have. This is like my entrepreneur rant and I know that a lot of people like love my entrepreneur rants. So, write into the comment box below if this helped you, put in the word – or comment below or do something and tell me if that helped, then that really inspire you guys because again I’m sharing you guys based on my experience. I’m not making shizzle up and I got someone that gave me – this is my second time seeing and I can’t see it a trunk TV donated 200 yen to me. I don’t know how much that’s cost. That that’s really is, but at the end of the day I guess now I’m officially a YouTuber. Now, I’m getting donations! Awesome!
But again, we are all humans, regardless of how logical we are. We’re all based on emotion. So like I said again, at the end of the day it is all about the mindset. It is all about looking at things. So not only am I wanted to just share with you guys basically business knowledge, sharing you guys tactics, advertising advice, I also want to share of you guys at the end of the day, you are growing yourself internally in a personal level too. Because with these mindsets, it will carry a much, much greater impact towards your business, it would definitely do that.
Anyways, that is it for our daily huddle today. Pen Tong, I know that you asked one simple question and I went on to blab about it, but I seriously hope that my story lets you see how I actually overcome obstacles and how I look at things. Obviously, there are so much other things that I valued, that I look at and eventually, I’ll share more of these with you guys. Before I actually go, one thing very important – if you are on Facebook and you ultimately want to always see my daily huddle and get notification on it and always see my updates, my tips on Facebook, I’m going to create a quick video about it. I need you to go to my Facebook page. After you finish putting the like, you will have a check mark on the following, once you have the check mark on the following, you will have a toggle right beside it. Click on it and then you will see a button that say “see first”. Again Facebook made a huge algorithm change and I talked about it, I believe on Monday, and it’s affecting Facebook pages to actually put in posts. So if you want to actually see all my posts, make sure you adjust the setting to see first so you always see my post first on Facebook, see my live video.
If you’re on Instagram, if you are not on my Instagram I should say, guys go to my Instagram channel. It’s instagram.com/fredlamofficial and make sure you follow me on Instagram. I share different things on Instagram. So, what I’m going to be eventually doing is that YouTube, it’s going to be all about video training, Instagram it’s all about my personal life. Facebook it’s going to be a mixture of different things. If you want to get behind the scene of what I do, like yesterday I was at the workshop, I took a picture of it, tell you guys what I was learning and if you guys want those stuff and want to see behind the camera or behind the scenes of what I do, make sure you follow me on Instagram.
Most importantly, if you want to be the first to know if I have video training that’s going to come out, make sure you subscribe to my YouTube channel. After you subscribe to my YouTube channel, make sure you click on that notification bell so that you get a notification instantly when I have a video that comes out or I come on live.
Other than that, that is really it for today’s daily huddle and I hope that I make up the time for yesterday for not being here. I do apologize about it but again we are going to be back tomorrow and tomorrow it’s going to be Thursday though. I will be on pretty late. I will be on at around 9PM Pacific, midnight Eastern, only because that is my no-touch-time where I spend my members. So, I got to prioritize them first. Other than that, I look forward on seeing you guys tomorrow at around 9PM. I’ll see you guys soon. Bye.