What is up everybody? Fred Lam here and welcome to our daily huddle episode number 47.
All right, so welcome back to our daily huddle and today I want to share with you a very specific topic which is about videos.
So now we are actually in 2018 and last year, right before we actually ended 2018, I made a prediction and the prediction is that video is going to be the absolute key to your business regardless of what business you are running; regardless of this ecommerce business, digital publishing business, local business, it just doesn’t matter. It’s just that you got to really start focusing on videos. That’s very, very, very important when it comes to actually generating profits for your business and I’ll walk you through exactly each model on why you actually need the video and I will walk you through it from an advertising standpoint on how important it is.
Now, for those of you that are actually on Instagram right now, I’m going to split – you may be wondering why the heck is Fred making his head move. It’s that each time I move on Instagram my sunglasses change and I’m just having fun with it. I just love Instagram right now. They have a lot of unique things that it’s really out of the norm.
So, I absolutely love it. If you guys have not followed me on Instagram to actually see behind the scenes of my life, what I do and everything, make sure you actually follow me on Instagram right now. With that, let me actually dive right in more importantly about videos. Before I actually do that, put in the “me” into the comment box right now if you guys are excited about this episode today in our daily huddle when I talk about video, because as we all know, there’s video everywhere.
Video is actually a very important aspect of your business nowadays. Now I know that again at the end of the day right now – today it’s very, very late. It is 9:00 PM in my timezone and then obviously if you’re an Eastern Time, it’s obviously midnight right now and on Thursdays, I do come on pretty late only because I have a private webinar just for my members and just for my students so I apologize that I actually come on late.
So anyways, I’m getting people giving me “me” right now. I got Jimmy Kim, the CEO of Sendlane actually joining us right now. I see Jimmy giving me all the thumbsup. Now, listen guys since Jimmy is here, I got to make sure I actually speak highly about Sendlane which is actually very important. If you actually run any form of business, you absolutely need an auto-responder service company because email is obviously the number one asset inside any business right now. I put my name behind Sendlane not only because I am a good friend of Jimmy, it’s because all my businesses, I useSendlane and that’s why I recommend it.
I don’t recommend you guys things and I do not use. I only recommend you guys things that I absolutely use and I’m not giving you affiliate link, but if you go to http://sendlane.com, you actually get a 14-day free trial. So Jimmy, I just actually give you a 30-second ad and I’m going to send you an invoice very, very soon.
Anyways, so moving on back into the topic of today which is all about simply videos, as I was telling you guys before the end of 2017, my prediction is that everything is going to be video and the reason why it needs to be video is because video actually give a different touch to the other side of the person, on the other side of the screen. Because image cannot really speak volume anymore; you want to use videos yeah get across the message that you want to talk about regardless if it’s a product, regardless if it is a service that you’re doing, regardless if it is even an e-book that you’re talking about.
The reason why you want to basically want video is because nowadays, thanks to social media. our attention span has actually decreased drastically and if you reflect back the last time that you were actually on Facebook or even on Instagram – YouTube is going to be different because you guys are all used to videos, but if you’re on Instagram or if you’re on Facebook and you start scrolling through the feed, what catches your eyes is something that is moving.
You obviously need to see something that is moving and when something is moving, you would actually pay attention at least two seconds to that feed. If that two-second attracted your attention, you would continue to actually watch it and see if there’s an offer that’s been presented or basically you are going to actually take an action, if the video actually drops a call to action for you. So, now again like I said, when it comes to e-commerce and I’m actually a share of you what you can do with videos in each form of business.
With e-commerce, there are things like doing a product demonstration. All right, a lot of people actually lack that right now. A lot of people just simply use an image and simply upload it. I mean it works, but if you want it to work even better, you obviously want to basically order the product and shoot a quick video. It doesn’t have to be you on camera; it’s simply shooting your hands on using the specific product that you wanted to sell and get the message across so that the person on the other side of the screen, when they see it they can actually visualize themselves using that product. As one of the most important thing is that visualization is very important. If you actually get a message across with video and let people visualize it, well guess what, it’s going to be so much easier for you to actually generate a sale.
Another one that is very, very common now it’s unboxing. You might be wondering why what the heck are you talking about Fred, what is unboxing. If you actually go to YouTube and search for unboxing an iPhone X or unboxing a particular product, you will see that people are now loving the fact about seeing other people unboxing a product. I don’t know why, but people just absolutely love it. There are millions of views of people just unboxing a product. Now, you can actually take that concept and apply it into your business especially for e-commerce because people can just get what they expect and what you are absolutely selling.
If you’re like you know what I can’t do videos. I suck at videos I don’t have a camera for videos and I simply just don’t like videos. All right, if that’s the case guess what, at least put a slide show in place. You want movements; you want something that is moving to actually attract that person to actually pay attention. Here’s the deal, if you actually look at your iMessage right now, Instagram or if you look at Slack or you look at Skype, if you look at Facebook, you will now see a lot of people are now using .gifs.
Something that it’s moving, when they can actually comment hell yeah or yes or whatever, they actually put it in a .gif that is moving, because again people are doing that in Facebook and iMessage and all those other people actually provide you that only because it grabs that person’s attention.
There is a reason why that those movement are there, is to actually attract those people to actually stay longer on the website or to actually pay attention and get the message across. Now when it comes to let’s say digital publishing, what can you do to actually do a video, well if you’re actually in digital publishing, well guess what, you’re going to be the face of the company, you want to be on camera, give content away and to basically let people know that “Hey you are going to be an authority figure; you are knowing what you’re talking about and actually get on.”
Just like me right now, for me doing all these video is actually helping my digital business so that’s why I’m doing all these videos and I obviously was camera shy before and now it’s just like I whatever, throw that away and get on, open the camera or like turn on a Facebook live and actually get on camera and start talking and start giving content. Because people will absolutely love it, just like you guys loving my daily huddle that I’m actually on every single day.
Put in a “one” in the comment box if you guys love my daily huddle every single day. You guys s actually anticipate to be on my daily huddle to get the latest knowledge or basically share with you guys some strategies or to basically give you some entrepreneur rants. That’s what we call it or a lot of people are calling it in my channel. So again digital publishing, be the face don’t have to worry about it, get comfortable, be on camera or give out content. Now, when it comes to a service, this is actually becoming more and more and more common. Now, not just service but local businesses, it’s actually becoming more and more common.
Especially in the auto dealership, if you are actually selling like a premium product or if you’re selling, if you’re maybe at Nordstrom, selling like the latest Louis Vuitton bag or whatever. Nowadays, you can actually see that a lot of people actually shoot videos about the products that they wanted to sell. They actually shoot a video on the service that they actually have to provide like before-and-after photos and all those other stuff.
It’s because video can get the message across much more clear and concise than simply just an image. You guys really need to start looking into figuring out how to actually get videos and how to actually master videos. As a matter of fact, I’m talking about more on the business front, but when it comes to advertising what I’ve noticed especially on Facebook ads, is that if you actually use video on Facebook, it will actually give you a different reach and you would actually have a lower CPM.
Now, why is that? I don’t know. I don’t know the real reason behind it, but every time I actually test between a video ad and also an image ad, my video ads always outperform an image ad. I don’t know why. I can never guess why, maybe Facebook favors video right now and that’s why there’s like Facebook live, there are Facebook stories, Instagram stories etcetera. So, you get a better reach.
Now here’s the other thing, one of the best traffic source right now that is completely overlooked when it comes to video is actually YouTube. I cannot tell you how important YouTube is. As a matter of fact, a lot of people are like well can YouTube actually get you leads or get you sales I’m getting leads on YouTube for a buck fifty. I’m actually going after and advertising basically however the Doritos or Fortune 100 companies are doing and the reason why, is that at the end of the day, YouTube is so undermined right now. There are so much inventory that the traffic is absolutely cheap compared to other traffic sources out there when it comes to advertising.
But again you got to get on camera. You’ve got to start doing videos in order for you to get on YouTube and Facebook is the best platform for you to actually get started, get comfortable. do some Instagram stories. So again, listen in 2018 you’re going to see more and people talking about videos. This is a fact. This is coming up. Some people aren’t still saying no video is not really here yet, but I can tell you, In 2018 you’re going to see more and more video ads. You will see more and more video content and video is going to be a dominant player to actually to showcase if you’re going to succeed or not for your business.
Again, not just for your online business, but for also your local business at the same time. So I really hope it helps you out and basically inspire you guys to actually start looking at videos. Seriously, videos all you got to do just get an iPhone, get a smartphone is just start recording and that’s it. Nothing fancy, nothing crazy at all.
So anyways, let’s actually head right into our five questions for today, for our daily huddle. So again, if you guys don’t get what is happening, you absolutely need to follow me on Instagram and you’ll know what is happening. So anyways going back into the daily huddle, so listen if this is the first time joining me every single weekday I get on and answer five burning questions and if you want your question to be featured, all you got to do is simply go to www.fredlam.com, you’ll find information on how you can actually submit your question to me and I will actually answer your question. Not giving you a single answer but giving you an in-depth answer.
Obviously it can be anything about your business, online ads, you’ve got an idea or simply anything that you want me to actually get my advice on. It’s just the perfect time for you and again if you want to actually have a question that you want to figure out if it is actually being asked before and not wait for our daily huddle, you actually get it answered you go to www.fredlam.com and you can actually search on the question that you have the keyword and will actually show you a transcript of my daily huddle.
So moving on to our five questions for today and I wanted to actually see who we have – we have a lot of people on YouTube and Facebook. Now again I’m not ignoring any of you YouTubers and my Facebook fans, it’s just that I’m just so focused on Instagram right now for some odd reason, it just clicked me and I just want to really work on Instagram. But I see a lot of people and I’ll give you guys a quick shout-out after I actually answer some questions
[0:15:41] Question 1: A $1,000 in sales in seven days! That is exciting and I bet you, when you start hearing that “ching” on your phone, it gets you all hyped up. So you obviously have a question, I'm advertising products that are basically $50. Cost of the product is $30. I'm spending close to $600 in ads. Not all for these products. Can you give me advice on how to proceed
The first question of today is by Ajay no last name – AJ asked,
In the last 2 weeks, I have made about $1000 dollars in sales. I advertising products that are basically $50. Cost of the product is $30. I am spending close to $600 in ads, not all for this product. Can you give me any advice on how to proceed? I am basically losing money at this point but I do like have a quality back end.
Excellent question AJ! First of all, you’re actually selling a product that is going to be $30. Let’s say that you actually made $1000 basically doing that. I’m just calculating how much money you lost. So you made $1000 and your cluster product, you charge $50. So you made 20 sale. At 20 sale, multiply it by $30 cost. That’s 600 bucks and you actually made – your cost of ads is $600 bucks. So for every $1,000, you’re spending you’re basically losing $2,000.
Let me tell you buddy that is a really great number when you are just starting out because it will give you so much room and area to improve in your business. For example, let me actually share this with you. Have you tested the product pricing? What I mean by that is right now you’re selling for $50, you saw the perceived value that this product should be worth $50, but the person on the other side of the screen, they may think that this product means worth $60 and if you actually have the same conversion as $60, that means that you are basically from losing money to instantly breaking even right out the gate.
So you want to price test. This is so important and a lot of people actually miss out on this and actually not look at it because you may think that I should be selling this product for $20 but at the end of the day, it could have sold for $30. It didn’t affect your conversion, you actually make more money; simple as that, and it’s that simple. You may be wondering holy crap it’s that simple? The answer is it’s that simple. Selling basics; that’s what you want to do. Another thing that you can actually come up with is introducing upsells or related items. When a person is about to actually check out you offer them an additional product that actually supplements whatever product you are selling. Like if you are selling a pen well guess what you can actually then sell the refill of a pen. You obviously make more profit from there, right?
The other thing that you can do is basically having emails in place so that you can actually make your profit or your back-end straight from that because again like I said you want to figure out the best way to generate more sales without needing to invest into more advertising because now, you are at that point right now. You’re basically right now just losing 20%, but once you actually got increased the price and your conversion is the same – bam! breaking even. Then you just have to basically find how you can actually get the person to spend more money in your store and that’s where you actually start generating the profit and then you’re back in with emails.
I’m not talking about the rear backend. The profit from emails will actually get you more money from there. So I really hope you hope that helped you out AJ and congratulations on getting $1,000 for the last week. I’m super excited for you, buddy.
[0:19:38] Question 2: Do i have to do a video for a every product that i put on facebook? and What do you think about Legend app for video?
Moving on to the second question, it’s by Tye Gee, she said,
Your content is Great i just found you by accident and really happy i did but anyways. Do i have to do a video for a every product that i put on facebook? and What do you think about Legend app for video?
Great question, but let me first ask you guys this question. Put in “me” into the comment box on either Instagram, YouTube or Facebook if you just recently in the last 10 days, have just heard about me and start actually joining our daily huddle. Just out of curiosity like am I actually attracting new people coming in every single day right now. Just out of really curiosity. So, I’ll look at the comment in just a bit but to answer your question Tie. So, the answer is you should. You should. Now, it doesn’t have to be like a full production video. It can be just the simple you using your hand and recording the video or it can be using legend. During my ask Fred Lam show, I actually talked about a thumb stopping ad which is using the Legend app and also using the other app called the legend and video shop. Using those two combined, I was able to actually create a video ad using still images. You can absolutely do that. So, I got some “me” coming in right now from Instagram. I am Lana, Ying, actually first time hearing about me. Kukuku, nice to meet you guys.
So that’s what you wanted to actually use. It doesn’t have to be full video production, but I encourage you to actually use a video ad. I absolutely encourage that.
[0:21:26] Question 3: if you find one good product, is it enough to build the website just for that product or to add other products related to that product, and how many products is okay to run the website?
Moving on to the third question is by Alban Rexha – Alban asked,
if you find one good product, is it enough to build the website just for that product or to add other products related to that product, and how many products is okay to run the website?
Absolutely great question! Here’s a fact that I want to bring up to you. You can actually generate a seven-figure business a $1,000,000 plus business by having just one product. I’m not bullshitting you. I am absolutely not bullshitting you if you asked some of the top ecommerce people, they will tell you – the people that are really running the legit way of e-commerce, they will tell you that one product generate them over a million dollars.
I have products other products or several products or one in particular that actually generated over $2.5 million last year – just one product. Absolutely just one, but again you have a really legit question. How many products should you have in your store? I was saying you’re really going after a very niche market and your product is very unique, you don’t actually have to have a lot of products in your store. I would actually say no more than 25. If you found one product that is absolutely crushing it, it’s still 25, right? Then, basically obviously you want to find related products to the number one selling product that you have and anyone actually buy that, you actually sell them the other 24 products that you have. That’s what you absolutely wanted to do.
I want to give us a shout-out. Angelica, it’s actually the first time joining me. Let’s see who else do I have first time joining me, the Full Creek Robert John. All right, so I have some people, not a lot of people are first time joining me. I’m just flipping my sunglasses. So, I’ll show you guys right now, obviously you guys are on Facebook and YouTube and you guys are like what the heck is Fred talking about so let me actually do this if you guys can see it. So I’m trying to see if you guys can see this. I’ll go on the other side. Okay so right here I’m actually broadcasting live on Instagram. Look at that, I just have to do like this and I keep changing my sunglasses. So, that’s what I was doing the entire time. So I’m not being rude or anything, just giving you guys heads up.
[0:24:27] Question 4: 1. My tripwire product is selling..about 5 so far in 7 days all numbers are good, CTR, CPC and I'm breaking even, I increased budget to $10.00 midnight last night. What exactly should I do next? There's so much information that I'm getting confused. 2. The email campaigns....how should one be building those? I have lots of abandoncarts with emails going out, I have the new customers with emails going out then theres the broadcast and then what?
So moving on to the next question is by Patrick Hatchel, Patrick asked
(a) I have a couple of questions. My trip wire product is selling about five so far in seven days. All numbers are goodclick through rate, cost per click and I’m breaking even. Awesome! Great stuff! I increased the budget to $10 midnight last night. What exactly should I do next? There’s so much information that I’m getting confused.
So that’s right, you want to actually increase your budget. This is what I would do if I were you, Patrick. Number one, I will pull the demographic reports to see who are buying from me. You will find a particular age range and gender that’s actually buying your products. Once you identify that guess what, you scaled it up already and you want to expand and by expanding, all you got to do is take the main keyword or the main interest target audience that is working for you. Go to the audience insight, put in that same interest and then head over to page likes.
So now what you’re doing is that you are actually going after other pages or other likes or other interests and you’re expanding like a spider web from the initial one that’s working for you and this time around, since that you know your age, you know the gender, guess what, all you got to do is your next asset is to go after a new interest targeting that you found through audience insight and simply use this the same age range and the same gender and you don’t have to waste more money to figure out who your customers are. You want to keep expanding it from there.
But your goal is to actually use interest targeting to get you as much purchases as possible. The ideal number is start with a hundred first. Once you have a hundred customers buying the same product, run a lookalike audience. Run lookalike audience and go after a bigger interest and then overlay it with that 1% lookalike. If that 100 doesn’t work, wait for the 200. If the 200 hits, you’ve got 200 sales, then you actually run a lookalike.
By the time that you will actually find either around in the range, sometimes you will actually find ones that works right away. Sometimes you would actually have to wait until what you get like 500. Sometimes you may need a thousand, but at the end of the day, your goal is to actually move towards lookalike and that’s where the absolute key comes in place when it comes to scaling. I hope that helped you out.
Now you have a second question which I don’t allow that but I am in a really good mood today so I’ll answer it.
(b) The email campaigns, how should one be billing those? I have lots of abandoned carts with emails going out. I have the new customers with emails going out, then there’s broadcast and then what?
That’s it , auto-responder. So, abandoned carts, recovery, auto-responders and broadcast. That’s all you really do for emails. What else can you expect? I don’t know, but again that’s what you wanted to do.
[0:28:31] Question 5: I know email marketing is key for driving sales but if customers visit my store and don't submit their emails, what can i do to get customers to submit their emails.
Moving on to the fifth question which is the last question of the day and I know you guys are going to be upset because we are almost done for tonight it’s from Steve Smith. Steve asked,
Hi Fred, I know email marketing is key for driving sales but if customers visit my store and don’t submit their emails, what can i do to get customers to submit their emails.
Great question! Again Steve, I don’t know if you are running a digital business or if you are running an e-commerce business. I don’t know what you’re running and I’ll cover both. The first thing that I would do and it’s absolutely important is to obviously have a retargeting campaign in place. If a person saw your ad, clicked on your ad, that means that that person is interested in your product or interested in what you actually have to sell or what you actually have to offer. Then all you got to do is to actually use a retargeting campaign so you target back anyone that actually visited your website, either that didn’t buy or gave you their email address, you want to look for another angle and attract that person to go back to your website. Usually when you’re going up to retargeting campaign, you want to actually hit them from a different angle .
So that because there may be a reason why they left, people are always making decisions based on objections. So you want to identify what the objection is going to be, create an ad to actually get them to come back. Now, if it’s primarily for e-commerce, I mean ultimately at the end of the day I won’t really focus on emails right out of the gate. What I would focus is actually getting that person to actually generate the sale. Now, what you can do there are several things – right you can actually offer a coupon. They would actually have to give you their email address in exchange for a coupon. So, you’re actually capturing them.
So it’s up to you but my ultimate goal again at the end of the day when it comes to e-commerce, is not really email – it’s actually getting that person to buy or actually going to checked out; because when they check out, they actually put in their email address, you already grabbed their email address at the end of the day.
However, when it comes to digital publishing and when it comes to basically email marketing or affiliate marketing, then yes you want to figure out a way to actually capture that person’s email address. Let’s say that if the person actually came to your opt-in page and all of a sudden just left and didn’t give you their email, well guess what, do a retargeting campaign and offer them another product that you actually give it away and get them to come back get you their email address.
So, there’s actually different options that you do but I would say ultimately, at the end of the day if you want to actually get the people to come back, if you did not get any of the information, it’s just simply run retargeting campaigns. So, I hope that obviously helped you guys out.
Listen, some call-to-action. Here’s the deal, you’re going to learn from my videos. I actually drop call-to-action in all my videos. So if you are in digital publishing, you obviously want to actually use them call-to-action in your videos. So my call-to0action for today is going to be go to YouTube and search for Fred Lam. Make sure you subscribe to my YouTube channel and hit that notification bell. Number two, if you’re not on Facebook. Go to my Facebook, search for Fred Lam again and follow me on Facebook. Last but not least, if you want to actually follow me and see my lifestyle, see what I’m up to and get behind the scene, make sure you actually go to Instagram, the link is above on this video and then on YouTube, down the very bottom, there’s a link, make sure you guys keep following me .
I want you guys to follow me, share this video tag me in your posts, tell people about me, do whatever you can because I wanted to get – this alter ego and I’m just going to be flat-out honest with you. I just want to get 100K subscribers on YouTube and 100K Instagram followers in 2018. I know that I need your guy’s help to do.
Othe4 than that, listen tomorrow’s Friday that means that we’re still having our daily huddle. I look forward on seeing you guys tomorrow. I hope you guys learn a lot of stuff from this and if you guys want to get the transcript or whatsoever just go to ww.w.fredlam.com, there’s a lot of information in there. I’m also even giving away $500 every single week to invest into an individual that basically wanting to actually build a business but don’t have the leisure to do so. Again, I look forward on seeing you guys tomorrow and I would probably come on a little bit earlier. I’ll see you guys very soon. Bye now.