What is up, everybody? Fred Lam here and welcome to our daily huddle episode number 67. I hope you guys either receive my email, saw my social media post or basically checked on my Instagram on sharing with you a new series that I’ve released called the Print Profit Series. Now, inside the Print Profit Series is actually not just myself, I have an expert with me called Michael Sheen and him and I we co-created a brand new episode, not even just episode it’s going to be an entire series of information, videos, interview, tutorials and everything that you need to know to use what we call the three step process on how you can build an entire business from scratch without dropshipping.
Yeah, you heard that right you all know that I’m a fan of dropshipping and now we’re going to pivot and share with you guys a brand new opportunity, a brand new strategy where you can actually take your business from scratch or even take your existing dropshipping business and really profit with this strategy. Again, this Print Profit series is actually one of the best show that you’re going to see and it is the first ever series that is using my new studio. I know that some of you guys to actually following me on Instagram and I did share with you guys some sneak peeks about my new studio. With that, I told you in March, things are about to get changed, you guys are going to get a ton of video training coming up, not just from the Print Profit series, but I’m going to host a ton of weekly shows for you guys that’s going to be about ads, about Shopify, about local businesses, about sales and marketing, everything that I know given to you through my video training series.
So, if you guys have not watched my Print Profits series yet, the first episode just got released today, there is a link on this page, on Facebook, Instagram I can’t give you guys a link and on YouTube, obviously if you go back to my YouTube channel, you will actually see that link on gaining access in my YouTube channel, there’s that video, the first episode is out all about how you can build a business using a three-step process without dropshipping. Now, if you have watched the first episode, leave in the comment box below, let me know what you guys think about it. I hope you guys enjoy it. I actually got a feedback saying that I was talking too much and not letting Michael talk as much.
It’s really because it’s my first episode and my first time using my studio recording so I got too excited and I obviously took the stage a lot more than he has, but then you guys are going to be seeing a new video drop every single day, next 7 days called the Print Profit series. Make sure you check out my YouTube video. Now that said, as always right now we are having our daily huddle. For those of you that are brand new to thi,s what the daily huddle is all about is that every single day, I’m going to come on live for roughly 20 to 30 minutes to answer 5 burning questions. If you want your questions to be featured in our show, all you got to do is simply go to www.fredlam.com/ask, fill in that form and I will get your question featured as soon as possible.
[0:04:12] Question 1: I am a successful coach and I am in market of self-help things so can I choose self-help books or other materials in my Shopify store? if so how, and guide me in details. Also, does AliExpress have self-help goods?
With that, let’s dive right in into our 5 questions for today. So, the first question is by Rohullah Shahrani. Rohullah said,
Hi Dear Fred. I hope you answered this time, my question is that you said that people should pick a niche that must be in that market. So, I am a successful coach and I am in market of self-help things so can I choose self-help books or other materials in my Shopify store? if so how, and guide me in details. Also, does AliExpress have self-help goods?
The answer to your question is I don’t know what you’re supposed to sell and the reason why I’m being upfront and honest with you is because I’m not in the coaching self-help space. Now, there are so many coaching out there. I’m not sure what kind of coaching you’re going after, are you going after the mindset coaching, are you going at the personal developments, are you going after entrepreneurship? What kind of coaching are you going after?
So we have to drill that down first in order for you to understand where it is. Now, with that let’s say that you are in the personal development or mindset coaching. In the personal development mindset coaching, first thing first you cannot be selling books on your store. If you can tie to Amazon and sell Amazon books of other top publishers but you’re not going to make a decent profit because you’re not going to make a lot of commission off of Amazon by doing so. Here’s what I can actually suggest you to do, again to talk about drop shipping and on Aliexpress, I can’t think on top of my head what products are really going to help.
Let’s say that you’re on the PV side and you talk about chakra a lot maybe some chakra, related stuff or maybe if you’re in stress management, you want to basically sell products that helps them with anxiety, helps people to relieve stress, you can really think along of that line of things. Here’s the deal and I’m not sure why – I think it’s just the perfect timing that your question came up. Another strategy that you can do is having inspiration quotes or success quotes on a shirt. You can actually do that and you can actually sell based on print-on-demand. Something that you want to check out because let’s be honest, I don’t know what kind of what kind of things a coach will sell other than like workbooks, one-on-ones, it’s more like things that you have to make. There’s not really a tangible product other than like I said earlier, those stress relievers or basically chakra-related stuff, but at the end of the day I know that there’s a lot of people that makes a killing selling print-on-demand items, revolving around either entrepreneurship, inspiration, motivation.
There’s a really big company that sells canvas art called iconic. Even, I’m about to order a couple thousand dollar worth of products from them because I absolutely love their inspirational quotes and everything on day and it’s just print on demand. If you want to learn exactly how to do it, again watch our Print Profit Series, we’re going to walk you through exactly how to do that and on top of that there’s a free bootcamp for you to join and you’ll find all the details inside the YouTube video.I hope that helps you out. I will suggest to you maybe look into print-on-demand other than dropshipping only because I don’t know what items you can actually sell.
[0:07:46] Question 2: What are your favorite social media advertisement strategies? Please explain step-by-step. Thank you. You're an inspiration!
So moving on to the second question is by Katherine Navarro. Katherine asked,
What are your favorite social media advertisement strategies? Please explain step-by-step. Thank you. You’re an inspiration!
would take. Again, with everything in place, I always go after website conversion, whatever objective, whatever strategies that I’m using, whatever placement I’m using, I’m always going after a website conversion.
I want either acquire lead or acquire a sale. So that’s what my base objective is when I’m utilizing the social media advertising strategies. Now, also obviously there are other social media advertising networks out there such as Pinterest, Twitter, there is snapchat, etcetera but I won’t really start diversifying into those social media channels until you really lock down on Facebook and Instagram. No doubt that I have to share with that Instagram and Facebook. Now if you are really loving videos, if you love to get on camera, if you know how to do video edit or you have a team of people that can help you do video editing and you want to do a lot of videos, then YouTube is going to be a social media advertising strategy or placement that you absolutely cannot ignore.
For me to walk you step-by-step on exactly how to do it, it’s going to take me forever; however, if you follow me on Instagram, if you follow me on Facebook, if you subscribe to my YouTube channel and now that thanks or basically my huge investment in the studio, now I have the ability to create a lot more video training coming out for every single one of you to go more step-by-step and more in-depth and I am going to also be interviewing experts around the world. I’m going to fly them into my studio and actually interview them to share you guys with more different social media strategies that you can be using.
[0:12:53] Question 3: Is it true that ads based on look-alike audiences are more expensive to run? Have you noticed a difference in CPM between interests and look-alike audiences?
With that let’s dive right in into a third question of today. Third question today is Pawel Poponczyk. He said,
Many things for what you’re doing in terms of value. You’re absolutely the best guy out there and I’ve learned a ton of stuff from you. Thank you. Love to hear that! My question is, is it true that ads based on look-alike audiences are more expensive to run? Have you noticed a difference in CPM between interests and look-alike audiences?
So, for me it really depends on what interests I am going after. I find that my look-alike audience really goes on the average of my CPM. So some interests are very high, some interests are very low, but when I look at my look-alikes, it’s usually the average of my highest CPM of interest and the lowest CPM interest at the same time but again look-alikes are the best audiences for you. They are absolutely a goldmine for your business especially if you have the seed audience correct. So even though it is maybe a little bit more CPM than your lower interest targeting, that is less competitive, that’s still fine because most of the time, you can get look-alike to convert. If it’s not converting, then there’s something wrong with your copy or with your ad or you may have used the wrong seed source of your look-alikes.
Your second question goes also does the number of interest used in targeting affect CPM? I heard from this one YouTuber who claimed that FB is charging more for look-alikes. I did some testing on my own and have not seen massive difference although ads targeting only one interest were in flat slightly cheaper? Any thoughts?
So, again I think it’s a follow-up message that you have, I always find my look-alikes it’s at the medium of my highest CPM and my lowest CPM interest targeting. At the end of the day, it doesn’t matter what CPM you’re going to pay, because if you actually can get the look-alike to convert and you can sustain the high click-through rate, that’s all it matters. Again, I know for a fact that one thing, the more flex targeting that you do, the more expensive it gets because you are making Facebook’s algorithm harder to find the audience. That’s what I know and that’s what I’ve seen at the same time.
[0:15:29] Question 4: Does PayPal put a hold on money of every new Shopify store? Another question, if I decide to have multiple Shopify store, do I need multiple PayPal accounts?
Moving on to the fourth question of today is George Galicia. George said,
Hello, Fred! Does PayPal put a hold on money of every new Shopify store? Another question, if I decide to have multiple Shopify store, do I need multiple PayPal accounts? Thank you.
The answer to your question George is PayPal do not put a hold on every single new Shopify store. PayPal will put a hold on a Shopify store when you start to get an increase in refund and chargebacks and disputes. That’s when it will flag the PayPal system to actually put a hold on your account for risk protection. Now, if you have been dealing with all your customers, if you have been dealing with all the inquiry, you’re not getting things escalated to PayPal and your ratio of the number of orders that you get it’s a lot higher than what disputes you get through PayPal, you’re going to be fine. You are going to be absolutely fine.
Now, the other question if I decide to have multiple stores, do I need multiple PayPal accounts? My recommendation to you is YES, you should have a separate PayPal account per store so that you are not putting all your eggs in one basket. That’s what you want to use. Now at the end of the day, I know that people have a restriction, I’m not sure if you’re in the US or you’re in Canada but obviously when in US it’s the social security number.
In Canada, is the social insurance number. If you have too many accounts under your name, you will not be able to create more PayPal accounts. So you have to contact PayPal, tell them why you’re creating all these accounts for you to actually get more PayPal accounts. I hope that helps you out.
[0:17:17] Question 5: How can I find free leads for services that I have to offer?
Last question is by Pratish. Pratish said,
How can I find free leads for services that I have to offer?
So, here’s the deal, if you want free leads, majority of time these leads are not going to be highly qualified. That’s a given fact. Now, if you were to say well I have a very limited budget, but I have time. I want to invest my time over money which I don’t recommend because if you can have investment in traffic to buy time which you can never buy time in life, I would suggest you don’t do that. Let’s say that you really have tight budgeting you want to find ways to get leads, without really spending advertising, my advice to you is to look at two things : (1) blow up your Instagram channel. Every day post 10 to 12 different posts with 20 hashtags that is related to your market. In your Instagram account make sure in your biobox to put in a link for a lead generation purpose. Do that every freaking day, 20 different hashtag 10-12 different posts and be there. Also, comment on big Instagram followers that is within your niche to create conversations as well.
(2) Is to actually look at SEO. Here’s the deal, I don’t know anything about SEO. I suck at a seal I admit it because I just don’t really want to invest my time over money. I rather use money to buy traffic, to buy my sales rather than wasting my time figuring out SEO; however, if you say you have time, you want to figure out SEO. There’s a lot of things online to look at SEO stuff. You can follow Kotton Grammer or also Neil Patel if you want to learn about SEO. They are the authority in the market. I am NOT, so I can’t give you advice but at the end of the day if you really want free leads, I think these are the two strategies as of today that I know of that really just require your time but not investment in money. So I hope that helps you out.
So, that is it for daily huddle for today; however, today is Monday so it is our most anticipated time which is announcing our kickstart 500 grant. Now put in the number ‘500’ right into the comment box if you guys are excited about this right now because every single week, I invest $500 into a single individual where that individual needs to invest in ads, invest in a course, invest into our knowledge and put in investment towards themselves. It’s not going towards the next iPhone or the next Apple watch or a next computer, it is really used towards your business. Also, at the same time when you actually get selected to get my kickstart 500 grant, you will receive a checklist from me and with that checklist, if you accomplish it in the 30 days period, the data I sent you the checklist, you can actually jump on a one-on-one consultation call with me where I’m actually to broadcast in the studio of the conversation between you and I. That’s the only stipulation. I am going to create a show which is mentorship with Fred Lam and I’m going to select basically anyone that wins my $500 grant, did my work, go on to a consultation call with me, we’re going to record it so every single person can learn from it.
If you want okay to sign of an application for our kickstart 500 grant, all you got to do is go to www.fredlam.com/500. With that being said, I’m just opening it my winner for today. Ofur winner for today for our kickstart 500 grants is Malika Randolph. Malika Randolph congratulations! So guys put a congratulate Malika in the comment box. Congratulations for winning your kickstart 500 grants and Tommy if you ever win, my 500 grant you are not buying a new Apple laptop. I will make sure you don’t buy it. If you do I will file a chargeback on you or basically request PayPal to give me my money back.
With that obviously she’s into eCommerce and she’s a single mom who is working full time. I have to obviously give a BIG applause – seriously single mothers out there. You guys are basically heroes. I know it is tough for you guys to care of your family, to care your kids and have to work on a full-time job so again kudos to every single mothers out there or single fathers because again, it is very hard obviously to raise a family, at the same time take care of your family and basically provide food on the table.
So, Malika I really hope that this $500 can actually help you with your eCommerce store. You’re going to get contact with my assistant very soon and with that being said again next week I will be announcing our next winner for our kickstart 500 grants. So, make sure you go to www.fredlam.com/500 to sign up, fill in that application form. You got to fill it in in-depth. I don’t want single answer because that shows me you are not serious and when you’re not serious, I’m not going to give you seriousness too.
Other than that, listen guys make sure if you have not watched my Print Profit serie, the first episode got released, make sure you actually click the link anywhere in this post or go to my YouTube channel check it out you guys will be blown away with the content and every single day, we will be dropping a new video, so make sure you watch it and all these episodes are all linked together. Make sure you go to my YouTube channel, those of you that are Instagram, make sure you go to my YouTube channel just search for Fred Lam, you’ll see it, it’s the first new video that I released today other than my daily huddle. Other than that, listen leave me a comment right below, tell me what you guys think about this daily huddle, make sure you subscribe to my YouTube channel, follow me on Instagram and follow me on my Facebook page. I look forward on seeing you guys tomorrow. I’ll see you guys then. Bye now.