Ep 69 | Why You Should Focus On Instagram For FREE Traffic And NOT Facebook

With that let’s dive in into our questions for today. Our first question is by Endrina. Endrina asked

Hello, Fred! In advance, thank you for your timing congrats for your success. As you said on an email if I have some concern I can write to you. You have so much experience in receiving payments please could you advise me on this. USA is very strict about payment of taxes and the origin of the money and they can block the money when a certain amount is received. my concern is that when I start receiving the sales payments in my personal bank account, I do not have an account for business. The bank could block my money and account because it’s supposed to be a personal account and not for a business. How could I prevent this happening? I cannot open a business bank account. I talked with an accountant but being from Venezuela which is where I live do not know about it. Please help me about this. You are an expert and I know you know what should I do. Thanks for your time.

Great question! Again, your Venezuela, I’ve never been to Venezuela. So, I can only share with you action steps that may help you. It’s not going to be ones that may or will help you right away. So, the first step I would actually suggest you to do being in Venezuela first I would actually suggest you to talk to Shopify Live Chat. They are the best at this and especially if you’re building an eCommerce store, they can give you the right procedures and what merchant provider to actually use. Now, again you didn’t really specify if you’re using Shopify or not. So, I’ll talk about if you are creating an online business that it’s not an eCommerce, so with that what you can actually do is just accept PayPal.

I’m pretty sure Venezuela have PayPal. So you want to check into that. Now, if you do not have PayPal in Venezuela, the last option that you can look at is to checkout.com or BlueSnap. These are two other merchant providers that you can actually look into. Now, in regards to personal accounts and in regards to business accounts again you being in Venezuela I don’t know what the policies are over there but if you can’t set up a business account, I would say you should go talk to your bank and ask them if you can actually set up maybe a checking account under your personal name where you can actually wrote everything through there and you set it up as a sole proprietorship so that way it is still your business. It is just going directly into you, not into a business account. So that’s my suggestion to you. Try it out talk to Shopify live chat and look into BlueSnap to check out or just potentially just accept PayPal for your store.

So moving on, next question is by Dawins Calixte. Dawins asked

My question is, which is more important, choosing a theme that attract and convert customers into buyers or choosing the right product that the market have a broad interest in from sites like AliExpress?

So, if you’re saying should I favor or should I focus more on the theme or on the product, I would say product because product is the first interaction that you are going to have with the other person on the other side of the screen. That is just a complete stranger never heard of you, never know of you, never seen your brand before, never went through your website before and the first point of contact is always going to be the product. So, I would say product over theme.

Your other question is what’s the best way to test if a product is a winning product, engaging it in a newly Facebook page by creating a Facebook ad or some better million dollar suggestions that you personally have in mind?

My answer to your question is always let the ads tell you the data. You don’t want to basically offend other Facebook pages where you go to their page or go to a group and put it in a link towards your product. You never wanted to do that, you are going to annoy the living crap out of the admin and the moderators of those groups and it’s not going to be the best practice. What you wanted to do is to run some ads and look at the data points to determine if that product is going to be a winning product or not. So I hope that helps you out.

Moving on to the third question is by William. William said,

What’s up Fred! How do you keep your look-alike updated? Do you update them manually every day or use any app?

That’s a really good question William. So, look-alikes updates on its own and at times do not update on its own. Let me actually get that straight. Look-alikes will not update if the seed lists, the initial list to run the look-alike audience it’s actually an email upload. If you upload your email address of customers and run a look-alike audience to that seed list, the look-alike audience will not update; however, if you have a dynamic event of custom audiences and you create a look like out of it, then every 3-7 days, your look-alike audience will automatically update.

Let me give you a perfect example on which scenario will automatically update. So, let’s say that you created an add to cart custom audience, so anyone that actually added to cart on your website you have an audience of people, you have a segment of audience. When you run a look-alike audience of that segment and because your custom audience from the add to cart are adding in new people every day, then it will have look-alike audience updated automatically. Again, the update takes place every 3-7 days. So, in reality there’s not really an app that you need, the only manual process that you need and I share this before is that every single month add in a new email list, or a new custom audience off of your email list and rerun the look-alikes.

When you have done that, make sure you simply take the previous month and the new list to create or create or look at the audience overlap to see if there is some sort of overlap and if there is an overlap, make sure you create an exclusion for the active look-alike. Very important information that you need to take place in. Now again, I know that this may be going like a little bit over your head and now we’re just through our daily huddle. Here’s what I’m going to be doing, I’m going to be launching a brand new series in the studio very soon on my YouTube channel called the Shopify masterclass where I simply create video training, create new videos for you guys every week on eCommerce and Shopify. Again with that, that’s what you want to do look-alike audience do automatically update and do not for certain type of custom audience.

Moving forward to the fourth question of the day it’s by Jerry Scott. Jerry asked,

Hi, Fred. Thanks so much for your daily and providing us so much value on a regular basis. I’ve been optimizing my ads based on your system, my question is if I have an ad that it’s already creating sales but I realized that only females of a certain age groups are buying, would you suggest I create a duplicate ad and target only females or should I edit the targeting within the existing ad?

Again, I would not edit the existing ad because it will reset the algorithm. I would suggest you to duplicate it.

My concern with duplicating it and I’ll lose all the precious data on my existing which is already profitable.

Jerry, if it is really profitable and I always say do NOT edit anything if it hasn’t  break. So, it’s not broken yet, you’re making sales, you’re being profitable, do not duplicate it. Let it run. What you wanted to do is that eventually when you want to go after new interest targeting for your products or when you start to exceed or when you start to see ad exhaustion for your ad then when you duplicate the ad, use a new copy and simply just go after the female demographic that is converting for you. So moving forward, when you’re creating an ad you know that you don’t have to let Facebook figure out who the buyers are. You know that they are females. So, any of the new ad set and new targeting that you’re going after, simply just go after the targeting right away but again don’t fix what is not broken yet. So, if you are already profitable with your campaign right now, do not duplicate it. Let it keep running until it exhausts.

Moving forward the last question of the day is by Bill K. Bill said,

Can you go over when it’s better to use engagement versus conversions and when to use each in Facebook Ads? Also, if you install PixelBay later, can you go back and still segment audiences?

So, there’s two questions, first question let me answer that – engagement versus conversion. So, it is very rare in my strategies that I used engagement only because again when you advertise on Facebook, you want to tell Facebook exactly the reason why you’re advertising on there and what you want Facebook to do to optimize your ads. At the end of the day, obviously you want either a lead a sale, so that’s a conversion.

Now, there are times that I do run an engagement post, not every single time but there are times that I run an engagement post and why or when I will run an engagement post is when I have a video that I can go out to the public and I want more people to watch it. I want a lot of people to watch it and when I do that, I actually have another strategy to back up or tag onto it. If I run an engagement post, I make sure it is a video post, it is video ad and when I do that, I can actually create a custom audience of anyone that watched the video 10 second, 25%, 50%, 75% or 95% of the video.

I can automatically create by custom audience that I can use for remarketing purpose and look-alike audience because if I know that people have watched my video, they know my brand, heard of my name and I do not do an aggressive call-to-action on there and I just want people to watch the video, I obviously create engagement. I want people to share it, like it, comment on it so it shows up on their friends newsfeed too. Then at that point, I would create a more tactical ad that goes after the ones that actually watched the video. Again, when that happens, I go after conversions now. So, my goal at the end are always going to be conversion. When do I use engagement?  It’s when I just want exposure to a video that I have that I want the public can actually see and learn more about me, that’s when I will actually do that.

Your last question is can you install PixelBay later and go back and still segment audiences? The answer to your question is YES you can; however, I suggest you to start right away with it only because in case it missed some kind of data, there may be possibility that happens, but again you can install later it is really up to you.

Again, today is Monday and I know that a lot of people asked about this. I get a lot of Facebook messages asking me if they are going to be the winner for my Kickstart 500 grants. Now, for those of you that have just recently followed me or don’t know what this Kickstart by 500 grant is –  every single Monday, I will give away $500 to an individual who is wanting to build a business online but don’t have the budget to do so. $500 is more than enough for you to actually get a website up and start driving traffic to your store.

This $500 doesn’t mean that you should go buy a new laptop or a new smartphone it is going towards you and your business and you can also use it to invest into courses that you think can help you out or invest into software’s that obviously will help you all at the same time. With that, we’re  going to actually announce our next winner for our Kickstart 500 grant. Our Kickstart $500 grant that winner is Chris Chandler. Chris Chandler – congratulations, Chris Chandler for winning my Kickstart $500 grant. M

For those of you that didn’t win, don’t worry if you have applied and fill in the application form, you will eventually win. For those of you that have not filled out the application form to get qualification or to sign up to get into our draw every single week, make sure you go to www.fredlam.com/500. There’s an application form that you got to fill in make sure you fill in that. Now why I chose Chris? He actually inspired me. He said my wife and I have a son who is autistic. He is profoundly autistic as a child but has improved to the point now that he is in junior in college about much difference all between himself and others well except that he is particular gifted in history which is his major.

So, what he wanted to achieve is to want to serve people in their journey to parents of a child of having autism. This is actually very important. I know my good friend Chris Rector has created an entire video making the autism awareness and again kudos to you guys that are trying to make an impact or are already making an impact to the community for kids that have autism.

I know that speak really loudly for me. It really warms our heart when I actually see people doing their best to help these kind of people people that have autism so at the end of the day, that’s why I chose Chris is really because his story and his goal really inspired me too and I believe that would do so too. With that being said, again, every day we’re going to be having our daily huddle and I will do my best to get on 6PM Pacific and 9PM Eastern so make sure you stay tuned to Facebook, Instagram and YouTube whenever I come on live and if you have any questions that you want to get featured in our daily huddle make sure you go to www.fredlam.com/ask. That’s it for today’s daily huddle. I look forward on seeing you guys tomorrow.