Audio

480: From Zero to $10 Million: How Ryan Pineda Runs 8 Businesses Working 30 Hours Per Week

480: From Zero to $10 Million: How Ryan Pineda Runs 8 Businesses Working 30 Hours Per Week

Today I’m thrilled to have Ryan Pineda on the show. Back in 2015 with only $10,000 in the bank, Ryan started his entrepreneurship journey by flipping houses.

And after seeing success in real estate, he started 5 more businesses generating over $10 million in revenue, working less than 30 hours per week.

In this episode, we’re going to break down all of his income streams and how he did it.

What You’ll Learn

  • How Ryan made millions flipping houses
  • How Ryan grew his following on YouTube, Instagram, and TikTok to over a million followers
  • How Ryan manages 6 separate businesses working only 30 hours per week

Other Resources And Books

Sponsors

GETIDA – GETIDA is the tool that I use to recover lost inventory on Amazon. Right now, GETIDA is giving away $400 in free reimbursements for MyWifeQuitHerJob.com listeners. Click here and try GETIDA for FREE and get $400.

Quiet Light – Quiet Light is the brokerage I trust when buying and selling a business. If you want to know how much your business is worth, then sign up for a free evaluation. Click here to book an appointment with Quiet Light

Transcript

00:00
You’re listening to the My Wife Quit Her Job podcast, the place where I bring on successful bootstrap business owners and delve deeply into what strategies are working and what strategies are not with their businesses. Now today I’m thrilled to have Ryan Pineda on the show. And if you’re on YouTube, Instagram, or TikTok, you probably already know who Ryan is because he has a huge social media following. Back in 2015, with only $10,000 in the bank, he started his entrepreneurship journey by flipping houses. And since then he started six businesses generating over $10 million in revenue.

00:29
working less than 30 hours per week. And in this episode, we’re going to break down how he did it. But before we begin, I want to give a quick shout out to Getita for sponsoring this episode. Getita is a tool that basically gives you free money every single month when you sell on Amazon. And I’m not even exaggerating. If you’ve been selling on Amazon FBA for any length of time, you know that Amazon is horrible at managing your inventory and they lose or break your products all the time. In fact, I’m to bet that Amazon owes you a ton of money right now. The problem though, is that in order to get your money back,

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01:27
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01:56
Now onto the show.

02:03
Welcome to the My Wife Could Her Job podcast. Today I’m thrilled to have Ryan Pineda on the show. Now, Ryan started his journey in the real estate industry back in 2010, only to discover that it wasn’t what he wanted to do. So in 2015, he took 10K from his bank account and started flipping houses and made millions of dollars. But that was just the beginning. Since then, he started six separate businesses that generate tens of millions of dollars in revenue. And he works less than 30 hours a week running them.

02:33
He’s also amassed over a million followers on social media where he teaches others how to achieve financial freedom. So in this episode, we’re going to break down what some of these businesses are and how he’s able to manage all of them in such a short period of time. And with that, welcome to show, Ryan. How are you doing today, man? What’s up, Steve? Happy to be here, man. Yeah. So I was looking on your website and I think you got more than six things. In fact, it kind of makes me a little dizzy.

02:58
You got a real estate investing course. I think you got an NFT project. Yeah, your own coin called tycoin. think business building class and agency and accounting agency. You even do a little bit of e commerce wholesale and investment group and a media company and 30 hours a week. How big is your team? Like how are you able to do all this stuff? Yeah, I think across all the companies we’re close to you know, 80 to 100 employees. Ah, okay. Yeah. Okay. So we got a lot of people.

03:27
I was just gonna say I have problems keeping up with two seven figure businesses, let alone the eight that you have. Are you particularly passionate about one over the other? Or do you just kind of like, how does one end up with eight? Especially when I’m asking? Yeah, to back up a little bit, I mean, I never considered myself to be an entrepreneur. You know, in my former life, I was a baseball player. You know, I got drafted by the Oakland A’s back in 2010. So

03:56
Oh, I was mainly just focused on being a great baseball player. And I kind of fell into entrepreneurship out of necessity because I had to work during the off seasons, you know, I was in the minor leagues, making 1200 bucks a month, like it was no money. So nobody was gonna give me a job either because I was leaving six months every year and I had to practice and all this stuff. So I had to become an entrepreneur. So, you know, long story short, I get my real estate license in 2010. Absolutely hate it.

04:26
because I just didn’t like working with clients. The commission sucked at that time, prices were low. It was just tough. So eventually gave that up. I started doing other side hustle stuff. Like I was a substitute teacher. I had my real first business success flipping couches actually. know, just like sofas you mean? Yeah, just just buying and selling couches. was like, okay, it was a thing that I just stumbled upon that, you know, at the peak, I was making about eight grand a month net doing that. And I was like, dude, this is a great business.

04:56
So, you know, after doing that for a little bit, I realized like, okay, I’m not gonna flip furniture the rest of my life. Let me find something new. And so I came back to real estate after quitting. And I was like, you know what, instead of being the agent, what if I was the buyer? Like I’ve always been good at finding deals. And so, you know, I started flipping houses, you know, and there’s a lot that goes into that. had to max out my credit cards and all this other stuff. I had to take hard money loans and just really go all in to,

05:25
buy my first deal. And thankfully, it worked out, even with all that risk. And, you know, I made 25 grand and, you know, from there, I just kept buying more and more houses. And that was how I first became successful tie became a millionaire. And it’s what led to all the other stuff because, you know, truthfully, I didn’t really want to do I’m like, you know what, I can flip out the rest of my life like this pretty easy. And, you know, it makes great money. It’s it’s it’s an industry that’s always going to be around. I’m like,

05:54
I could do this. And I enjoyed it. I enjoyed deal making and other stuff. But, you know, during that time, now I started to get more questions of like people wanting to work with me, you know, success attracts success. And so, you know, we started a brokerage for agents, even though I didn’t like being an agent, because I’m like, look, if we’re going to fill up all these houses, we might as well like be the brand behind it. And like, all these people are going to want to join. So we ended up starting a brokerage called forever home realty that

06:23
we scaled to 200 agents before I got rid of it. Then a lot of people were asking me about, hey, how do you flip? Can you train me? And I’m like, dude, I do not want to do education, but let me write this book. So I wrote my first book called Flip Your Future back in 2018. And I created my first course and education company and threw an event and it was like, all right, this is like, it’s fun. But like my bread and butter’s actually flipping the homes.

06:53
So, you do that. And then eventually, you know, I’m still having success and people are like, who’s your CPA? Who’s your accountant? And I’m like, all right, let me, let me go to my guy and see if he wants to start a business. So we start an accounting firm called TrueBooks. And, know, so like those were like the first core businesses, like they just kind of were out of the success from my main business. And then, you know, as I got into social media, I started doing content in 2020.

07:22
more on more opportunities started to come about, you know, from from influence. And so I started a fund and we started buying big apartment buildings, then, you know, I started doing, you know, the NFT project, and it became the number one traded open sea or NFT on open sea, like it was crazy. You know, and I’ve just done a lot of different businesses at this point. And now we train people on, you know, other elements to general business, we train people how to create content.

07:48
You know, we just started the media company you were talking about where we produce content for entrepreneurs like so, you know, basically every business I’ve ever started came from demand that I already knew existed. Like people kept asking me for it. It’s like, dude, when people keep telling you they want to give you money, you’re just like, all right, fine. Let me let me build this.

08:14
You know what’s funny is you originally didn’t like being a real estate agent because you hated clients and it seems like almost all the things that you do involve client work, right? But there’s a big difference. So let me say I still don’t like working with clients. I like doing my own thing. Being like so my problem with being a realtor was like they owned you like you’re a slave to like them. You know, whatever. Right. And you still see it in industries like where that becomes the case. But

08:43
you know, in like our coaching programs now, yeah, we have students and clients, but I don’t have to like hold their hand and I’m not their accountability coach, like, you know, I hop on a call and like they can choose to listen or not. If they don’t want to listen, then whatever, I don’t care. It’s like, you have to be receptive to the information. Now, we do want them to have success because you know, we understand people do need their hands held, they do need accountability. I’m just not the guy doing it. I have coaches who will do that. So got it.

09:13
Okay, you know, it goes back to the real estate brokerage, you know, I built it to 200 agents, I didn’t mind owning the real estate brokerage, because I wasn’t the broker, you know, holding all these agents hands, I didn’t have to go show houses, if I got a lead, I just go give it to an agent, let him deal with it and make some money. You know, like, so, you know, I focus on the things I like to do, which are not usually like one one on one things. And I focus on

09:41
creating the solutions because those things are needed. I just don’t have to be the one to do them. It seems like in some of the businesses that you mentioned, it was all about finding the right partner, right? So you had people requesting accounting services. So you went up to your accountant and said, Hey, you want to start a business essentially? Yeah. Right. So we start, is that generally how you operate? Pretty much. I won’t start a business at this point unless we have an operator in place, right? So we got to have an op

10:09
because I’m not going to be in the day to day period, right? So it’s like when I look at the tax business, I’ve never done someone’s tax returns. Like I’m not sitting on these tax strategy calls, but I own the business, you know, and people trust it because of the brand, you know, that we’ve built, you know, with Pineda Media, the newest one, that one’s a very hands on thing for the entrepreneurs that we manage for their social media, like we hop on a zoom call with them for three hours at a time and pepper them with questions and try to coach them through

10:38
speaking and creating great content, and then we edit it for them and, you all this stuff. And it’s very, I would say it’s probably one of the more high maintenance things because like, this is their social media, this is their like personal brand and how they’re, you know, appearing to the world. So I think people are even more nitpicky with something like this. Yeah. And we’ve got people who are like, they like to help them. And they like doing that stuff. But it ain’t me. So let me ask you this. So if you’re starting these businesses,

11:08
and you’re not the operator, presumably your main value add is the lead flow, right? Coming into business. Yeah, I think I have probably I would say there are three elements that are why people want to partner with me, right? So number one, yeah, the marketing side of things like my, my own organic reach, like, or funneling them in from my other businesses, right? Because if somebody joins my education business, they need tax either way, right? So the fact that I own this business,

11:37
is a funnel to that business. And then my organic marketing will get trafficked. So like that, that’s obviously a huge thing. But you know, as I’m like starting to grow more in business, I’m starting to like, try and get away from that because I can only promote so many things. Yeah. So, you know, when people come to me now about partnership, I’m really not trying to be the promoter or the face, you know, the second way that we really add value is just through like the actual strategy and consulting and the resources like

12:07
the fact that we know how to build funnels and websites and ads and sales teams and hire like we know all of that at a very high level. We know how to scale companies, right? So if you come to us, we’re gonna put the pieces in place to build machines really, right? Like that’s what I’ve built is a bunch of machines. And so we’re gonna turn your business into a machine. And, you know, it’s gonna be a machine that doesn’t need my face on it. Like it can be a machine without me.

12:36
So like people partner up for that reason. You know, and then the third reason I would say is just capital, right? Like, I mean, we have capital if like, somebody’s looking for an investment, you know, and it makes sense. We’ll do that, right? Like our newest thing is called Panada Partners because it’s like, we want to partner up with more businesses at this point. Like I don’t want to necessarily start, like everything that I own to this point, I’ve started from zero. And you know, it’s like, we can do it. We’ve proved it time and time again, but it’s hard.

13:06
You know, like it’s easier to go take something established and blow it up. Yeah. Interesting. So for the people listening to my podcast, some of them probably haven’t started anything yet. So out of all the businesses that you’ve started and run, let’s say you were to start over from complete scratch. What would be attractive to you today and something that you’d stick with for at least, let’s say, three to five years? I mean, I love real estate. Look, as much as I said, I didn’t like it.

13:34
I didn’t like it as an agent, but I love it as an investor. It’s an industry that anyone can get started on today. You don’t need any kind of special skills or experience. You don’t even need a lot of money. Like there are ways to do real estate without using any of your own money. And it’s a skill that builds wealth. Like at the end of the day, you are going to build wealth through real estate if you hold it for the long haul, right? So to me, what I teach is there are really three pillars that you can build your wealth on.

14:03
Number one is business, right? You could start a business and build it up and like, that’s gonna make you money, okay? Number two is investments, okay? You can just become a very good investor, somebody who’s savvy and like, you make great deals and that’s how you grow your wealth. The third is influence. So if you become great on social media and you have influence, you’re gonna build a ton of wealth. You’re gonna get opportunities, you’re going to get just money flowing to you because attention is currency.

14:33
So, you know, at the end of the day, like, if you can do just one of those, you’ll become really wealthy. But if you could do a mix of those, you’re gonna, you’re just gonna kill it. Let’s talk about the influence factor, because I’ve seen you in a lot of places. I think you’re on YouTube, I see you on TikTok all over the place. And you’re pretty prolific. It’s it looks like you’re putting out multiple pieces of content per day. Is that accurate? We put out about 40 to 50 pieces per day. Okay, that’s nuts. Let’s talk about that.

15:03
So that sounds like a lot of time, but I presumably you probably produce one thing and you break it up into multiple pieces. So let’s talk about your process. Yeah, I mean, I probably spend 10 hours a week filming. that it’s not a ton. You know, that’s that kind of output or input creates the output I’m talking about. mean, because, you know, if you think about it, right, like podcasts are like kind of my favorite thing to do. And I like it because it’s informal. I don’t have to prepare. I just talk and it’s great.

15:32
And then we cut those up into different clips and we post those across all the different platforms. They then take what I say and they turn them into tweets, you know, they turn them into blog posts. Everything’s coming from my mouth. It’s just, you know, they’re taking what they think is great. And it’s a machine. It’s a machine like any other business of like, yo, I put in what I got to put in and they do the rest. if you were starting out like you were before when you were

16:01
kind of in debt and you had to borrow money and max out your credit cards. Just walk me through the process from scratch. So let’s say, would you start with a podcast? So if you’re broke and you’re trying to gain influence or make money, like what’s your goal? Well, I think influence leads to money, right? So the first step would be to build that influence, right? You know, I’ve debated about this, you know, because when I was broke 10 years ago, influence wasn’t

16:28
what it is today, right? right influencers are getting, you know, a lot more powerful than even most. So obviously, I think it’s a great tool. But what I would probably tell somebody who’s broke is, pick a tool that you’re naturally good at, right? So, you know, if you’re a great deal maker, and you’re a great salesperson, like I think business is an amazing thing, you should start a business. If you’re

16:56
great crunching numbers and investments, everything else, maybe you should try and get in the investment world of real estate or stocks or whatever. If you’re great on camera, you’re charismatic and you’ve got some interesting things to say, I would say the number one thing in influence is being creative. Like if you’re a creative person, then, you know, influence is the route. You know, I didn’t start with influence. I started with just investing. just bought real estate and that was how I, you know, whatever. And then I started to learn how to run a business.

17:24
because of real estate. And then I started other businesses. And then I got into influence later. And, you know, it made influence so much easier because I had things to talk about. You know, I had credibility at that point. So sure. Yeah, that makes sense. Yeah. You know, it doesn’t mean you can’t start from zero and just start making videos. You absolutely can people there are people who, you know, crush it who have no like, credibility yet. They’re just great content creators.

17:52
there’s nothing wrong with that. You just got to own it. You just got to be like, yeah, you know, like this is my journey. Like, and I’m trying these new things and I’m trying to make it and I’m documenting the journey. I think that’s amazing. So, you know, if I was broke, I would probably be doing a hybrid of trying to build a business, but I’m also going to document myself trying to build the business.

18:15
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19:31
Your path you mentioned you maxed out credit cards and you had to get some hard money loans. Would you have taken that path again? Like you mentioned investing and that requires capital, right? Yeah. I mean, yeah, 100%. I mean, I like where it turned out, right? But yeah, it turned out great, but it’s risky, right? I mean, let’s say the downturn happened right after you did that. It would have been tough.

19:55
I actually don’t think it was risky at all. And here’s why. Oh, really? Okay. Yeah. This was my mindset going into it. Right. And I think a lot of young people struggle with this. So Steve, how old are you? I’m 48. You’re 48. And you got wife, kids. Yep. Yeah. So like, if you were to lose it all today, it’d be very like catastrophic. And so you know, as you get I don’t think so, actually, because once you know how to make money, it’s not a big deal. Yeah. But yeah, you’ll remake it and you’ll be fine. Right.

20:25
Yeah, but you know, whatever, it’ll suck for a period of Yeah, and yes, whatever. The thing is, like, as you get older, and you you make more money, and you have more to lose, then yes, things get riskier, because you have more to lose, even though your skills are so much better. Right. And also to the value of whatever you’re investing in or putting your times towards, like every dollar you build has least it has less value to you.

20:53
know, your first million dollars is so important, compared to if you’ve made 100 million, what’s another million, it doesn’t really matter. So, you know, it’s just this kind of weird thing where money is very important to you early on, and it becomes less important to you later. And therefore, you shouldn’t try to maximize return later, you should maximize risk. And you know, it’s like, man, adding another dollar doesn’t really matter. I’d rather just make sure I don’t lose this money. Right? That’s something to think about. But

21:23
When I was starting out, I was young, I was 24 years old, my wife was 21. And that’s when we got married. And, you know, we’re broke, right? And so for me, it’s like, all right, well, we’re broke. Let’s, let’s look at the scenarios here, we, we can continue on the path we are currently on, which will lead to continuing being broke. So like, that’s 100 % certainty, or we take a risk.

21:52
and we try this house flipping thing. Now what happens if we try this house flipping thing? Well, there’s lots of scenarios that can happen. You know, as an optimist, the best case scenario is we flip it, we go make 25 grand and it’s gonna be great, right? That’s the best case. What’s the, maybe likely case what could happen? Well, maybe we buy it and we realize like we screwed up on some things and we break even or we lose a little bit of money, right? And so it’s like, all right, there’s probably like a…

22:20
70 80 chance that I’m either breaking even or doing good like that’s probably what it is and Remember I was a realtor before so I still had real estate experience like I understood values then there’s probably a 20 % chance of like catastrophe Where things that the fan I totally bought wrong I can’t sell the house and I’m gonna go lose 20 grand or I’m gonna get foreclosed on or

22:47
you I’m gonna lose the house and now I’m 50 grand in debt and like, that is what it is. All right, well, let’s just think what happens at this worst case scenario at 24 years old, I just freaking declare bankruptcy. And I start fresh in two years, whoop dee doo, you know, right. So to me, I had nothing to lose at that point. That makes sense. I everything to gain. And this is what I try to tell young entrepreneurs all the time. Like, dude, I cannot afford to

23:16
buy your coaching program or somebody else’s I don’t have the money. And I’m like, you have credit cards? Can you get debt? They’re like, Oh, well, yeah, but I’m not gonna I can’t go into debt. And I’m like, dude, what do you think real estate is? Yeah, real estate, you’re going into debt. A credit card is no different than a mortgage or student debt is debt. It’s just a matter of how you use the debt. If you use the debt to go make more money, whether it’s through education or an investment or a business, then it’s not debt. It’s just it’s

23:46
it’s a tool. And so, you know, I tell them, I’m like, Well, you know, what’s the worst that happens? You’re in debt, and you didn’t get what you needed to get done. Like, I know what we teach is legit. So it’s on you if you don’t do it, right. But yeah, if you make a mistake, at least you’ll have made a mistake. And you’ll have learned from it. And then you’ll be able to go do it better the next time, right? Like, you will now have experience and you’ll be able to

24:14
to figure it out again. And we’ve had students who do that. Like not everyone makes money their first deal, right? Like they make mistakes. And they’re totally like the most successful people are like, dude, this is great. Like, I’m glad I went through that. Now I know. And so yeah, when you’re young and you’re broke, you should go into debt. You have nothing to lose. Zero is the same as negative 10,000 or negative. I agree with that. Actually. I agree with that. Do you have kids, Ryan? Yeah, I have a third on the way. Okay. Wow. All right. So

24:43
Just by nature of the content that I put out and the fact that my blog and podcast is called My Wife Quit Her Job, I actually attract a lot of females over the age of 35 who have kids. So that advice is great for someone young. Let’s say you’re broke and you have kids and responsibilities. How would your advice change? Yeah, and this is what I wanted to bring up as you get older, you your risk tolerance becomes more strict, right? That’s just natural.

25:10
when you have more responsibility with kids and a spouse and everything else, like you can’t make the same reckless decisions that you would make when you’re single or when you’re you don’t have kids and you’re you’re not young. So in my particular situation, I felt like I had no risk even though most people wouldn’t have did that. Yep. Yep. Now when you’re talking about a, you know, 35 year old woman who’s got a few kids and I you know,

25:37
does her husband work? Like, I mean, there’s context to every situation. Sure. don’t Yeah, of course. Right. Yeah. But I would think, you know, if you’re married, and your husband’s working, and you’re staying at home, because that’s the title of the podcast, my wife’s a stay at home mom, too. You know, you trying a side hustle, I think has no risk, right? Like, I agree. Why are you not if money is tight for the family, and your husband works a normal W two that it is what it is, then I

26:06
There’s so many ways to make money online and still be a stay at home mom. Like I don’t think there’s any reason you can’t try and put some effort into a side hustle. And I think it has very little risk. So the question is, what would you try? Cause you’ve done a lot of things, right? It goes back to all those three pillars, right? It’s like, okay, you’re either going for influence. You’re going to start a business or you’re going to start investing. But presumably you wouldn’t have taken that hard money loan now with three kids, right? And you didn’t.

26:35
and you just had a regular job? I mean, I’m a risky person by nature. I’ve, I’ve, okay, well, also, too. I’ve never had a job. So I don’t even know. Like, it’s just an, it’s just an area that would never play out. The only job I ever had was with the Oakland A’s when they signed me. And that was it. Everything else, like, I was hustling. But look, if I had a job, and three kids, and, you know, we are living paycheck to paycheck, my wife wasn’t working, let’s like put myself in like the

27:05
maybe a standard situation that people have to make a decision on. For me personally, okay, I always look at the future. I’m very like, man, where am I going? If I’m not on the path of where I want to be, and I know that this current path I’m on is going to lead me to something I don’t want to be, then I cannot stay on this path. There’s no there’s no reason to stay on this path. And so if you’re at a job, and I want to say a dead end job, but like if you’re at a job that’s like,

27:35
you know, this is not going to be the path for where you want your family to be, then it is your obligation to switch the path. Now, you don’t have to switch and just like, quit your job tomorrow. I’m not saying that. But I am saying you need to start forging a new path as you start to transition because your current path is wrong. So, you know, if I was this guy who was working a job and paycheck to paycheck, I didn’t want my wife to work because I wanted her to take care of the kids and everything else.

28:05
then I would be spending every waking moment that I had available to me like learning a new skill. Okay. And whatever that skill was content, real estate, side hustle, online business. I don’t give a crap. You want to flip couches. Cool. But you know, you got to want it bad enough. I don’t care who you are today. I mean, if you work 60 hours a week at your current job, I mean, cool. You can still learn skills. How many hours are in a week? I don’t know.

28:33
but you got time to go learn new skills. And so that’s what it’s gonna take. You’re gonna have to learn a new skill one way or the other if you wanna get out of your situation. It’s not gonna magically change. You can’t just hope for a raise. You you can’t just, you gotta forge a path and there’s lots of tools available. Yeah, the reason why I’m asking all these questions is I get them all the time. So I run a podcast, I have a YouTube channel, blog, and I also run an e-commerce store with my wife that sells handkerchiefs. And I’m always asked,

29:01
You know, out of all the things, I also run an event. So out of all the things that you do, you know, which one would you do in this certain situation? And my answer usually is like the content side can take a while. Yep. Right. I say maybe two or three years if you want to go down that path. If you need money sooner than that, then just selling something like you mentioned, deal flow, whatever it is, will make you money sooner or even just freelancing or stuff like that. Yep. So that’s what I was trying to get out of you is like, you’ve done a lot of different things. Like they’re all pretty disparate. Yeah.

29:32
And the question is, like, if someone came to you and asked that exact question, yeah, what would you have done? What would you advise them? Yeah, yeah. It’s, mean, it’s funny, because like, I’m not a one size fits all guy. That’s like you say, Yeah, well, hey, I mean, look, if you’re good looking, and you’re charismatic, and whatever, like contents, you’re gonna do better at content than the guy who’s not. Right? So it’s like, absolutely true. Everyone has a unique skill set. If you’re introverted, and you hate sales, you’re not going to be a dealmaker. Probably.

30:01
Like, so you shouldn’t be thinking about deal making. You should be thinking about freelancing and doing back end stuff for people. So like, it’s so hard, but you I forgot you asked me the question of what I have maxed out my credit cards in that hypothetical situation. And the answer is yes. I mean, the answer is like, I got to forge a new path. Let’s say I learned the skill of flipping houses. I’m confident in my ability, even though I’ve never done it. I think I know enough. I mean, I have to take the risk at this point. And the reality is if

30:30
If I fail, I’m going to learn something and yeah, I might, you know, put us in huge credit card debt and whatever, but go bankrupt. Like two years from now, you’ll be back. Fine. The same. You’re all right. Once again, I don’t think they’re in much of a different situation. You’re still, you know, paycheck to paycheck, you know, you probably already have some current debt anyways. Like it’s, really not that big of a difference. Like I said, zero is the same as negative 50,000. Like they’re the same.

30:59
So it’s so interesting, Ryan, like we’re pretty different personality wise. Maybe it’s just because the way I was brought up just more conservative use, you have a lot more risk tolerance than I do, which is which is really interesting. Actually, I find it pretty fascinating. Yeah, let’s switch gears a little bit. Let’s talk about automation. So you’re able to do all of these things in a short period of time, because you have these systems in place. Yeah. What are these systems, for example, that you have? And what are some of your philosophies on that on that matter? Hmm. I mean, we got a lot of systems in place. Yeah. And also,

31:28
Speaking of risk tolerance, too, you know, my family lost everything. You know, my mom was a realtor. She, you know, got killed and or not killed, but like, you know, her business got destroyed in 2008 when Oh, yeah, I remember that. And so like, she never recovered. My dad had a convenience store. You know, and I think he had like two or three and then lost them all. Never recovered. Thankfully, you know, my dad works for me now as a project manager and

31:58
You know, I’ve been able to retire him. He likes to work, so it’s fine. But they were always anti-risk because they had been burned so bad. And so my mom never wanted me to get into real estate. She was like, go get a safe government job. Like do those things and whatever. So my parents said too. Yeah. I’m like, no, I’m good. Like I’m not going to do that. And so yeah, I’ve always been a risk taker, not from influence or any, but just like, bro, if you want to accomplish anything big.

32:27
you got to take risk. And if you choose not to take risk, you’re taking a risk that you think everything will stay status quo, which is not going to happen. AI is going to take a job before status quo stays the same, right? So you should be always on like the innovation side. But anyways, you know, how do we handle everything today? I mean, just great people, man. I mean, at the end of the day, I am just very trusting.

32:55
of my staff and team, like I believe they’re going to get things done. I believe that, you know, we’ve got good processes to make sure they’re doing their jobs. And I believe they’re smart enough to fix processes when they’re, you know, not working the right way. And so, you know, it takes a lot of trust to have the right systems in place. But you know, every business has like, SOPs and everything else that you need for anybody to come in and do the job. You know, what’s funny is,

33:24
And the way I operate is I’m a little anti employee kind of kind of like the opposite of you actually, I used to be an engineering director guy, and I had a lot of people under me. And like they were great workers. But I remember I hated dealing with like the emotional side. She was management. Yeah, you know what I mean? Yep. So that’s why I’ve run all my stuff with as few employees as possible. And I used to be an engineer. So I code up all my own stuff. And most of my stuff is automated with machines and code got it and

33:51
We’re living in a golden age, right, of AI. You should be able to, in theory, the next few years, automate even more stuff. What is your philosophy on those things? are you, you mentioned you’re very trusting. Have you ever been burned before? Can you talk about like the overhead of managing so many people? You said there’s what, 90 people in your organization? Yeah, so I think a few things, right? So one is, have I been burned before? Oh yeah, freaking every week, some stupid happens, right? Somebody,

34:20
doesn’t close a deal, they should have closed somebody pisses off a customer somebody. I mean, that’s that’s what running a business is, you know? Yeah. McDonald’s screws up every freaking day, right? But they’re still McDonald’s. And, you know, they’re good. So look, at the end of the day, no big thing has ever been done by a small, small team or just one person, right? Like you want to create big, you need a lot of people. That’s just what it comes down to. And so

34:48
you know, and especially with any business like with scale just comes just doing more of what you currently do. So it’s like, if I want to sell more, I need more sales guys. It’s not like I have to reinvent the script or anything. I just got to increase the inputs of, how do we get more leads? And then now that we have more leads, how do we handle those leads? Well, I need more sales guys, right? So, you know, in order to scale, it always requires more human capital. know, let me ask you this.

35:18
What is your reason for wanting to scale so large? What is your reason to be in business in the first place? What do you value the most? So there’s a lot of philosophy behind everything. there’s three stages to making money. The first is you’re just trying to provide for yourself. And that’s where most people are, unfortunately. The second is once you’ve provided for yourself, it’s, man, how do I provide for those who are close to me? My parents, my whatever, right?

35:47
And then once you’ve done that, the third is, man, all right, well, how do I really just add value to the world, you know, at this point, because everything else that’s close to me is done. So, you know, for me, you know, I’m in that stage three. And, you know, you’re asking me about my book and the everything behind them, like, I’m just giving it away for free. Basically, like, I don’t, it doesn’t matter to me. Like, it’s really a here, let me help the world type play. Sure. And when I think about

36:15
social media and the businesses I’m building, you know, the one thing we teach is like reverse engineering from the big goal to figuring out what you should be doing on day-to-day basis. So like, for me, as a Christian, my big goal is just bringing more people to Jesus. And so like, when you read The Wealthy Way, there’s so many elements of faith in there. You know, we just started a new company called Wealthy Kingdom for Christian entrepreneurs. You know, my content has a lot of faith-based elements in it.

36:45
And for me, I just realized like, you know, there’s not a lot of Christian entrepreneurs out there that are like have influence and many are actually anti Christian, you know, there’s lots of atheists, there’s Scientology, there’s like, just people who, whatever, right. And so I’m looking at this and I’m like, man, if this is what every young entrepreneur is watching, and yeah, they’re learning great business tactics and all this, but they’re going to be screwed for eternity because nobody’s telling him the truth.

37:14
That’s a huge problem. And so, you know, I’ve kind of taken on myself of like, look, you know, the more successful I become in business, the more that more people are going to listen to me because of the success, then I can tell them the truth of what’s actually important. And I can have authority to say it because it’s not like I’m some broke guy telling you that you should do that. It’s like, no, dude, like I’ve done everything you want to do. It’s not as important as you think.

37:43
this is far more important. you know, social media is like the biggest way to get any message out today. That’s why influence is so important. You know, so business influence and then, you know, the more money you make, right, you can fund your initiatives that are important to you. So, you know, I’ve got enough crap for me. Okay. How do I, how do I fund, you know, building churches and mission trips and all these other things that need funding? Because like, I believe

38:12
you know, as a Christian, we’re all part of the body, meaning we all have a separate role to play. And so it’s like, my role may not be to be the pastor, my role may not be to be the missionary, but somebody’s got to finance those people because that is their role. And so if like, I have this skill set, once again, goes back to skill set. such a big proponent of understanding who you are and what your skill set is and what your natural God given gifts are. If you can know those, then you can understand what your purpose is for

38:42
using those skills. you know, if you’re a freaking rock star salesperson, be a rock star salesperson. Don’t try to be an accountant, you know, so yeah, everything stems back to the end goal of why I’m on this earth and you know what God’s calling me to do. And right now it’s like, dude, it to me, it would be disobedient to just take it easy and chill. Like that’s why you’ll never hear me talk about retirement. It’s like,

39:11
There’s nowhere in the Bible that retirement is like discussed. It’s not a thing, right? We’re meant to work. And if I was just to be like, yeah, you know, I got enough passive income now that I can go live on the beach and drink pina coladas the rest of my days and play golf. What a waste of talent, you know, and like, that is not what God called us to do. So I’m motivated every day to, go do things and use the gifts.

39:37
Yeah, I agree with you. I’m never retiring either. The only thing that I’ve been running into problems with is, I don’t know how old your kids are. My kids are teenagers now. And there’s a lot of stuff. You know, so I find myself like, they’re always my top priority. And it, you know, it takes a lot of time and you just can’t do everything. Yeah. And on the flip side, also just, I don’t like dealing with like the emotional headaches of

40:01
Managing. I like I don’t know how you do it. I’m just trying to learn how you’re doing it. Yeah, because I don’t want 80 people. Yeah, I definitely don’t need people. Yeah, that was the first half of your question. So like, here’s the thing. I don’t want to manage 80 people either did like, so, you know, it goes back to the visionary integrator role. like, it just became famous in EOS. And, you know, at the end of the day, I’m a visionary through and through, I am not a manager, which is like why I didn’t want to be a realtor like that. That’s being a manager. So I’m not at the office right now.

40:31
I am not managing the people working on a day to day basis. I don’t run meetings. I’m not sitting in any of this stuff. I’m out here creating inspiring, you know, thinking of big ideas and vision. And that’s what pushes the company to be as because basically the company can only be as big as I envision it, right? Like nobody else is going to, you know, push forward, right? But there’s lots of people who can, I can find to help execute my vision and manage the day to day. And so, you know, I don’t manage anyone truthfully.

41:00
the way we’re structured right now is I have a parent company called the Panada company. And we have a C suite. So I have a CEO, CFO, CTO, all that. And their job is to support all the sister companies in the portfolio. And so my COO checks in with the COO of, you know, wealthy investor. And he says, Hey, how’s everything going? Are we hitting our numbers like

41:26
Do we got to make any adjustments? Do we got to hire somebody? Do we got to fire somebody? Like he’s doing all that stuff. I don’t have those conversations. Like I truthfully, I walk in the office and there’s new people there every week. I’m like, Oh, who are you? You know, like, don’t know. And then I’ve never talked to him. And then, you know, I meet him because it’s the COOs job to go hire them and manage them and fire them and, you know, like it’s not working out. So I don’t do any management at all, really. Nice. Okay. Yeah, that makes a lot of sense, Ryan.

41:56
Hey, I want to be respectful of your time. Where can people find more about your book and all the different things that you do? Yeah, I would say go to wealthyway.com to go get access to my book and a bunch of free courses and resources. You know, that’s kind of like one of my biggest givebacks to the world. So definitely check that out. And then, you know, for finding me, I’m everywhere on social media. So if you just search Ryan Panetta, you’ll find me and, know, hopefully you like the content and it’s valuable. Cool.

42:25
Well, Ryan, really appreciate your time, man. Thanks for coming on. Yeah, thanks for having me.

42:32
Hope you enjoyed that episode. And if you want to learn more about Ryan, head on over to his website over at RyanPanetta.com. For more information about this episode, go to MyWifeCouterJob.com slash episode 480. And once again, I want to thank Getita for sponsoring this episode. If you sell on Amazon FBA and you like free money, you can get over $400 in free reimbursements when you sign up for Getita over at MyWifeCouterJob.com slash Getita. That’s MyWifeCouterJob.com slash getida. I also want to thank Quiet Light Brokerage.

43:02
Quiet Light Brokerage is my go-to place when I want to buy or sell a business and I’ve known them for over 10 years, recently sold a company through them and I trust them 100%. If you want a free valuation for your business or if you just want to get some free advice, head on over to mywifequietlight.com. That’s mywifequietlight.com. if you’re interested in starting your own e-commerce store, head on over to mywifequietlight.com and sign up for my free six day mini course.

43:31
Just type in your email and I’ll send you the course right away. Thanks for listening.

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479: Monetize Your Voice: How To Turn A Podcast Into A Multi 6 Figure Business With Ryan Michler

479: Monetize Your Voice: How To Turn A Podcast Into A Multi 6 Figure Business With Ryan Michler

Today, I’m thrilled to have Ryan Michler on the show.  Ryan is the host of the incredibly popular Podcast, Order of Man, where he discusses how to become a more effective father, husband, business owner, and community leader.

In this episode, you’ll learn how Ryan got started, his philosophies on life and how he turned his podcast into several multi six figure businesses.

What You’ll Learn

  • How Ryan started The Order Of Man Podcast
  • How to grow a podcast and turn it into a business
  • The biggest mistakes new podcasters make

Other Resources And Books

Sponsors

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Transcript

00:00
You’re listening to the My Wife, Quit Her Job podcast, the place where I bring on successful bootstrap business owners and delve deeply into what strategies are working and what strategies are not with their businesses. And today I’m thrilled to have Ryan Mickler on the show. And Ryan is the host of the incredibly popular podcast Order of Man. And in this episode, you’ll learn how Ryan turned his podcast into several multi six figure businesses. But before we begin, I want to give a quick shout out to Katita for sponsoring this episode. Katita is a tool that basically gives you free money every month

00:30
when you sell on Amazon, and I’m not even exaggerating. If you’ve been selling on Amazon FBA for any length of time, you know that Amazon is horrible at managing inventory and they lose or break your products all the time. In fact, I’m willing to bet that Amazon owes you a ton of money right now. Now the problem is that in order to get your money back, you have to manually track your inventory and manually file for a reimbursement. Well, Getita handles all the paperwork for you and takes just 25 % of whatever you get back.

00:57
And basically, you only pay when Katita makes you money, which makes it a no-brainer to sign up. Not only that, but Katita is giving away $400 in free reimbursements when you sign up over at mywifequitterjob.com slash Katita. That’s mywifequitterjob.com slash G-E-T-I-D-A. I also want to thank Quiet Light for sponsoring this episode. If you are looking to buy or sell your business, Quiet Light Brokerage is my go-to firm to help you get top dollar for your company.

01:25
Now I’ve known Joe Valley and the guys over at Quiet Light for over 10 years now, and I trust and highly recommend their services. So if you’re looking to buy or sell a business, head on over to mywifequitterjob.com slash Quiet Light and get a free valuation of your business. Someone from Quiet Light will speak to you for free. Once again, that’s mywifequitterjob.com slash Q-U-I-E-T-L-I-G-H-T. Now on to the show.

01:55
Welcome to the My Wife, Could Her Job podcast. Today I have my friend Ryan Mickler on the show. Now, Ryan and I have been in contact since 2016 and I’ve been a fan for a long time. He runs the popular podcast, Order of Man, where he talks about how to become a more effective father, husband, business owner, and community leader. And he embodies a lot of the principles that I believe in. And what’s amazing is that he’s turned his content channels into multiple six-figure businesses. So in this episode,

02:24
We’re going to talk about how Ryan got started, his philosophies, how he grew his podcast and turned it into a business. And with that, welcome to the show, Ryan. How are doing today, man? is up, man? It’s good to see you. We were talking about it. It’s been a whole week, I think, since we’ve seen each other last. So it’s, it’s always a pleasure to talk with you, You know, what’s funny is I was looking at your podcast last night and you are at over 1000 episodes. That’s nuts. Emma, I knew I was getting close. I don’t.

02:53
I’m not really that great when it comes to the numbers and the data. So I knew we were getting close. I was gonna do a special 1,000th episode and apparently it came and went and I didn’t even know. So that’s awesome. That’s good. Thanks for telling me. actually at 1054, by the way. Oh, is that right? So I’m way over. Okay. Well, thanks for telling me. Maybe save that for like the 2,000th episode or something like that.

03:17
Maybe, you know, it’s funny, everybody has these benchmarks and they’re arbitrary, right? A thousand. What’s the difference between 990 and a thousand? Not really much, but I don’t, don’t, I’ve never really gotten into the benchmarks. I feel like I’m just in the thing and I don’t care if it’s a thousand or 10,000 or two. And I’m, just excited about what we’re doing. And that’s the right attitude because that’s the low stress way of doing it. Right. These artificial benchmarks, they don’t matter. Right. They don’t. stress out over them? Yeah. Yeah. Yeah. Agreed.

03:46
So Ryan, what is your podcast about? When did you start and why did you start? So our podcast is called Order of Man. And really if we strip everything else away, what I’m trying to do is interview incredible men. You said that we’ve got over a thousand episodes. I think somewhere around 440 or 450 ish are interviews that I’ve done with guys like.

04:12
Harry Cruz and we just had George Foreman on the podcast and Tim Tebow and Ben Shapiro and David Goggins, Jocko Willink. We’ve had unbelievable men on the podcast. And really what I want to do is learn from them. I want to figure out what makes them tick, what’s made them successful, break that down, give it to our people who are listening in actionable advice and steps and procedures so that we can replicate the results.

04:40
And I started this thing in 2015. I was doing another podcast at the time. It was called Wealth Anatomy and it was dedicated to helping medical professionals with their financial services. And I realized very quickly that I love the medium of podcasting, but I just, didn’t want to have that same long drawn out conversation about money. So I kept doing the financial advice stuff and then I pivoted.

05:07
from Wealth Anatomy, that podcast, to Order of Man, and it immediately, I think the first day that we put Order of Man out there, had more downloads than any of the highest days with that Wealth Anatomy podcast. So, it was pretty interesting to see it grow, which is a testament to the fact that guys want this information. They wanna learn how to be better men. They wanna thrive and grow and develop. And you see a lot in the men’s movement now, and that’s great. I love that. I think there needs to be more men talking about these issues. But our timing was,

05:36
pretty impeccable and it wasn’t deliberate. I’m not saying that I timed the market exactly right. I just happened to be in the right place at the right time with the right information and it seems to be working. I mean, that’s what I like really. I know as a guy, at least I’m just speaking for myself, not all men obviously, but I have problems talking about a lot of things and just the act of hearing other people have similar problems that I do really makes me feel a lot better about myself and that’s why I think your podcast is so great.

06:04
Yeah, I think I do. think that is true. Guys, guys have a hard time generally speaking, uh, talking about their issues and there’s a lot of bravado and there’s a lot of, uh, chest thumping and, and, know, making it appear as if we have things figured out. I, know, I’ve done that admittedly, you know, over the past, uh, eight years now, however long we’ve been going with the podcast. Um, but I, I realized too, through my own personal struggles, especially recently,

06:31
The more that I’m transparent about those things, the more that I open up and I share what’s really going on in my life, highs and lows, the more people connect with me, the more they resonate with me, the more connected I am with them and the better I can serve them. Because in a way it’s almost as if men are looking for permission in a way they don’t need it, but they’re looking for it to, to have a band of brothers, to have other guys in their corner to

07:01
shows some flaws and some weaknesses and maybe even vulnerability. But I found it’s a very powerful tool. If used correctly, there are inappropriate ways to use it. But if used correctly, it can really help a guy heal and grow and develop and become a better man. I found some of my best experiences has been when so every year prior to COVID, I used my friend Billy Murphy used to put on what he would call a mancation. And it would just be a group of entrepreneurs who would

07:30
you know, just get a really large house and just hang out for multiple days and just really tell like how it is because I think I blame social media for this. On social media, all you see are like the greatest hits, but even successful people, they have problems too. And you don’t realize that. And sometimes if you’re just looking at social media, you’re comparing yourself to the forward facing part of someone’s business or identity. And you can’t really get to the bottom of this until

07:58
You’re kind of in a more private setting. Yeah. Well, and look from a personal level, it’s good to show people your weaknesses. If it’s in a safe environment, you know, I hesitate to use the word safe space, for example. I don’t like that term, but there has to be somewhat of a safe environment to share these things. But so that’s personally, but professionally.

08:24
You know, think there’s so many people out there looking for angles, looking for ways to go, looking for products or services to offer, and they’re basing what they want to pursue on what they believe the market will bear or be interested in. And what I’ve found is that if you just offer solutions to your own problems, you’re going to find enough people that have the same problems you do.

08:52
that are looking for solutions to those problems. Now you might not get 300 million clients. Could you get a thousand 10,000? Yeah, absolutely. In any niche in any sector, it just does not matter. But if it’s your problem, you’re have a much better time resonating with your potential audience. I 100 % agree. And I think our business is the perfect testament to that. I mean, we sell handkerchiefs, right? Right. Who knew that people had that problem? We had that problem. And it turns out a lot of people do. So exactly.

09:22
Yeah. you can talk about it from a position of credibility too, because you can say, Hey, here was the issue I was having. Here’s what I was struggling with. Here’s where I went. Here’s the solutions I look for. They weren’t available. And you’re actually being real and everybody else, know, where you’re landing when everybody else is like, I get this a lot, man, you’re in my head today. No, I’m not in your head. I’m in my head. You just happen to think like me. Like, I’m not trying to solve your problems. I’m trying to solve my own and just planting our flag.

09:49
And then those who are interested in the solutions that I personally am interested in will find me and they think I’m in their head. I’m not, I’m in my own head. You just happen to be in the same boat.

10:01
I am curious then. So you mentioned when you started Order of Man, the podcast just took off. Was the other podcast kind of struggling and was that a signal to you that you shouldn’t be doing that one anymore? It did struggle. And I think part of that was because of the niche that it was. was financial advice for medical professionals. So it was hyper, hyper niched. not, I just, I just don’t think my heart was in it.

10:25
frankly, it really wasn’t that it wasn’t getting downloads or that it wasn’t taking off the way that I shot thought it should, because I actually didn’t know. didn’t have anything to compare it to. I do remember my very first client that I picked up from the podcast. It was a pediatric dentist or maybe he was a physician and it’s been a long time. He was a pediatric something and, and, uh, he called me up and I got on the phone with him and he said, Hey, uh, I need disability insurance.

10:54
So great, that’s pretty common for doctors. so I said, well, tell me a little bit about what you’re looking for. And he rattled off a laundry list of items that he was looking for. He’s like, I need this disability insurance with these features, this benefit, this and much, these clauses. Now don’t know about you, but nobody knows about disability insurance. Like they maybe have a general idea of what it is, but they don’t know the features and the benefits and how it works and the definitions. This guy knew everything.

11:19
So I said to him, said, Hey, like you’re either shopping and you’re very familiar with this or I don’t know. you in the industry or like, how do you know so much about disability insurance? And I’ll never forget it. He said, Oh, I just listened to the podcast you did on disability insurance. And I wrote down everything you told me I needed. Wow. I was like, Oh, okay. Got it. I realized the power of this. Now I’m in somebody’s earbuds for 20 minutes or an hour.

11:48
And they’re looking at me as an authority figure, whether I am or not, that’s the perception on their end. And I realized how powerful it could be when you’re talking to the right people through this medium and leveraging your time. But to your point, I, my heart wasn’t in it. I remember I got a phone call from one of my clients and I looked down at my cell phone and I was like, it wasn’t because of that client. actually love those clients. In fact, they’re still friends of mine.

12:17
It was that I just didn’t want to talk about their investment portfolio. I didn’t want them to say, should we sell or buy or rebalance? I did not want to have that conversation and realized at that point that it was time to put more effort into Order of Man and less effort into the financial planning stuff. So I know that running a podcast is tough. So you mentioned Order of Man kind of took off as soon as you launched it. I think that’s kind of rare because I think the discoverability of podcasts is very difficult. So

12:46
How did you get Order of Man off to such a great start when you started in the very beginning? I took the approach of asking for forgiveness rather than asking for permission. I’m not sure I would necessarily advocate for that, but I’m just trying to be truthful in what I did. I had a list of

13:11
emails from my previous podcast and from my clients and prospects in the financial planning world. I’ve always been into marketing and to some aspect. And so I was always aware of capturing people’s information. So I did that. And when I launched the podcast, I just sent out a message and email to everybody. And I said, Hey, look, I know this is completely different than I’ve done before. This may or may not be relevant or pertinent or informative for you, but here’s a new project I’m starting.

13:40
And if you feel so inclined to have a listen, join us, subscribe. I started a Facebook group at the time and that did really, really well. And I just invited a bunch of people without asking. Again, I don’t know if I would advocate for that, but that’s what I did. And then I also did one other thing that was really, really instrumental early on. I looked for events that were taking place where there would be people in the space that I was interested in getting in.

14:10
And there was an event being put on by Erin Marino and Antonio Centeno. You know both of them, bet. Yep. And it was called, what was it called? I think it was called, well, before that, before Memfluential, I think it was called, was it, was it StyleCon maybe? StyleCon, StyleCon, So, it was StyleCon. I think it was their second year they did it. And I reached out to Erin, or,

14:37
Antonio and I said, Antonio, I’m Ryan. Here’s what I’m doing. Can I come speak? And, and he’s like, no, you can’t come speak. I don’t know you. I don’t know what you’re doing. I hadn’t really even launched anything yet. He’s like, but why don’t you come out and introduce yourself and we’ll talk and we’ll see where it goes. And I did, I went out there and I talked with Antonio and, um, the other presenters. looked at the other presenters who were going to be out there. Brett McKay with art of manliness was one of them. And he’s big into the space that we’re in now.

15:06
Um, and I emailed and messaged every single one of the speakers and presenters and introduced myself before I went to the event. And in fact, I’m friends with a lot of them. just talked with Antonio last week and still a friend, uh, Eric Bandholz with beard brand. I have a conversation with him on Wednesday. Like I’m Tanner Guzzi. I’m friends with a lot of these guys still, but positioning myself when I really didn’t have the right, I guess you could say to do so.

15:35
was pretty ballsy, I think of me, but it paid off really, really well. And Aaron Marino was kind enough to do a, I did a write-up on all of these guys on my, on my website and I just did a little bio and what they were about and who they were. I shared it and Aaron Marino shared it on his end and it exploded. Like it just took that, that, that article or that page just took off. And so I credit a lot of my early success to Aaron and Antonio and

16:05
and these guys that I met at StyleCon, which turned into Menfluential. Yeah, I was in Antonio’s mastermind groups for the last several sessions and I was at the last Menfluential. Oh, you were, okay. one that he held, Yeah. I was on a panel or he put me on a panel or something. So I mean, I love those guys and Aaron Oh, they’re phenomenal. Antonio is huge. They’re so giving. That’s probably the best word. They are. They are. They want people to win and succeed and if you can align yourself with people like that.

16:33
and also add value to their lives, which I try to do. It’s a no-brainer, it works.

16:39
So let me tell you, your statement about ask for forgiveness, not permission, I’ve been trying to instill that in my kids, but in such a way that they don’t do that to me. And it’s been kind of a struggle because I’m of the belief actually, that if you want something, you have to go out and get it. And if you sit there and wait for permission, it might not ever come. Yeah, that’s hard. I had a conversation with my oldest son and I can’t even remember what it is. It was a couple of weeks ago.

17:09
And he challenged me on something, not in a bad way, but I said something or asked him to do something or I don’t remember what it was. And he came back and he said, you know, no, or here’s what I think or whatever the situation was. And at first I was like, hey, I’m your dad, know, do what I say, like, listen. But then I was like, no, actually, this is a principle that I want him to learn. I actually want him to question. I want him to question authority. I want him to question the status quo. I want him to question why things are done the way they are.

17:39
And so that hat, if that’s what I believe, if that’s value that I have, then it has to be based in principle. And if it’s based in principle, then that means it applies broadly even to the relationship he has with his father, me. So it’s hard because you want them to obey you, but then also you want them to figure out some things on their own and go their own way. That’s a weird dichotomy. It’s very strange.

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19:23
It is, you know what’s funny is I don’t know if you listen to Tim Ferriss podcast. He just had an episode on with Derek Sivers. With Derek Sivers who I love, that’s why I listen to that episode. And they were talking about this exact same thing. Like you need to pick and choose from your ideologies and just go with what you believe in really. And you should question, you should question people.

19:50
you know, why they do things. And it’s funny that that’s how I got promoted at work. Once my businesses started taking off, I stopped caring. And then I started questioning a lot of things my my bosses were doing and the decisions they were making. And ironically, that’s what got me promoted, ultimately. So it does work. And I think when people hear that they might be tempted to game that like, if I don’t care, then it’ll work. It’s like, No, you actually have to be indifferent.

20:20
And you can’t manufacture indifference because if you manufacture it, then that’s actually not indifference. You actually care deeply about it. Indifference is I genuinely do not care. I don’t think about it. doesn’t cross my mind. Uh, it doesn’t impact or affect me. the question then becomes, how do you become indifferent? Well, you make yourself successful and then you’re no longer relying on other people’s opinions or your paycheck. So for example, let’s say you’ve got a million dollars in your bank account.

20:50
got a million dollars sitting there and your boss comes to you and says, hey, I need you to do something and it’s going to go against your principles and values. If you’ve got a million dollars in your bank account, you’re not going to do that. No, I’m not going to do that because you can afford to walk away. If you are up to debt, up to your eyeballs in debt and your boss comes to you and says, hey, I need you to do this thing and it might go against your values and principles, you’re probably actually going to do it. You’re probably going to do it.

21:18
because you’re beholden to that occupation, that job, because you’re broke. It’s the same thing with your physical health. It’s the same thing with your spiritual wellbeing and welfare. It’s the same thing with your physical environment. It’s the same thing with the relationships that you have. I was talking with, again, with my oldest son, and he’s really hung up on this girl, like really hung up on this girl. And she’s not interested. Like she’s just not interested, which we all know what that’s like. That’s hard. That sucks.

21:46
And he’s like, well, you know, she said this and she said, I’m like, bud, she’s toying with you. She’s stringing you along. She’s not interested. And he alluded to the fact, he’s like, well, I like her. There isn’t anybody else. I said, that’s the problem. That’s the problem right there. The problem is there’s nobody else. You have no other options and therefore you’re hung up and you’re obsessed with this one person. But if you had other viable options and you kept the field open,

22:13
you wouldn’t have to be so hung up on this one particular girl. And again, principles, they apply broadly and they apply across the board. Absolutely. I mean, on the income side, which is mainly what we cover on this pod, know, diversifying your income streams. If you’re not depending on any one, then you have a lot more mental freedom in addition to time to do what you want also. Yeah, absolutely. Well, and the cool thing about

22:39
being in a business like you are like I am is, you know, I’m fully into this thing. I’m fully bought in and fully vested into this thing. But even still that diversifying your income is a crucial element of it, but you can do that within your business too. So podcast sponsorships and ads is one way. We don’t do a lot of that. We do that a little bit for a select few companies. Another way is a membership program that we have, and that’s the bulk of our revenue.

23:07
But just because we have good revenue coming in through that doesn’t mean that I’m not going to close myself off to other ideas. So merchandise, that’s become a big, you know, I’ve got a hat, I’ve got a shirt, I’ve got other products. Events, you know, events. I don’t know, I’m questioning events this year, but I can question it because I don’t need it, right? If I needed to do events for the revenue, then I would do it. But now I can question whether or not I want to or whether or not it’s something I’m even interested in.

23:33
because I have other revenue sources and it’s not gonna greatly impact my lifestyle. So I wholeheartedly agree with the multiple ways of making money. Actually, let’s get into that because I know a podcast in itself doesn’t make any money. So you mentioned a couple things. So you have a membership site. How does that work? And what is it all about? Well, let me say this about a podcast because there is a lot of confusion about that. You’re right. Just because you put a podcast

24:02
on the internet doesn’t mean it’s going to make money. I think if more people looked at podcasting as a marketing channel, they would look at it a lot more successfully because that’s really what it is. I mean, yes, you can sell sponsors and ads and things like this. And that’s one way your podcast can generate revenue in and of itself. But I look at my podcast as a mark, one of my marketing channels, just like I would look at with Facebook or Instagram or YouTube or emailing or direct marketing or any number of ways to market. Uh, but the

24:31
The primary bulk of what we do is our our membership. And I think we’ve got over 1200 members of that right now. And these are all men who join us and we hold each other accountable. We’ve got assignments and we’ve got monthly topics. In fact, the guy that does our monthly topics just sent me an email for the month of May. So I’ve got to review that this afternoon. Uh, and then we have teams that are all working together, regional channels. So guys can get together face to face if they so desire, uh, challenges.

25:01
different channels. So if they want to talk about fatherhood or they want to talk about overcoming pornography or firearms or hunting, there’s different channels. And so they can customize their experience based on what is most interesting to them at any given moment. So that’s been very successful and we’ve got a lot of, a lot of powerful responses or success stories in, in, that brotherhood. I mean, that’s really impressive. I know

25:30
starting any membership site, there’s always this chicken and egg problem, right? Because you can’t get people to join unless there’s already a lot of activity. Otherwise they’ll be disappointed. But on the other hand, you can’t have a lot of activity unless you have a lot of members. So how did you actually start that membership site? I actually don’t think that’s a big problem. I think that’s something that we tend to manufacture in our minds and then it keeps us from moving forward. So we might do that deliberately because we don’t want to do it.

25:55
Or we might be a perfectionist. So we think everything has to be perfect before we start something But I’ll tell you the origin with what it’s called the iron council and I’ll tell you the origin we had the podcast going for about I think it was about six or seven months and we had the Facebook group and My wife came to me and she said hey, right I really love that you’re doing this order a man thing. Like you seem happy about it. Like you’re fulfilled. It’s been fun But it’s taking away from the family financial

26:24
you know, income because you’re not doing the financial planning stuff as much. You’re doing this business. So I think you either ought to scale back or find a way to make money. And I was like, well, she’s right. Like, well, I’m not scaling back. If anything, I’m to double down on this. Right. And I had listened to a podcast, I believe is with Pat Flynn. And I can’t remember the gentleman that he had on, but he was talking about courses like four, eight week courses. And I thought, well, that might be cool. Like maybe I could do that.

26:53
And I had done a YouTube video called 8 Skill Sets Every Man Needs to Master and it did really, really well on YouTube. And I thought, well, what if I take that 8 skill sets and we incorporate that into a course and I’ll do a 12 week course and we’ll do an introductory week and then we’ll do the 8 skill sets, one per week, and then we’ll do a recap and that’ll be the 12 week course. And I’ll do a special Facebook group for it and I’ll

27:21
do a monthly topic for the guys and that’s the value that I’ll add. And so that’s what I decided to do. And I charged $97 for the course. I didn’t know. was like, okay, I’ll charge. And, and I said, I only have 12 spots available. And that was, that was actually key is that I didn’t just open it up and say, Hey, everybody and anybody said, we only have 12 spots. We’re just testing it. We’re going to see how it works. We’re going to see if you guys are interested in. And that’s where I think people think that they need to have everything figured out.

27:51
or that they need to have a lot of activity. They don’t. You just need to be honest with people. Hey, we’re just trying this. We’re seeing how it goes. There’s only 12 spots. I’m just testing it. So it’s not perfect, but here’s what it is. And in reality, I didn’t even have all the course material done. All I had was the outline so I could sell the course and the first week’s ready to go. And then what I was doing is as we were going through week one, I was actually putting together a course two or excuse me, week two course material as we were doing week one.

28:22
And so we get about eight, nine weeks, it’s a 12 week program. So we get eight, nine weeks into this thing and the guys are like, Hey, like, what do we do when this is over? Like, this is awesome. We love this. What, what do we do next? I’m like, Oh, I don’t know. I hadn’t really thought about it. And at that point we opened up the iron council as more of a permanent thing, not just a course. And you know, we had our first 50 members, 80, a hundred members fairly quickly. So yeah, I hear what you’re saying about like, Oh, I want to have it perfect. I get it.

28:52
I think that’s noble, but it’s just not going to get you anywhere. Start with a minimum viable product, launch it, get 10, 12 people into it, and then you can build it as, build the airplane as, as it’s flying, as they say, I guess. So it’s funny is, uh, your story is pretty much similar to mine. Like I actually just couldn’t get myself to start a course. And so finally I decided to just launch it with nothing. And I said, Hey,

29:20
I’m just going to tell you guys upfront, I have no material, but if you guys sign up, I’ll promise I’ll deliver a good class. I ended up signing 35 people at 300 bucks. And then all of a sudden I was like, Oh man, I guess I have to deliver now. Yeah. And that forced me to do it. Same. I mean, I had, I had the outline and, but I knew that the guys relying on me for a week too. So I had to bust my butt to get week two done. I remember, uh, Mark Gubloski is the first person that signed up. In fact, a couple of years ago, he sent me the email.

29:50
So he signed up with us about eight years ago. He’s still part of the iron council. He’s the very first member outside of me of the iron council. And I still have the email and I said, Hey Mark, you know, thanks for believing in me. Like it was just one me. Now it’s two of us. This is awesome. I’m excited. And I remember when he signed up, I was like, this guy is an idiot. It’s like, he doesn’t know me. He doesn’t know what I’m putting together. He just spent money and it, you know, it was only a hundred bucks, but

30:19
Why would he do that? And just the level of faith that he had in me keeps me driving. The level of faith a lot of guys have in what we’re doing keeps me driving and motivated. But yeah, you gotta be really, really careful in this arena, this digital space of thinking that you have to have this perfect thing. Just figure out a way to connect with people around an idea or a concept or a problem and just be honest about it and they’re gonna wanna do more work with you. I promise you, they’re gonna.

30:49
It’s funny, I remember my first couple signups also and one guy, his name is Joel Cherico, he was a potter and he actually couldn’t afford the full tuition. So I actually took him on, I think at a hundred bucks or something like that. And today he actually makes mid six figures making his own pottery. And at the time I was thinking to myself, I don’t know if I can get it, get you to work because you have to make all the pots and then.

31:16
Pottery is kind of like an art form. And so you have to build an audience in order to charge higher prices. Yeah. But he made it work and that just made me so happy. Yeah. Good for you and good for him for doing it too. I think he brought up a good point too about you have to have an audience and that is important because if you have a product, even if it’s the best product in the world, which it sounds like you and I did not have that. But even if it is the best in the world, you do have to offer it to somebody. And who are you going to offer it to? If you don’t have a

31:46
a list or a Facebook group or a social media presence or a podcast or some sort of community, free community, where you can speak freely and talk with these people about those issues. And you want to weave a common thread through it all. So it can’t just be like, I want to help people. Well, no shit. Everybody wants to help people. How, how exactly do you want to help people? What’s relevant to you? What’s relevant to them? Who are you speaking to? What problems do you have? If you can

32:14
tie that common thread through all of your conversations in a free community or better yet, multitude of free communities, then you’ll actually have somebody to offer something to when you decide to do that. Yeah. So I mean, is your primary lead gen your podcast? Yeah, I would say podcast. mean, we have millions and millions of downloads a month at this point. So podcasts and then driving them to emails.

32:41
YouTube and Instagram are pretty active. We’ve got about 72,000, I believe, members of a Facebook group, a close Facebook group that generates something. then our emails, if I didn’t already say that.

32:59
Yeah, yeah, for me, email is probably the most important, but you do have to get people on the emails. So you need a way to do that. Let me ask you this. So growing a podcast is tough. So you had that initial push from guys like Aaron and Antonio, but it’s grown to, you said, millions of downloads. What are some of the things that you’ve done that have moved the needle the most in terms of growing a podcast?

33:24
Well, we’re an interview show primarily. We do three podcasts per week now. So the Tuesday episode is an interview, like for example, the one with George Foreman and then Wednesday is an ask him anything where we field questions from our audience on various platforms. And then Friday is what we call the Friday field notes where it’s a monologue. It’s just me speaking on a particular subject from throughout the week that I’ve learned. But we started with the interview.

33:51
And the beauty of that was that I got to borrow other people’s credibility, you know, so they had already built up their audience and it’s, it is weird because a lot of times people won’t share podcasts that they’re on. I never really understood that, but I am wrapping my head around that. I have over the past several years, you have to make it really easy for people to share it. Like if you just, and you have to make them look good.

34:16
And a lot of podcasters don’t do that. Like I’ll go on a bunch of podcasts and then they send me a thumbnail or their work. I’m like, man, this just looks amateurish. Like this doesn’t elevate me in the eyes of my audience. Why would I share this with my audience? But if you can really elevate your guests by pulling out clips, pulling out the best clips, by having good audio, by having good video, by having good thumbnails, by having all of this stuff done and you send those assets to them, don’t bombard them.

34:46
but send it out over maybe a week or two weeks like, hey, here’s a video. Our podcast just drops. Here’s a video you can share. Here’s what you can say. Here’s the link. Like send it to me. So I know, so it makes it easy for me to share because I’m actually looking for powerful content that I can use to build up credibility with my own audience. And if you can’t provide that for me, I really have no compelling reason to share your podcast. So that is very, very important.

35:15
It’s the real work begins, I think, after you do the interview, after you have the conversation. And if you can realize that and recognize that you’re a marketer, most people don’t think they are like, well, I’m not a marketer. It’s kind of like a lawyer, like I’m not an attorney. Why are you ashamed of that? Same thing with marketing. I don’t want to be a sales guy. Why? The world revolves around selling things, whether you’re selling something professionally because you want to make a dollar or even selling yourself to

35:45
a future spouse, for example, or why a client should listen to you. Everything is sales, everything is marketing. And I got pretty good at that pretty quick by having relevant, interesting people on my podcast that my audience would resonate with. What you said was like the story of my life, because I was in former engineer. And I hated selling. And I just didn’t realize the importance until I started going into business. So who knows if I was still an engineer today, I

36:15
I might be the same guy huddled behind my computer, but thanks to business, I learned how to sell myself, sell products, sell pretty much anything, and you’re right. It’s a very important skill to have in life, because everything is sales, really. Well, even in engineering, there might be projects or proposals that you want to offer, recommendations that you’re making. You got to sell it. And if you don’t sell it,

36:38
the engineer down the hall is going to sell it and he’s going to win because you weren’t willing to sell yourself on why that person should buy your product or your service. know, every once in a while hear from people who are in a particular field and they see somebody who’s ultra successful. Like a notable example would be Jordan Peterson, right? He’s a psychologist. He’s a clinical psychologist. And he’s also a lecturer. He’s a

37:06
Professor, he’s a teacher. I don’t think that he is anymore, but he was. And it would be like hearing from a professor and they’re upset because Jordan Peterson gets so much attention or from a psychiatrist, he’s like, well, the stuff I share is just as valuable, but Jordan Peterson gets all the attention. Right, because he knows how to market himself. Here you are sitting and crying and complaining that he’s getting all the attention while you’re not doing anything to get attention.

37:32
So you can consider yourself a psychologist and people should just know and people should just beat down your doors or you can get off your high horse and realize that you need to go out and present yourself to the world so you can do good. Isn’t that what you want? A psychologist wants to serve and help people work through their issues. You can’t do that if nobody’s listening to you.

37:52
So on your podcast, from my understanding is you put out clips and you send them to your guests to get them to encourage to share it. Yeah. So these are some of extra things that you do. Yeah. Yeah. Another big, another big one is, and this is relatively new is collaborations on Instagram. So when you and I put out a podcast, you should invite me, you shouldn’t just tag me on the post on the clip. You should invite me as a collaborator.

38:18
because what that and again, it has to be high quality, has to be good. If it isn’t good, I’m not going to accept your, your invite, but if it is, then I’ll hit accept as a collaboration and then it’s going to post right on my feed. And that’s beautiful because I have to do nothing except for accept and you get full access to my entire Instagram, uh, followers. Right. Interesting.

38:44
Have you done a podcast co-labs with other podcasts where you do a read of theirs and they do a read of yours or anything like that? I haven’t done that. I don’t know. I haven’t done that. guess that that’s a possibility. That would certainly be something to entertain and look into. Um, that isn’t something I’ve done, so I can’t really speak on that. Sure. I do. I do tend to stay away from when people use the term podcast swap. I don’t, I don’t like that. Um, sure. Like

39:14
If I want to have you on the podcast, I don’t need, it’s not a tit for tat. Like if I want to have you on the podcast, I’ll have you on the podcast because I think you’re going to add value to my audience. Now in our case, we happen to be on each other’s podcast, but I wouldn’t consider this a podcast swap. Like I knew what you had to share because you’ve been on in the past is going to be relevant with my audience. And hopefully what I’m sharing is going to be relevant with yours, but it’s not like you scratch my back. I scratch yours. I don’t do that. Like I actually just hate that terminology. It’s, it’s, it’s ridiculous. Why do you hate it? What?

39:43
What is it? I do too. I’m curious. Yeah. The reason why is because after doing business for over a decade now, I feel like a lot of things are just transactional and that’s what I don’t like. You know, you do things because you want to do it. You don’t do things because you feel obligated to do it. And I always hate feeling obligated to do something. Yeah. You know, that one friend that you have, like everybody has, hasn’t, you pick up the phone. You’re like, Oh man, I like this person, but they’re going to ask me for something.

40:12
Like the relationship is only there because he’s going to call in favors. He’s going to ask you for something. You probably keep a score. He’s keeping tabs. Like that’s not a friend. You know, a friend will do. And I’ve got plenty of friends too, who, you know, if I asked him for something, they’re like, yeah, I’m there. He’ll drop everything and they won’t, they’re not telling it like, Oh, yep. I helped Ryan move. So now he owes me. No, that’s not how it works. So I try to find more people like that. And if I want to have somebody on the podcast,

40:43
I don’t need anything. I don’t need anything from you. I don’t need to be on your podcast. I don’t need you to like promote or whatever. I mean, sure, it’s nice, but I have people on the podcast because they’re going to add value to my audience. That’s the only reason I would have somebody on the podcast. And incidentally, this is why I typically never do any sponsored sort of posts or podcasts or anything like that, because it just, again, it feels like an obligation at that point. Yeah. So

41:11
So you don’t do, you do ads on your podcast? I do, but it’s only with companies I use. Yeah. Myself. I don’t even do ads really. I, there’s two companies I work with origin. Uh, and they do geese and they make, uh, American made boots and, and, jeans and then so we’re next exercise equipment. And both of the founders, Pete Roberts with origin and Bert Soren with Soren X. Those are personal friends of mine. Those aren’t business. They were friends first.

41:40
and I happen to use their stuff. I like their hunt line, I like their denim, I like their boots, I like their geese, and with Sorenex, I’ve got my own Sorenex. I buy their stuff. I buy stuff. And those are companies that I believe in, and they’re companies that I use personally, and so I’m very much the same way as you. I used to, when I started, I worked with an ad agency. I remember I got a read from the ad agency, and it was for like, what was it for?

42:07
Oh, two is for life insurance and mattresses. And I just don’t care. I don’t care what life insurance you have. And I don’t care what mattress you sleep on. I really don’t. Should you have a good mattress? Probably. Should you have life insurance? Yeah. But I don’t care. It’s not relevant. And so I felt like I was just selling out my audience to hawk crappy life insurance and, you know, the latest foam mattress and it just wasn’t relevant to me. mean, I have a story along those fronts too. And

42:35
I think we all make the same mistake. So I did a sponsored deal once. We’re just going back and forth. Probably took like two months. And then they wanted me to say a certain thing a certain way. And that’s just not the way I talk. And I got an argument, I was like, hey, it’ll work much better if I just ad lib it and speak my own language, then you give me this script. And they didn’t understand that. So we went back and forth. And finally, I was like, fine.

43:02
I just did it the way they wanted, but I didn’t feel good about it. And I sold myself. I’d never do that again. I know you feel like you sold a little piece of your soul. I actually got a, uh, an email several weeks ago from manscaped. They do like beard trimmers, like your private trimmer, all that kind of stuff. And, and I’m like, well, that actually makes sense. You know, I’ve got a beard, I’m a man, I’ve got hair, like I got to trim up and everything. And I think companies are wising up to that. So when they reached out to me, I said, Hey, I’m, you know, I’m interested. Like, let’s have a discussion.

43:31
And we, really hasn’t gone anywhere. Cause again, I’m just, it’s not an avenue I’m totally interested in. But one thing they said, and this was very telling is they said, Hey, what plan would you have for bringing this up organically? Just weaving it into conversations. like, okay, this company, at least they get it. You know, they like my podcast for a reason. So why ruin it? It’s like a football team, a great passing football team who makes it to the playoffs and they get into the playoffs and they start running the ball. It’s like, what the hell are you doing?

43:59
Like you got here because you’re a passing team. You’ve got a great quarterback who can read. You’ve got great receivers who can catch and make plays. And now you’re going to run it. You know, it’s the same thing here with the podcasting. It’s like you like my podcast for reason and now you want to come in and you want me to change it because you want to hawk your product. How’s that going to work? It’s not going to work. It’s not going to resonate or land with our audience.

44:21
Right, let me ask you this. If you were to start all over again, because I get this question asked a lot, would you have started a podcast today? Because I know there’s probably over million podcasts today and there’s just more sprouting up, right? It’s kind of like blogging. When I first started, there weren’t that many, but now there’s everyone and their mother has a blog. How would you get started today in content if you were to start all over? Well, I personally would do a podcast, but it’s probably not for the reason you think. A lot of people might hear that and think, oh, you do a podcast because that’s where people are. Sure, that’s why.

44:51
But I’m also good at podcasting. I like it. I enjoy it. I’m not like de-energized. I find value in doing it. I love these conversations. I like being behind a microphone. I like being in front of a camera. That’s why I would start a podcast. But if I didn’t like that stuff, no, I wouldn’t do a podcast. Maybe I would do emails. And that would be the way that I built it.

45:16
If it’s purely social media or maybe I just like face to face interactions and so I got to find a way to do events and go to events and host events and speak at events. I would do it based on what I like and I really like to podcast. I don’t events for example, I don’t really like going to events. I’m pretty introverted. I can meet people. I can talk with people. I’m not awkward.

45:44
But I’m just drained. Like at the end of the day, I’m like, oh, I’m so drained. I’m so tired. And that’s weird to somebody who is not like that, but I am. so events aren’t my favorite thing. Like running our own, sure, I like doing that, but I don’t like going to other events. So it’s not a big part of my marketing strategy. I think you really have to do what you’re inclined to do, what you enjoy doing. Try everything, sure. And then trim and cut and add and tweak as you figure out what vein you want to go down based on.

46:14
what you like. Yeah, I like that. So what I usually say, so my answer to that question usually is, you want to go with something that you think you can maintain forever, because you want to do it. Because otherwise, you’re just going to quit. I mean, there’s times when I do this podcast and blogging where I don’t want to do it anymore. But what keeps me going is the fact that one, I enjoy having these conversations. And also, I made a commitment to do it. And I this pace that I can maintain forever.

46:41
Well, and people will ask, especially with podcasts, because when I started in 2015, there, there wasn’t nearly as many as there was quite a bit, but not nearly as many as there is now. So I, I hit that at the right time, but I listened to other podcasts that are getting started, especially men’s type podcasts and they’re horrible. And that’s ex that’s understandable because if you go back and you listen to mine, it’s horrible, horrible. And there’s guys who will

47:11
find our podcast and they’ll go back and they’ll literally listen to all thousand fifty episodes or whatever you said. Like really you listen to everything? Yep. From number one. I’m like, holy cow. How long that take? You took him like a year and a half. And I’m like, don’t listen. Like don’t like don’t listen to anything before like episode three hundred because it was crappy, you know? And so these guys, these guys will start these podcasts and go listen. I’m like, man, your audio sucks. You’re awkward. You don’t know how to ask conversation or ask questions.

47:40
You don’t know how to hold the attention of your guests. You don’t know how to keep them on target. You don’t know how to bring compelling content. Understandable. I’m not even judging. I’m like, yeah. So you got to stay in it long enough so that you can do those things well. And it’s going to take you years. Like, you’re not going to do a podcast this week. And then in a month, like, you’re awesome. It’s going to take you years and years. And people are like, Ryan, you’re so good at this. Yeah.

48:06
I’ve done a thousand fifty episodes. If I’m not good at this at this point, something’s wrong. But if you would have asked me an episode 200, you would not say I was good at it. You’d like, this guy’s need some work. Of course. Of course. I won’t even comment on my YouTube channel because it’s one thing to have your voice out there, but to have like you on camera story. So embarrassing. So embarrassing. I keep your first episode up. Yeah, you do. Okay. I was going to ask you. do. I do. Yeah. It’s embarrassing, man. It’s embarrassing.

48:35
I have my first one up there. I was like a crappy camera. I’m in this like flannel shirt, like I’m zoom pan way out in my garage and audio is horrible. And I look so dumb and awkward and I love it. You know, I keep it up. You guys can go look at it. I was, I was awkward. Of course I was. So I got to keep myself to your point in the game long enough that I can get past that stage. Absolutely. Yeah. I mean that’s

49:03
I mean with content, it’s all about perseverance and you just get good over time. I think most people don’t even realize that. So you do. And I think it’s important to be intentional too. Oh, I just going to say, Steve, it’s important to be intentional too, cause you will just get better naturally, but you really have to critique yourself and say, okay, well my lighting could be better. My audio could be better. How can I improve this week? Oh, I asked that question. That was dumb. Maybe I can ask a different question. And so if you listen to your content,

49:32
or view it with a critical ear, not to beat yourself up, but to improve, then you’ll expedite your results. I know for myself and my personality, what ends up happening is I start consuming all this content from people who are doing it well and they provide tips. I just get kind of consumed in making it better and better. And these things just take time. I know for me, sometimes these skills, just take time to absorb. And maybe all of a sudden I’ll have a eureka moment where I just start magically

50:01
all of sudden doing things better. But that just takes, it just takes time for things to sink in, at least for me. For everybody, think, I think that’s right on. Yeah. Hey Ryan, where can people find you online? The podcast, the blog, the YouTube channel and your membership site. Yeah. It’s all at order of man. So if you like podcasts, you’re listening to this one, you can check out the order of man podcast, wherever you’re listening today.

50:27
OrderOfMan.com is our headquarters. The Iron Council is our exclusive brotherhood. It’s closed right now. We only open it up once per quarter. That’s something that we pivoted away from keeping it open all the time to having enrollment periods. So it’s closed now, but it’ll open up I think in about 45 days. My timeline’s right about 45 days. And you can check that out at OrderOfMan.com slash Iron Council. And then on social media, I’m most active on my personal Instagram account, which is at Ryan Mickler and my last name is M-I-C-H.

50:59
Hey, well, Ryan, thank you for this podcast swap. That’s it. You’re done. You’re cut off. I’m not really. I know. know. just blacked out myself. No, hey, man, it was really good to connect after all these years. think Nick Loper introduced us and, Antonio said really good things about you in the past also. And I trust all those guys. have a lot of friends. turns out solid guys. Yeah. We’re running around on the fringes in similar circles. So it’s good to, it’s good to reconnect and get to know you a little bit better.

51:25
Yeah, man. Hey, when’s your event also? Are you still doing it? Uh, oh, for like our event for order. Yeah, your event. Yeah, no, we don’t. We don’t have any on, on the books right now. Um, I’m working out a location, so I imagine that I’ll have the dates and things like that worked out in the next month or two. So I’ll let you know. Um, but yeah, we don’t have anything on the books right now. Cool. So if you guys want to check out his event, just order of man.com sign up for Ryan’s email newsletter. If you want to attend one of his events. So sir.

51:55
Dude, thanks a for coming on, man. Appreciate it. Thanks, Steve. Appreciate you.

52:01
Hope you enjoyed that episode. Now I love Ryan’s podcast, Order of Man, and you should go check it out. Content is king, and when you have an audience, you can basically sell anything. For more information about this episode, go to mywifequitterjob.com slash episode 479. And once again, I want to thank Getita for sponsoring this episode. If you sell on Amazon FEA and you like free money, you can get over $400 in free reimbursements when you sign up for Getita over at mywifequitterjob.com slash Getita.

52:30
That’s mywifequitterjob.com slash G-E-T-I-D-A. I also want to thank Quiet Light Brokerage. Quiet Light Brokerage is my go-to place when I want to buy or sell a business. I’ve known the guys over there for over 10 years, recently sold a company through them, and I trust them 100%. If you want a free valuation for your business, or if you just want to get some free advice, head on over to mywifequitterjob.com slash Quiet Light. That’s mywifequitterjob.com slash Q-U-I-E-T-L-I-G-H-T.

52:59
And if you are interested in starting your own e-commerce store, head on over to mywifequaterjob.com and sign up for my free six day mini course. Just type in your email and I’ll send you the course right away. Thanks for listening.

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Ready To Get Serious About Starting An Online Business?


If you are really considering starting your own online business, then you have to check out my free mini course on How To Create A Niche Online Store In 5 Easy Steps.

In this 6 day mini course, I reveal the steps that my wife and I took to earn 100 thousand dollars in the span of just a year. Best of all, it's absolutely free!

478: Stop Overpaying For Shopify Apps! Here’s An Optimal Shopify Store Setup – Family First Friday


In this episode, I discuss a Shopify store setup that gives you the biggest bang for your buck, revealing the ONLY apps you truly need to maximize efficiency, drive sales, and turn your store into a success story.

Most people get overwhelmed with too many Shopify apps but these are the only ones you need.

What You’ll Learn

  • Why having too many Shopify apps is bad
  • A prioritized list of essential apps
  • The average number of apps used by Shopify store owners

List Of Apps

Transcript

00:00
Have you ever found yourself lost in a sea of Shopify apps, not knowing which ones are really necessary for your online store? Well, you’re not alone. And today we’re going to change all that. In this podcast episode, I’m going to talk about an optimal Shopify store setup, revealing the only apps that you truly need to maximize efficiency, drive sales, and turn your store into an efficient conversion machine. What’s up, everyone? You are listening to the My Wife Quitter Job podcast, where I teach you how to make money online.

00:27
by exploring different tools, strategies, and understand how to leverage human psychology to grow your sales. This is a special segment of the show called Family First Fridays, where I’m going solo to give you my thoughts on how to make money without sacrificing your lifestyle. Now, if you haven’t picked up my Wall Street Journal bestselling book yet, The Family First Entrepreneur, head on over to mywifequitterjob.com slash book and fill out the form to get over $690 in free bonuses.

00:55
Also, if you’re interested in learning how to start your own e-commerce store, make sure you sign up for my free six day mini course over at mywifequitterjob.com slash free. Now the apps that I’m going to describe in this pod are what I consider a solid Shopify store setup for beginners and experienced store owners alike that will give you the biggest bang for your buck. Now why is this episode necessary? Because it’s really easy to get carried away installing random apps that you find on the app store.

01:22
Also, most of the apps apply to other e-commerce platforms as well, such as BigCommerce and WooCommerce, so feel free to pick and choose what you need based on my recommendations. Now the first must-have app on my list is Klaviyo. In fact, out of every single app on this list, Klaviyo is probably the most important one. Klaviyo is the email marketing tool that I personally use and recommend for any e-commerce store. And right now, Klaviyo makes up roughly 30 % of the sales.

01:50
for my seven figure eCommerce store over at bumblebelandons.com. Now there are hundreds of email marketing providers out there, so why Klaviyo? Klaviyo is designed from the ground up to sell physical products online, and it allows you to segment your audience based on the exact purchasing behavior of your customers. For example, if I want to send an email to someone who’s purchased a specific type of handkerchief last week and spent over a hundred bucks, I can easily do that. But the true power of Klaviyo lies in the automation.

02:18
And Klaviyo makes me hundreds of thousands of dollars every year on autopilot. And here’s how. First off, it’s a well-known fact that if a customer buys from you once, then they’re much more likely to buy from you again. So when anyone makes a purchase from my store, a Klaviyo automation automatically cross-sells them related products. For example, I sell matching linen cocktail napkins, tea napkins, and dinner napkins in my store. Now, if someone buys cocktail napkins but dot dinner napkins, then Klaviyo automatically sends out an email

02:48
that sells my dinner napkins. You can also set up Klaviyo to automatically send out abandoned car reminders, solicit reviews for your products, anniversary reminders, basically anything. And overall, the primary way to grow your e-commerce store is through repeat business and to build a brand. And the only way to build a brand really is to bring people back to your site over and over and over again until your brand becomes ingrained in their memories. Now, if you’re just starting out, there’s a YouTube video that I filmed

03:18
that will teach you how to set up these automated flows in Klaviyo. Now the second app that I recommend is Postscript. And just like email marketing, SMS or text message marketing will be one of your best ways to bring customers back to your shop. Now I call email and SMS owned marketing platforms because you own your customers contact information and no one can take that away from you. This is in direct contrast to platforms like Amazon, Facebook and Instagram where they control your reach.

03:47
And the best part is that everyone checks their text messages, making SMS one of the best marketing mediums, period. And when I implemented text message marketing for Bumblebee Linens, I saw click-through rates in the 20 % range, and it instantly started generating revenue for my shop. Now, if you want to see a more in-depth case study on SMS, there’s actually a video linked in the show notes below. It’s also a blog post there as well, where I reveal real conversion numbers for my online store.

04:16
Now you might be thinking to yourself, who the heck would want marketing text messages from your company, but it works. And the best part is that you only pay when you actually send a text. And if you’re still not a believer, then just take a moment, look at your phone, and I’m willing to bet that you have some text messages from retail stores, restaurants, Amazon even, everyone is using SMS today. Now the next app that I want to discuss is called Looks.

04:44
and it’s spelled L-O-O-X. Looks is a social proof marketing platform that empowers over 100,000 Shopify and Shopify Plus merchants to grow their brands by turning customers into ambassadors. So basically, this app helps you collect video-based reviews and show them off on your website. Now, according to Bose.io, consumers spend 31 % more on businesses with excellent reviews. So displaying reviews for higher-priced products

05:13
can increase conversion rates by up to 380%. I mean, I don’t have to tell you this, but reviews are important for any store. Now what’s also cool is that once you’ve started gathering reviews for your shop, they will show up in the Google search results as well. For example, if you were to do a search for hemstitch linen dinner napkins, you would see a bunch of stars next to my product. Now, if you saw a listing with stars next to a listing with no stars, which one would you click on?

05:42
The one with the stars, right? And according to Google, having these stars next to your product in the search results can boost the click-through rate by up to 87%. Reviews, testimonials, and referrals are all forms of social proof. And social proof is important because people are like lemmings. People look to others’ actions and opinions to determine what is the right decision or behavior, and it’s human nature for us to seek validation from our peers, especially when we’re unsure about buying something.

06:12
Now out of all the Shopify review apps, I like Looks because they specifically help you get more video reviews. The entire world is moving towards video, and video reviews have the highest effect on conversions compared to text-based reviews. Now the next app that you should install is shipping software. And personally, I use the Shipping Easy app for my online store, and it helps me streamline shipping hundreds of packages every single day. And here’s why shipping software is a must-have.

06:40
It allows you to easily ship out hundreds of packages per day as efficiently as possible with your brand displayed on the shipping label. It allows you to manage multiple carriers. Most stores, like my own, ship out via USPS, UPS, and or FedEx. And without shipping software, you’d literally have to log into each platform individually to print labels. It also allows you to deal with shipping errors. Most software keeps track of all your shipments and lets you know when packages have been delivered or delayed.

07:09
But most importantly, shipping software allows you to save on shipping costs. Because they ship out so many different packages, they’ve negotiated incredible rates with all the major shipping carriers. And you can literally save 50 % or more on shipping compared to just going to the post office. Now, my two favorite shipping apps are Shipping Easy and ShipStation, but I generally recommend Shipping Easy for new e-commerce store owners because they have a free plan that allows you to ship 20 packages per month for free. Now, this next app…

07:38
is software that I absolutely could not live without today, and it’s called Gorgias. Gorgias is customer service software powered by AI that helps you answer customer questions quickly and easily. And here’s the biggest problem with managing customer service for an e-commerce store today. Customers can ask you questions on a zillion different platforms. For example, every day we get questions via email, SMS, Instagram, Twitter, Facebook.

08:05
It is literally impossible to manage correspondence on all these different platforms. But Gorgias allows you to consolidate all this correspondence in a single place. So today, I manage all social media comments, emails, SMS, everything from the Gorgias dashboard. And here’s the best part. Gorgias ties in directly with your Shopify backend and can pull order information without you having to manually look it up. Now in our store, and I’m sure this is common for most stores, the two most asked questions that we get are,

08:35
where’s my order and has it shipped yet? And instead of manually logging into my store to look at this information up each time, Gorgias automatically detects these types of questions and then pre-populates an email response with the exact customer’s information from your Shopify backend. All you got to do is click send. And as you can imagine, this speeds up customer service dramatically. You can also use Gorgias to track phone calls and track however your customer service reps are performing based on the number of tickets that they close.

09:06
Now this next app is crucial for getting customers to come back to your store and buy again. Smile.io allows you to implement a loyalty program on your online store. And as I mentioned earlier, a customer who has bought from you once is 65 % more likely to buy from you again. And the best way to get someone to buy from you again is to start a loyalty program. Here’s what our loyalty program looks like. Basically, a customer earns one point for every dollar spent in our shop. And based on their point totals,

09:35
they earn valuable merchandise from our store. But here’s the thing, the merchandise in our handkerchief store costs us very little money and far less than giving out a discount coupon. But people are loyal because they want to build up points in their account. And here’s the best part. Instead of sending out a discount via email, sometimes we have 2X loyalty point days where we give out virtual currency for our shop, which is way cheaper than giving out money.

10:01
And overall, loyalty programs increase customer attention, increase customer satisfaction, and because they’re getting free stuff, it actually greatly increases brand loyalty and repeat purchases. Now this next app is one that I consider a must have to increase your average order value and make every sale you make more lucrative. And this tool is called Zipify OneClick Upsell. OneClick Upsell is a tool that allows you to add additional products or upgrades to customers immediately after they made a purchase with just one click.

10:31
without the need to enter payment or shipping details again. So when a customer has completed a purchase, they’re basically hot and ripe to buy more. After all, they already trust your company, they’ve already opened up their wallets and they’re susceptible to a follow on offer. So let’s say you sell body wash in your shop and you purchased one bottle. And then at checkout, you are presented with an offer to get an additional bottle at 30 % off. There’s a high chance that you’d take that, right?

10:58
Well, one click upsell can increase your average order value by up to 12 % or more. And here’s the beauty of the tool. You only pay for a percentage of your sales that one click upsell generates for you. In other words, you only pay for the app when it actually makes you money. And this is what makes it a no brainer to install. Now these final two Shopify apps are if you are design challenged and need assistance making visual tweaks to your site. And these are both what I call nice to have apps. Now the first one,

11:27
is a little known app called HyperVisual Page Builder. HyperVisual Page Builder allows you to build custom web pages for your Shopify store without knowing how to code or needing a designer. And most of you listening to this probably have never heard of this app because HyperVisual Page Builder sucks at marketing, but their tool is fantastic. They don’t have an affiliate program. They don’t do any influencer outreach, nothing. But their tool is super cheap compared to the competition.

11:55
and it will allow you to create beautiful custom design landing pages with no coding. Now the second app helps you build email pop-up forms on your site. And if you were to go to bumblebelenus.com, you’ve probably noticed a spin to win pop-up on my site. And this is the highest converting email form that I’ve ever implemented. And a tool like Privy allows you to implement this on your site for free up to 5,000 visits per month. So all in all, those are my must have Shopify apps.

12:24
If there are any on this list that I forgot to mention, send me an email and I will append them to the show notes of this episode.

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If you enjoyed listening to this podcast, then please support me with a review on Apple Podcasts. It's easy and takes 1 minute! Just click here to head to Apple Podcasts and leave an honest rating and review of the podcast. Every review helps!

Ready To Get Serious About Starting An Online Business?


If you are really considering starting your own online business, then you have to check out my free mini course on How To Create A Niche Online Store In 5 Easy Steps.

In this 6 day mini course, I reveal the steps that my wife and I took to earn 100 thousand dollars in the span of just a year. Best of all, it's absolutely free!

477: Million Dollar Business Ideas Free For The Taking Part 2 With Nick Loper

477: Million Dollar Business Ideas For The Taking Part 2 With Nick Loper

Today I’m thrilled to have Nick Loper back on the show for the third time. Nick is the host of the popular podcast, Side Hustle Nation, where he breaks down different ways to make money on the side.

The last time I had Nick on the podcast was back in episode 429, where we gave out a bunch of million-dollar business ideas. This episode was so popular that I decided to do another round with Nick. Enjoy!

What You’ll Learn

  • How and where to brainstorm business ideas
  • 19 different ways to make money on the side
  • The best business ideas for 2023

Other Resources And Books

Sponsors

GETIDA – GETIDA is the tool that I use to recover lost inventory on Amazon. Right now, GETIDA is giving away $400 in free reimbursements for MyWifeQuitHerJob.com listeners. Click here and try GETIDA for FREE and get $400.

Quiet Light – Quiet Light is the brokerage I trust when buying and selling a business. If you want to know how much your business is worth, then sign up for a free evaluation. Click here to book an appointment with Quiet Light

Transcript

00:00
Have you ever found yourself lost in a sea of Shopify apps, not knowing which ones are really necessary for your online store? Well, you’re not alone. And today we’re going to change all that. In this podcast episode, I’m going to talk about an optimal Shopify store setup, revealing the only apps that you truly need to maximize efficiency, drive sales, and turn your store into an efficient conversion machine. What’s up, everyone? You are listening to the My Wife Quitter Job podcast, where I teach you how to make money online.

00:27
by exploring different tools, strategies, and understand how to leverage human psychology to grow your sales. This is a special segment of the show called Family First Fridays, where I’m going solo to give you my thoughts on how to make money without sacrificing your lifestyle. Now, if you haven’t picked up my Wall Street Journal bestselling book yet, The Family First Entrepreneur, head on over to mywifequitterjob.com slash book and fill out the form to get over $690 in free bonuses.

00:55
Also, if you’re interested in learning how to start your own e-commerce store, make sure you sign up for my free six day mini course over at mywifequitterjob.com slash free. Now the apps that I’m going to describe in this pod are what I consider a solid Shopify store setup for beginners and experienced store owners alike that will give you the biggest bang for your buck. Now why is this episode necessary? Because it’s really easy to get carried away installing random apps that you find on the app store.

01:22
Also, most of the apps apply to other e-commerce platforms as well, such as BigCommerce and WooCommerce, so feel free to pick and choose what you need based on my recommendations. Now the first must-have app on my list is Klaviyo. In fact, out of every single app on this list, Klaviyo is probably the most important one. Klaviyo is the email marketing tool that I personally use and recommend for any e-commerce store. And right now, Klaviyo makes up roughly 30 % of the sales.

01:50
for my seven figure eCommerce store over at bumblebelandons.com. Now there are hundreds of email marketing providers out there, so why Klaviyo? Klaviyo is designed from the ground up to sell physical products online, and it allows you to segment your audience based on the exact purchasing behavior of your customers. For example, if I want to send an email to someone who’s purchased a specific type of handkerchief last week and spent over a hundred bucks, I can easily do that. But the true power of Klaviyo lies in the automation.

02:18
And Klaviyo makes me hundreds of thousands of dollars every year on autopilot. And here’s how. First off, it’s a well-known fact that if a customer buys from you once, then they’re much more likely to buy from you again. So when anyone makes a purchase from my store, a Klaviyo automation automatically cross-sells them related products. For example, I sell matching linen cocktail napkins, tea napkins, and dinner napkins in my store. Now, if someone buys cocktail napkins but dot dinner napkins, then Klaviyo automatically sends out an email

02:48
that sells my dinner napkins. You can also set up Klaviyo to automatically send out abandoned car reminders, solicit reviews for your products, anniversary reminders, basically anything. And overall, the primary way to grow your e-commerce store is through repeat business and to build a brand. And the only way to build a brand really is to bring people back to your site over and over and over again until your brand becomes ingrained in their memories. Now, if you’re just starting out, there’s a YouTube video that I filmed

03:18
that will teach you how to set up these automated flows in Klaviyo. Now the second app that I recommend is Postscript. And just like email marketing, SMS or text message marketing will be one of your best ways to bring customers back to your shop. Now I call email and SMS owned marketing platforms because you own your customers contact information and no one can take that away from you. This is in direct contrast to platforms like Amazon, Facebook and Instagram where they control your reach.

03:47
And the best part is that everyone checks their text messages, making SMS one of the best marketing mediums, period. And when I implemented text message marketing for Bumblebee Linens, I saw click-through rates in the 20 % range, and it instantly started generating revenue for my shop. Now, if you want to see a more in-depth case study on SMS, there’s actually a video linked in the show notes below. It’s also a blog post there as well, where I reveal real conversion numbers for my online store.

04:16
Now you might be thinking to yourself, who the heck would want marketing text messages from your company, but it works. And the best part is that you only pay when you actually send a text. And if you’re still not a believer, then just take a moment, look at your phone, and I’m willing to bet that you have some text messages from retail stores, restaurants, Amazon even, everyone is using SMS today. Now the next app that I want to discuss is called Looks.

04:44
and it’s spelled L-O-O-X. Looks is a social proof marketing platform that empowers over 100,000 Shopify and Shopify Plus merchants to grow their brands by turning customers into ambassadors. So basically, this app helps you collect video-based reviews and show them off on your website. Now, according to Bose.io, consumers spend 31 % more on businesses with excellent reviews. So displaying reviews for higher-priced products

05:13
can increase conversion rates by up to 380%. I mean, I don’t have to tell you this, but reviews are important for any store. Now what’s also cool is that once you’ve started gathering reviews for your shop, they will show up in the Google search results as well. For example, if you were to do a search for hemstitch linen dinner napkins, you would see a bunch of stars next to my product. Now, if you saw a listing with stars next to a listing with no stars, which one would you click on?

05:42
The one with the stars, right? And according to Google, having these stars next to your product in the search results can boost the click-through rate by up to 87%. Reviews, testimonials, and referrals are all forms of social proof. And social proof is important because people are like lemmings. People look to others’ actions and opinions to determine what is the right decision or behavior, and it’s human nature for us to seek validation from our peers, especially when we’re unsure about buying something.

06:12
Now out of all the Shopify review apps, I like Looks because they specifically help you get more video reviews. The entire world is moving towards video, and video reviews have the highest effect on conversions compared to text-based reviews. Now the next app that you should install is shipping software. And personally, I use the Shipping Easy app for my online store, and it helps me streamline shipping hundreds of packages every single day. And here’s why shipping software is a must-have.

06:40
It allows you to easily ship out hundreds of packages per day as efficiently as possible with your brand displayed on the shipping label. It allows you to manage multiple carriers. Most stores, like my own, ship out via USPS, UPS, and or FedEx. And without shipping software, you’d literally have to log into each platform individually to print labels. It also allows you to deal with shipping errors. Most software keeps track of all your shipments and lets you know when packages have been delivered or delayed.

07:09
But most importantly, shipping software allows you to save on shipping costs. Because they ship out so many different packages, they’ve negotiated incredible rates with all the major shipping carriers. And you can literally save 50 % or more on shipping compared to just going to the post office. Now, my two favorite shipping apps are Shipping Easy and ShipStation, but I generally recommend Shipping Easy for new e-commerce store owners because they have a free plan that allows you to ship 20 packages per month for free. Now, this next app…

07:38
is software that I absolutely could not live without today, and it’s called Gorgias. Gorgias is customer service software powered by AI that helps you answer customer questions quickly and easily. And here’s the biggest problem with managing customer service for an e-commerce store today. Customers can ask you questions on a zillion different platforms. For example, every day we get questions via email, SMS, Instagram, Twitter, Facebook.

08:05
It is literally impossible to manage correspondence on all these different platforms. But Gorgias allows you to consolidate all this correspondence in a single place. So today, I manage all social media comments, emails, SMS, everything from the Gorgias dashboard. And here’s the best part. Gorgias ties in directly with your Shopify backend and can pull order information without you having to manually look it up. Now in our store, and I’m sure this is common for most stores, the two most asked questions that we get are,

08:35
where’s my order and has it shipped yet? And instead of manually logging into my store to look at this information up each time, Gorgias automatically detects these types of questions and then pre-populates an email response with the exact customer’s information from your Shopify backend. All you got to do is click send. And as you can imagine, this speeds up customer service dramatically. You can also use Gorgias to track phone calls and track however your customer service reps are performing based on the number of tickets that they close.

09:06
Now this next app is crucial for getting customers to come back to your store and buy again. Smile.io allows you to implement a loyalty program on your online store. And as I mentioned earlier, a customer who has bought from you once is 65 % more likely to buy from you again. And the best way to get someone to buy from you again is to start a loyalty program. Here’s what our loyalty program looks like. Basically, a customer earns one point for every dollar spent in our shop. And based on their point totals,

09:35
they earn valuable merchandise from our store. But here’s the thing, the merchandise in our handkerchief store costs us very little money and far less than giving out a discount coupon. But people are loyal because they want to build up points in their account. And here’s the best part. Instead of sending out a discount via email, sometimes we have 2X loyalty point days where we give out virtual currency for our shop, which is way cheaper than giving out money.

10:01
And overall, loyalty programs increase customer attention, increase customer satisfaction, and because they’re getting free stuff, it actually greatly increases brand loyalty and repeat purchases. Now this next app is one that I consider a must have to increase your average order value and make every sale you make more lucrative. And this tool is called Zipify OneClick Upsell. OneClick Upsell is a tool that allows you to add additional products or upgrades to customers immediately after they made a purchase with just one click.

10:31
without the need to enter payment or shipping details again. So when a customer has completed a purchase, they’re basically hot and ripe to buy more. After all, they already trust your company, they’ve already opened up their wallets and they’re susceptible to a follow on offer. So let’s say you sell body wash in your shop and you purchased one bottle. And then at checkout, you are presented with an offer to get an additional bottle at 30 % off. There’s a high chance that you’d take that, right?

10:58
Well, one click upsell can increase your average order value by up to 12 % or more. And here’s the beauty of the tool. You only pay for a percentage of your sales that one click upsell generates for you. In other words, you only pay for the app when it actually makes you money. And this is what makes it a no brainer to install. Now these final two Shopify apps are if you are design challenged and need assistance making visual tweaks to your site. And these are both what I call nice to have apps. Now the first one,

11:27
is a little known app called HyperVisual Page Builder. HyperVisual Page Builder allows you to build custom web pages for your Shopify store without knowing how to code or needing a designer. And most of you listening to this probably have never heard of this app because HyperVisual Page Builder sucks at marketing, but their tool is fantastic. They don’t have an affiliate program. They don’t do any influencer outreach, nothing. But their tool is super cheap compared to the competition.

11:55
and it will allow you to create beautiful custom design landing pages with no coding. Now the second app helps you build email pop-up forms on your site. And if you were to go to bumblebelenus.com, you’ve probably noticed a spin to win pop-up on my site. And this is the highest converting email form that I’ve ever implemented. And a tool like Privy allows you to implement this on your site for free up to 5,000 visits per month. So all in all, those are my must have Shopify apps.

12:24
If there are any on this list that I forgot to mention, send me an email and I will append them to the show notes of this episode.

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Ready To Get Serious About Starting An Online Business?


If you are really considering starting your own online business, then you have to check out my free mini course on How To Create A Niche Online Store In 5 Easy Steps.

In this 6 day mini course, I reveal the steps that my wife and I took to earn 100 thousand dollars in the span of just a year. Best of all, it's absolutely free!

476: 7 Passive Income Streams That Make Me $5800 Per Day (Working From Home) – Family First Friday

476: 7 Passive Income Streams That Make Me $5800 Per Day (Working From Home) - Family First Friday

In today’s episode, I’ll walk you through 7 different passive income ideas that I personally use to earn over $5800 dollars per day in passive income. 

With each of these passive income streams, I’ll also reveal how much upfront work it takes and how long it took me to establish each one.

What You’ll Learn

  • How much upfront work is needed to start earning passive income
  • How difficult is it to maintain each passive income stream
  • How long it takes to establish each income stream to make at least $100/month

Transcript

00:00
For the past seven years, I’ve been consistently earning about $5,800 per day in passive income from seven different passive income sources. And the truth is, is that I sincerely believe that anybody can do what I’ve been able to do, because it’s not rocket science. However, it does take quite a bit of work to set up each stream, and it can take a while for you to start generating income. But once you start gaining momentum, you can make money passively while you sleep. So in today’s episode,

00:28
I’m going to walk you through seven different passive income sources that I personally use to earn over $5,800 per day in passive income. And with each of these passive income streams, I’m going to tell you how much upfront work is actually needed to start earning passive income with this idea, how difficult it is to actually maintain the passive income stream once you started it, and how long it took me to establish the income stream to make at least $100 per month.

00:54
What’s up everyone, you are listening to the My Wife Quitter Job podcast where I teach you how to make money online by exploring different tools, strategies, and understand how to leverage human psychology to grow your sales. Welcome to a special segment of the show called Family First Fridays where I go solo to give you my thoughts on how to make money without sacrificing your lifestyle. Now if you haven’t picked up my book, The Family First Entrepreneur yet, head on over to mywifequitterjob.com slash book, fill out the form.

01:22
and get over $690 in free bonuses. Also, if you’re interested in learning how to start your own e-commerce store, make sure you sign up for my free six-day mini course over at mywifequitterjob.com slash free. Now, first off, I want to start by defining what I consider to be passive income because everyone seems to have a different definition and there are lot of scams and videos on the internet covering this exact subject. My definition of passive income is an income stream that makes you money while you sleep.

01:52
doesn’t mean that you’re not doing any work to make your money, but that you aren’t trading your time for money. In other words, your earnings are not limited by the number of hours in a day. All the passive income streams that I’m going to discuss today have varying degrees of difficulty and will take varying lengths of time to nurture and cultivate until they start making money. Now, the first time I experienced passive income was with my online store over at bumblebeelandins.com. Back in 2007, my wife and I started this business.

02:20
so that my wife could stay at home with our newborn child. And within one year, we managed to make over $100,000 in profit selling handkerchiefs of all things. Pretty random, right? We started this store many years ago, and today it is a seven figure business. We now own our own warehouse with employees, and it’s extremely profitable. So the first passive income stream that I want to discuss is e-commerce or selling physical products online. Now the beauty of selling physical products online,

02:47
is that you can have a computer do most of the heavy lifting for you and take orders 24-7. All you gotta do is find a product to sell and understand how to drive traffic to your product listings. Now when most of you think about selling physical products online, you’re probably afraid of the idea of carrying inventory and manually fulfilling orders. But today, you can sell physical products online without ever touching any inventory. For example, drop-tipping is a business model where you take orders on your online store

03:15
and your supplier ships the order to the end customer. You can also sell on Amazon FBA, where you send your products to an Amazon fulfillment center, and Amazon takes care of storage, shipping, and customer service. And finally, you can use a 3PL. 3PL stands for third-party logistics, and it’s basically a fulfillment center that stores and ships your products for you. Now, as I mentioned earlier, my wife and I started our handkerchief e-commerce store and grew it to a 100K profit in just one year.

03:43
and it’s grown the double and triple digits ever since. You’re probably wondering how much upfront work is needed to start a store and how long does it take to make money. Now over the years, I’ve taught over 5,000 students in my profitable online store course, and I’ve had students make significant money within three months. But realistically, you should expect to stick with it for at least one year. 59 % of my students make at least four figures per month after a year after they’ve launched their product.

04:11
Now the beauty of this business model is that once you have your products and suppliers in place, it’s actually quite straightforward to maintain and run, especially if you’re on Amazon or Walmart. Now my next passive income stream is YouTube ads. Right now, YouTube ads generates me almost $1,000 per day in ad revenue alone. And this money is literally 100 % passive. YouTube arranges all the ads for me, and I just collect checks at the end of every month. Now how much money is actually needed to start a YouTube channel?

04:41
Well basically you just need your smartphone, a decent mic, and basic video editing software. In fact, that’s all I started this channel with about three and a half years ago. Now since then I’ve upgraded my equipment over the years, and just in case you were curious, I shoot with a Sony A7 and use a Rode Wireless Go microphone. I edit my videos with Camtasia and Adobe Premiere. Now the key to making passive income with YouTube is consistency. Three and a half years ago.

05:09
I told myself that I was going to publish one video per week for at least three years without missing a single video. And at first I did all my videos myself, but once I started making a little bit of money, I hired a full-time video editor. And today it literally takes me about 30 minutes to film a video because I have a very efficient system in place. I basically walk into my office, put my notes on the teleprompter, flip on the camera and just start filming. Then I just chuck the video overboard to my editor and that’s pretty much it.

05:40
And similar to my e-commerce store, once you start making money, it’s actually really easy to maintain once you’ve built up an audience. Now the only downside to making passive income with YouTube is that it takes forever to make money. My channel didn’t start making a few hundred dollars a month until well over a year. And it didn’t start making five figures a month until after three years. Now if you’re gonna start a YouTube channel, make sure you commit to it for at least three years.

06:06
My next passive income stream is my blog over at mywifequitterjob.com. Now the income from my blog can be broken down into three separate income streams, which I’ll describe below. The first one is affiliate revenue. By writing blog posts that review my favorite software tools and products, I get a cut of every sale that I generate. For example, my blog post on Shopify versus BigCommerce generates me income anytime someone clicks on a link in that post and signs up for either Shopify or BigCommerce.

06:34
Now the tricky part about affiliate income is you have to learn how to generate traffic to your blog post and learn how to rank in Google search. And similar to starting a YouTube channel, starting a blog is a major slog. I literally did not make more than a couple hundred bucks until after the two year mark. And I made my first 100K after three years. But the good news is that the revenue hockey sticks quickly once you gain momentum. Today, my blog generates several hundreds of thousands of dollars a year in affiliate revenue alone.

07:04
And the key is understanding what people are searching for and putting out great content that answers their questions. Now, the second way my blog makes money is through display ads. I use a service called Mediavine to find in broker ads from my blog and they take a 25 % cut of the revenue. Basically, all I got to do is insert a special piece of code on my site and Mediavine takes care of showing the ads on my posts. Right now, I’m on track to generate almost $10,000 a month in passive income.

07:33
But that’s probably not the norm. It usually fluctuates between $6,000 and $12,000 a month, I’d say. And I literally don’t have to do any work except publish posts that generate traffic. Some of the posts that I wrote 10 years ago still make me money today. Now, the final way my blog makes money is by generating sales from my online courses. And right now I teach two classes. The first one is called Profitable Online Store, where I teach people how to start their own e-commerce stores. And basically this course teaches you everything that I do

08:03
to make money with my store over at bumblebeelinens.com. My other course is called Profitable Audience, which teaches you how to make passive income with blogging, YouTube, and podcasting. And the way I run my courses is different from other courses on the internet because I treat people like how I like to be treated. Both of my courses offer lifetime access for a single fee. There are no hidden upsells or recurring fees because I personally hate getting nickel and dimed. And I go above and beyond for the students in my class.

08:32
You can actually listen to several full length podcasts with some of my six and seven figure students on the podcast, which is the perfect segue to my next passive income stream, which is my podcast. The My Wife Quitter Job podcast is a top 25 show in all of Apple podcasts in the marketing category. In fact, recently when I checked, I was number 13, but I generally hover within the top 25. As you guys know, you guys are listening to this right now, the My Wife Quitter Job podcast is an interview based show.

09:00
where I interview successful entrepreneurs, with the exception of Family First Fridays where I go solo. And if you know me well enough by now, you know that I’m pretty anal. I am super nosy and I like to ask the hard questions. And because I’ve run many businesses myself and always get my hands dirty with everything, I know exactly what to ask. Now the podcast makes money from companies who sponsor the show. And once again, I’m always super picky with the sponsors I take on because it all reflects on my reputation.

09:28
I only promote companies that I use and love. Now overall, the podcast is probably the hardest passive income stream to grow because there’s no easy way to advertise your podcast to get new listeners. With a blog and YouTube, Google does a fantastic job of promoting your content to the masses, but no such engine exists for a podcast. In fact, my podcast didn’t start making money until about the three-year mark. And come to think of it, it seems as though every business I start takes me about three years to make money.

09:58
except for e-commerce, which only took about a year. Now the main benefit of having a podcast and the main reason why I run it is to meet other successful entrepreneurs. I’ve met so many high profile and successful people by simply interviewing them for an hour. Now the final passive income stream that I have is my investments in stocks and real estate. There’s not really much to say here, except that I only invest in what I know.

10:22
For stocks, I pretty much stick to tech because I used to be an engineering director in charge of microprocessor design. And in terms of real estate, I tend to only buy in neighborhoods that I know well. I’m not really the type of guy that trades or makes transactions very often. I basically only ever sell a stock if I feel as though something fundamentally negative has affected the company. For example, I used to own the stock Garmin, which is a GPS company a long time ago, but I got rid of it.

10:49
as soon as I saw that smartphones were going to replace individual GPS units. Anyway, those are my seven main passive income streams that make me over $2 million a year, working at around 20 hours per week. And the beauty of all these streams is that the benefits compound over time. For example, the more videos that I put out on YouTube, the more money I make. The more blog posts I write, the more traffic I receive from Google. And the more products I release in my e-commerce store, the more money I make.

11:17
Now when it comes to starting any passive income stream, it’s a matter of when, not if, you’re gonna make money. And I have friends who have made passive income way faster than I have in my case. Just listen to some episodes of my podcast and you’ll know what I mean. But things don’t always have to happen quickly. As long as you pick a pace and establish a routine that you can maintain forever, it’s not gonna feel like work. And when something doesn’t feel like work, time passes quickly and before you know it, you’ll be making a lot of money.

I Need Your Help

If you enjoyed listening to this podcast, then please support me with a review on Apple Podcasts. It's easy and takes 1 minute! Just click here to head to Apple Podcasts and leave an honest rating and review of the podcast. Every review helps!

Ready To Get Serious About Starting An Online Business?


If you are really considering starting your own online business, then you have to check out my free mini course on How To Create A Niche Online Store In 5 Easy Steps.

In this 6 day mini course, I reveal the steps that my wife and I took to earn 100 thousand dollars in the span of just a year. Best of all, it's absolutely free!

475: Proven Strategies To Grow Your Traffic 4X in 6 Months And Rank #1 In Search With Jeff Oxford

475: Proven Strategies To Grow Your Traffic 4X in 6 Months And Rank #1 In Search With Jeff Oxford

Today I’m thrilled to have Jeff Oxford on the show. Jeff helped boost my search engine traffic over 4x for both of my websites over at bumblebeelinens.com and mywifequitherjob.com.

He’s one of the few SEO consultants that I actually trust and in this episode, he’s going to teach us what it takes to rank a website in Google today.

What You’ll Learn

  • The correct way to do on site SEO
  • How to write content that ranks in search
  • The exact strategies that were used to increase SEO traffic by 4x in just six months

Other Resources And Books

Sponsors

GETIDA – GETIDA is the tool that I use to recover lost inventory on Amazon. Right now, GETIDA is giving away $400 in free reimbursements for MyWifeQuitHerJob.com listeners. Click here and try GETIDA for FREE and get $400.

Quiet Light – Quiet Light is the brokerage I trust when buying and selling a business. If you want to know how much your business is worth, then sign up for a free evaluation. Click here to book an appointment with Quiet Light

Transcript

00:00
You’re listening to the My Wife Quitter Job podcast, the place where I bring on successful bootstrap business owners and delve deeply into what strategies they use to grow their businesses. today I’m thrilled to have Jeff Oxford on the show and Jeff is someone who has helped boost my search engine traffic over Forex for both of my web properties over at bumblebelenons.com and mywifequitterjob.com. He’s one of the few SEO consultants that I actually trust and in this episode, he’s going to teach us what it takes to rank a website in Google today.

00:28
But before we begin, I want to give a quick shout out to Getita for sponsoring this episode. Getita is a tool that basically gives you free money every month when you sell on Amazon, and I’m not even exaggerating. If you’ve been selling on Amazon FBA for any length of time, you know that Amazon is horrible and manage your inventory and they lose or break your products all the time. In fact, I’m willing to bet that Amazon owes you a ton of money right now. The problem is that in order to get your money back, you have to manually track your inventory

00:56
and manually file for reimbursement. Well, Getida handles all the paperwork for you and takes just 25 % of whatever you get back. So basically you only pay when Getida makes you money, which makes it a no brainer to sign up. Not only that, but Getida is giving away $400 in free reimbursements when you sign up at mywifequitterjob.com slash Getida. That’s mywifequitterjob.com slash G-E-T-I-D-A. I also want to thank Quiet Light for sponsoring this episode.

01:24
If you’re looking to buy or sell your business, Quiet Light Brokerage is my go-to firm to help you get top dollar for your company. Now I’ve known Joe Valley and the guys at Quiet Light for over 10 years now, and I trust and highly recommend their services. So if you’re looking to buy or sell a business, head on over to mywifecoderjob.com slash Quiet Light and get a free valuation of your business. Someone from Quiet Light will speak to you for free. Once again, that’s mywifecoderjob.com slash Q-U-I-T-L-I-G-H-T.

01:54
Now on to the show.

02:01
Welcome to the My Wife Could Her Job podcast. Today I’m thrilled to have Jeff Oxford back on the show. most of you guys listening to this podcast know that I generally don’t like SEO guys, mainly because there are a lot of spamming ones out there. But Jeff is someone who I trust mainly because I’ve known him for, I don’t know, I wanna say at least five to seven years. I don’t know exactly. But anyway, during the pandemic, my SEO rankings for Bumblebee linens

02:29
got hit by a major Google update. And I actually don’t really enjoy writing content for Bumblebee Linens because it’s about handkerchiefs and linens. My wife quit her job I love. I can pump out content for years. when I write about hankies, crafts, or generating content in that matter, I don’t really particularly enjoy it. so, and our rankings had dropped, which obviously leads to lower business. So I actually reached out to Jeff to lend a hand.

02:56
And the result was that we actually increased SEO traffic by 4x in just six months, which in my opinion is kind of unheard of. Usually when you tweak things, doesn’t quite, you don’t quite get 4x results in six months. And so today what I thought would be interesting for you guys is I invited Jeff to just kind of come on and talk about some of the things he did and we did together in order to get that rankings boost. And with that, welcome to show, Jeff, how you doing? I am doing great, Steve. Thanks for having me.

03:26
Yeah, I can’t tell you how many spammy SEO people like I literally get like five emails per day from people who promised me the top results. The funny thing is I also get five about five per day from other SEOs selling me trying to sell me stuff. So you’re not alone. Yeah, and there’s stuff on fiber too. So those guys actually really give the real guys a bad name. Unfortunately, Something about the SEO industry, it had a feel like around 2010.

03:55
got a bad rap when back in the day you could spam your way to the top and then think right around 2010 was the turning point where Google got really good at detecting web spam and went on a penalizing spree and from so many people just got destroyed. You’d see sites that were 90 % SEO traffic organic dropping 20 to 30 to 50 to sometimes 90 % of the traffic overnight. So I feel like during that wave of penalties, just put a bad tip.

04:24
put a bad taste in a lot of people’s mouth about SEO. Yeah. You would characterize yourself as pretty much white hat, right? Across the board, right? Yeah. Things that aren’t going to get you penalized down the road. Yes. Okay. All right. So I came to you, I don’t even remember what year was it, 2022 or 2021? I don’t remember. Yeah. Yeah. I think right around 2021. 2021. Yes. I want to say that Bumblebee rankings were the lowest points since…

04:53
I don’t even remember. I guess we could pull it up. But anyway, that doesn’t matter. So I came to you and I was like, hey, can you help me with this? And I wasn’t sure what to expect because I consider myself pretty knowledgeable about SEO. And I thought I’d just maybe walk the audience through your entire process, which is I now call the Oxford method, right? I love it. Yeah. that trademarked? Can I use that? Yeah. So walk us through the first steps. Yeah, I still remember.

05:22
I think, and I was just checking before you reached out, was like the lowest point in the last, I mean since like 2015. So it had taken quite the turn. And I still remember you’re very skeptical about SEO with good reason because you’ve seen the horror stories of sites. I feel like in the SEO industry you get one of two things. either hire the reputable agency that’s worked with all these brands and they have a fancy presentation, but then you…

05:50
The work happens, you get passed off to the B team and the quality just falls off a cliff and you get fancy reports but nothing’s really getting done under the hood. Or the flip side of that is you take the cheaper alternative and you go on Upwork or Fiverr and you get someone who says they’re really good and they do a bunch of shady things that get your site penalized and you kind of lost a lot of your investment there. So you were skeptical, we talked about it the first thing we did was see like is there even SEO opportunity, there is SEO a good channel.

06:20
for Bumbi linens and in a lot of cases it is, but there’s always some cases where maybe there’s not a lot of search volume that SEO is not a good channel for you or maybe it’s just way too competitive and the amount of investment might not make the most sense at that time. So we looked at your rankings together, we realized like, okay, there’s a lot of search volume for some of your keywords, especially related to handkerchiefs and linen napkins and things like that.

06:46
and you already had some good traction. Like you were on bottom of page one, top of page two, maybe bottom of page two for a lot of really good keywords. So it’s not like we’re starting from scratch trying to climb this big mountain. We already had, you know, we’re just in striking distance. We just had to push to the extra 10 % to start driving traffic. So, you know, first thing we did is we assessed like, okay, we’re good to go. And then we moved on to the planning stage. So once we kind of both agreed like, all right, there’s enough opportunity to justify it, let’s build a plan.

07:16
We looked at the technical side of the website just to get a rough idea of how much technical work we need to be done. We looked at kind of got a sense of your content you had in place and your blog. We looked at your backlink profile and we kind of flushed out before we even move forward a tentative six-month plan on what an SEO campaign would look like. And for those of you guys listening, pretty much anything in SEO can be distilled to four buckets. Technical SEO, that’s going to be maybe how Google and search engines crawls your website.

07:46
Page optimization, that’s making sure keywords are the right places and your title tags, your meta descriptions, your content. Then we have link building, which is making sure other websites are linking to you, which is a very important ranking factor. And then content, making sure we have content in the right places, whether that’s category descriptions, product descriptions, or blog posts. So the strategy we built for Bonebillinons, we had to assess the website through each of those four buckets.

08:11
and have a plan that would, wherever it was falling short, we need to have a plan in place to make sure it was gonna be 10 out of 10 in each of those areas. Yeah, and the one thing that I remember, I harped on you for a while, was like, okay, is this really gonna make a difference? And I think the philosophy, and I wanna put words in your mouth, was that you do all these things, you don’t know exactly which one will have the most effect, but collectively you do them, and if it leads to a positive result, then great.

08:39
Yeah, and that’s exactly the case. There’s gonna be SEOs out there that might be overly confident and say like, oh, I know if you do this, you’re gonna get this result 100%. I know if you do X, you’re gonna get Y result 100%. But from doing this for over a decade, Google responds very differently to the same change. I could do the same change for your website. You might have a huge impact on rankings. I could do the same change for another website. Maybe it’s only a minor impact.

09:07
and vice versa, maybe this other Google responds really well to this one change on another website versus yours. So the kind of the strategy we take is let’s do all the things that we know are going to have a positive impact. We won’t know exactly which one’s going to be the exponential growth and which one might be more minor. But we know if we do all these things in conjunction, that’s what’s going to increase rankings, that’s what’s going to increase traffic, and that’s what’s going to get you more revenue. Yeah. And I remember

09:32
One thing for anyone listening out there who actually wants to rank in search, I think step one is really to get your house in order. So let’s talk about some of the things that we do for Bollingby Lens, to get the house in order, so to speak. getting the house in order, a lot of that just refers to technical SEO. In short, you want to make sure that Google can crawl your website. They have their spiders going across the web, and if they can’t get to your pages, your pages aren’t going to rank very well.

09:59
Once they get to your pages, we want to make sure they’re indexable. Is Google going to actually index the page so it can rank? So there’s some technical things we looked at. It was kind of funny. You and I were both puzzled. There were some URLs that Google was accessing that made no sense, these weird parameter URLs that none of us had really, really, like you can’t, we couldn’t visit on the website. We have no idea how Google’s getting to it. But sure enough, they had their ways. They’re accessing some really weird URLs that was wasting the crawl budget.

10:28
We want to make sure Google is only crawling the most important pages, so we went ahead and blocked those. We also noticed you had a bunch of, I think your entire, like all your product pages were duplicated. You had a duplicate version generated by one parameter that was getting indexed. So had a big duplicate content issue that we uncovered. We also noticed that the top nav was, before it was this kind of mega menu style that

10:52
was linking to so many category pages and it was maybe even a bit convoluted and we simplified that down a bit just to, it was more SEO friendly. And then we also did a lot of internal linking. We found that from all the blogging we done over the years, they weren’t referencing the products and categories as well as they could be. So also doing some internal linking just to make sure we got all those great content pieces you’ve created sending SEO value where it needs to be. So let’s just say for anyone listening out there,

11:20
Most of the changes were actually pretty minor. The only major one was changing that mega menu, like in terms of actually having to edit the code in your theme and that sort of thing. I think the mega- change. Right, correct. The other internal linking and stuff doesn’t cause any cosmetic changes. I remember that menu actually took me a little bit to do once we figured out what it was, but do want to explain just kind of the philosophy and why simplifying that menu actually helped SEO? Yeah, the best way to sum it up,

11:49
If you have, so your top navigation that lives on every single page in your website, if you have 100 links in your top navigation and then you go from 100 links to 50 links, since you have fewer links, you have more link juice or SEO value going through each link. So each of those links got twice as valuable because there’s half as many. So in Steve’s case, we pretty much cut the number of links in the top nav in half. So there was lots of…

12:15
kind of more niche category pages, maybe accessory pages that weren’t as high of a priority that might not be, we probably didn’t need to link to them from every single page. So by just having the most important pages in the top nav, they’re all benefiting from way more SEO value and link juice flowing to those, which helps them to rank a lot better. I think for any one store, 20 % of your products are going to make up 80 % of the revenue. And so I had all these categories from stuff that we had done just because I’m trying to rank individual category pages. And so

12:45
What we did is Jeff helped me with the analysis and we determined like the money categories, made those front and center on the menu. And then the other categories which were lesser, I put them all on like a sub menu, which was only one link on the menu, just to be perfectly clear to anyone trying to do this. Yeah, we, you know, a lot of times you can use like a see all link. So maybe you have your category page, you list your most important subcategories, but if you have 50 subcategories, it wouldn’t make sense to have all 50 in the top nav. So maybe you list your top five or 10,

13:15
and then know that you have see all and they can see more. And SU aside, we’ve actually found this exercise can help with conversion rates because people can find what they’re looking for way faster. They don’t have to sort through as many links. So there’s also some usability benefits as well to this type of change. I totally agree actually. In retrospect now, like the changes that you suggested, make it much easier for people to find handkerchiefs and napkins, which are our bread and butter for our entire site. So that was on the technical side.

13:44
And then do you have any more to add on that? Technical SEO is always the most kind of complex, development heavy side of SEO. It’s very nuanced. It’s kind of the one area where I would recommend talking to someone who knows how to know what to look for because the issues of your website is going to be different from the needs of the issues with your closest competitor. But in short, you just want to make sure your site can be crawled, indexed, and there’s no kind of duplicate content issues or other issues that could impact your rankings.

14:14
Okay. What’s the next pillar? Next is page optimization. So, you know, we page optimization, there’s kind of a few main components where we want to make sure your keyword is in the title tag of the page. And if you’re not familiar with what a title tag is, it’s going to be that if you search a keyword in Google, you got those 10 links and that blue link, that’s the title tag, it lives in the code, it tells search engines what the page is about. And it’s one of the most important ranking factors for the page itself.

14:45
Then you have the meta description. Those are the two lines of black text below the title tag. Now meta descriptions aren’t necessarily a ranking factor. You could have your keyword in there 20 times or not at all. It’s not going to make a difference. The way I like to describe meta descriptions is just there for click through rates. It’s essentially the ad copy for SEO. So if you’re doing Google ads, you might have seen how having really compelling ad copy can have a huge impact on click through rates. Well, the same is true with SEO and meta descriptions.

15:12
have your unique selling points in the meta descriptions. If you have a call to action, you’re going to get a lot more traffic and a lot more clicks than those ranking even above you in some cases. And then the other element is the header tag. That’s the title that’s on the page itself that users see. And then the last thing that we focused on was in the content. We want to make sure the keywords in the content. So those are the four places. If we’re trying to rank for wedding handkerchiefs,

15:38
we want to make sure the keywords in all those four places, title tag, meta-scription, header tag, and the content itself. But before we even touched a single page, we got really strategic with prioritizing, which pages actually do we need to optimize? mean, some e-commerce sites might be on the smaller size. Maybe you only have a dozen or a few dozen products. But for a lot of people, their e-commerce site is going to be hundreds, if not thousands or more pages on the site.

16:08
So one of the biggest pitfalls we’ve seen is a lot of times people spend their time optimizing pages that don’t really have that much SEO potential. It’s either too competitive and they’re never, you know, they’re not going to rank well to begin with or it’s just so it’s low search volume and even if they rank number one it’s not going to drive traffic. So we spend a lot of time first prioritizing every single page on your website to see which pages can actually drive the most traffic and revenue.

16:35
and then kind of starting at the top and working our way down and doing a batch every single month to make sure your pages are optimized. Can we talk about that process? Because I think that’s something interesting. Because most people just say, hey, I want to optimize every page, which is impossible to do, really. So can you talk about the Oxfordization formula for deciding? Because it was all in a spreadsheet, but the formulas were like we never really talked about the formulas. Yeah. The proprietary Oxfordization formula, patent pending. what we did.

17:04
we looked at every single keyword the website was ranking for. And there’s kind of two main data points for every keyword we’re looking at. We want to see what’s the search volume, how many times per month are people searching for this keyword, and we wanted to see what rank is it currently in. So for example, if a keyword’s ranking position 60, it’s so far from being at the top of search results and driving traffic that it’s not going to be that big of a focus. But if you have a keyword that’s bottom of page one, maybe position seven or eight,

17:31
If we just give that keyword a little push and it starts getting top three, it’s gonna drive a whole bunch of more traffic. So if we’re talking about the low hanging fruit, you really wanna focus on keywords where you’re ranking middle to bottom of page one. Those are your high opportunity keywords with just a little SEO push. If you can get them into top three, it’s gonna start driving noticeably more traffic and revenue. So that’s what we did. We looked at every single keyword the site was ranking for. We looked at what position is it in?

17:58
We looked at the monthly search volume. We kind of created this formula and a weighted average to factor in keywords that are higher ranking. Let’s give them a higher opportunity score. Keywords with higher search volume, let’s also give those a higher opportunity score. And we did it for every single keyword. We added all up on a URL basis. So if a URL has 100 keywords ranking, we’d add up the score for each individual keyword to kind of get an aggregate page score. And then from there, we could just prioritize it with some Excel magic to see

18:26
which page has had the highest opportunity score and we’re worth pursuing first. And there’s one component that you didn’t mention, was revenue for that site, right? Cause it’s all about money for an e-commerce store. That will get you traffic, luckily, almost every e-commerce site that we’ve seen have e-commerce tracking in place. It’s really easy to go into analytics, see the conversion rate, the average order value. So we pulled in the average order value and conversion rate for every single

18:54
category, every single category page, product page, blog post, et cetera, and then matched all that up so we could extrapolate, say, okay, these are the keywords that we know not only are they gonna bring in lots of traffic, but these are actually like high value pages that are converting well and have a higher ticket and higher AOV. So that level really helped us be strategic and focus on the pages that are gonna move the needle and drive more revenue. Yeah, because there’s a lot of pages that you’ll find on your site that might be really high traffic, but they actually aren’t really generating much revenue.

19:24
Yeah, blog post is a perfect example of that. absolutely. If you haven’t picked up my Wall Street Journal bestselling book, The Family First Entrepreneur yet, then now is the time. My book will teach you how to achieve financial freedom by starting a business that doesn’t require you to work yourself to death. After all, most online business gurus constantly preach that you have to hustle, hustle, and hustle some more just to get ahead. Well, guess what? It turns out that you can achieve financial success

19:53
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20:22
running a print on demand e-commerce store, and I provide you with a free website theme as well. You also get access to my two day passive income workshop, where I’ll teach you how to make money with blogging, podcasting, or YouTube. Go to mywifecoderjob.com slash book, and I’ll send you the bonuses right away. Once again, that’s mywifecoderjob.com slash book. Now back to the show.

20:47
Yeah, there’s top of funnel blog posts and there’s bottom of the funnel blog posts. Yeah. So it’s important to do this exercise, which is actually something that I hadn’t really done before. Like in the past, I just focus on optimizing my category pages because I knew which ones were converting. But yeah, it was very interesting to do that analysis across like all the keywords to figure out what to go for. You also taught me to use this tool for the content. I before we had

21:14
work together, I actually didn’t have as much content on the category pages. This is a struggle for lot of e-commerce stores, right? Most category pages are just a listing of products. You want to walk the audience through what you did for the category pages on my site? Yeah, so one ranking factor that we’ve seen, Google’s even confirmed this. Sometimes you can listen to Google’s spokesperson at the time and they’ll kind of give you some nuggets. And basically what they said is if you have a category page with a list of products,

21:42
you should have at least some content to give Google more context of what that page is about. They’ll see the products and they’ll see the title of the page, but there’s no content explaining what the page is about, who it’s for, the benefits. It’s gonna be more difficult for them to give you good rankings. And we see time and time again, if you have a category page with no content on it and you just add 200 to 250 words, that…

22:08
In almost all cases, we usually see rank improvements for just that simple change. Sometimes people go overboard with this. There’s definitely correlation between rankings and word count. So people just literally drop a blog post on their category page. That’s really not the way to go. That’ll actually work against you. And we’ve heard from Google’s staff multiple times that

22:33
If you have too much content on a page, is supposed to be unique, a category page has a transactional intent. Someone’s looking to make a transaction and purchase something. If you just drop a blog post on it, now it’s going to be more of an article informational intent and that you’re not going to rank as well for transactional keywords. So that’s why really, you you want to keep it short and concise, just 200, 250 words. And that’s what we did for Bumblebee linens. We made sure all the top category pages had around 200, 250 words.

23:00
Any pages that were a little short or shy on content, we added some additional ones. And kind of the framework or blueprint we recommend when you’re writing a category description is first and foremost, talk about the benefits of the product. Talk about who it’s for and the use cases. Talk about the price and then talk about the attributes of it. So for example, if you’re selling gaming laptops, you can talk about

23:27
the know that what were the specs the speed that the benefit whatever whatever can change from product to product so you know with with handkerchiefs you can talk about the material and how that impacts price and the last thing is just give a little bit of information about you know shipping and reach returns you be in short you’re giving someone all the information they would need before making informed purchasing decision and you should look at that lens you know we we didn’t add anything like

23:52
What is a handkerchief? No, instead, if someone’s searching for it, they already know what it is. You want to give them the information they need to go from knowing the product to purchasing the product. Yeah, and there was tools that you used, I remember, allowed you to use certain keywords that were used associated with the actual main keyword that we were trying to rank also. Yeah, there’s a great tool I recommend called Surfer SEO.

24:15
I’m not affiliated with them, so whether you use them or not, I’m not incentivized, but it’s a great tool that I use personally and I’ve had a lot of success with, and it’s actually kind of become the gold standard of content optimization in the SEO industry. Basically, how this tool works is you put in the keyword you’re trying to rank for. So let’s say we want to rank for ladies handkerchiefs. We’d put that into Surfer. Surfer’s going to see all the sites ranking on page one already. It’s going to pull their content and analyze all their content.

24:42
And what it’s gonna come back to you with, it’s gonna say, hey, here’s all the keywords that your competitors are ranking for, that your competitors are using in their content that you should use in your content. So does all this advanced statistical analysis to see what keywords the higher ranking competitors are using that you’re not using? And in a lot of cases we found incorporating those keywords into your content and making your content more comprehensive and robust can have a really noticeable impact on rankings and traffic. absolutely.

25:11
So on the content side, did you have anything else to add before we move on to the next pillar? I think just real quick with blogging, like you had already done a lot of blogging and we actually chose not, we strategically chose not to do any blogging for your site. And the main reason for that was there wasn’t a lot of high converting keywords that we could go after. Really there’s only top of funnel keywords like what is a handkerchief? What are handkerchiefs made of?

25:36
Which we knew could drive traffic but wouldn’t drive revenue So since we were trying to optimize for your return on investment We decided not to do blog posts and focus more on the pages that can actually drive revenue, right? Which in my case are the category pages exactly. Yep Okay, so we talked about technical content optimization. What is the third pillar? We talked about we talked about technical page optimization content and then I think we’re under the fourth pillar the link

26:04
Yeah, link building, link building, which incidentally is the question that I get asked the most. And you had some pretty good strategies. A lot of these strategies before we talk about them do require some amount of legwork and outreach. But let’s talk about them first. And I’m very curious what your process is for doing this. Yeah, so there’s dozens, if not hundreds of ways you can build backlinks and just kind of backing up for just a second.

26:32
The number of links going to your site and the quality of those links is one of the most important ranking factors in Google. Google’s ranking algorithm is always changing, Google’s even said backlinks is one of the top three ranking factors in their algorithm. you could have the most perfectly optimized page with the best content, but if you don’t have enough backlinks, you may not be able to rank very well for that page. So it’s important to get other websites to link back to you.

26:59
And you have kind of more of your traditional like brand PR approach and a lot of these strategies we incorporated for Bumby Linens. From working with e-commerce sites, kind of the most important one strategy we found is one, doing product reviews. Essentially what we did is we just found relevant bloggers, we sent them some product and had them do a review of that product. In the write-up on their site, they take photos of it, they link back to it.

27:27
So that worked really well, just doing some product reviews and sending those to bloggers. A second thing we did is guest posting. This is probably the most common and consistent link billing strategy. And part of the reason for that is it works really well. Basically, you find relevant blogs you offer to write an article on their website. then, know, it’s not, Steve, as you know, having a content calendar and trying to keep up and create fresh content all the time, it’s not easy to do. So oftentimes, bloggers will open up their blog.

27:55
and just say, maybe we can have some other people contribute to take the load off their plate. So we found relevant blogs like the Wedding Space and built a relationship with them, wrote an article, linked back to some of most important category pages. So that was the second strategy is guest posting. Third thing we did, which is kind of more unique of a PR play is scholarships. So we created the official Balmvey-Lennox scholarship. yeah, we had a, I believe it was $1,000 cash prize for. It was $500.

28:25
$500 is a thousand word essay for a $500 cash prize. And it’s not like we had to offer $500 for every university in the country. It was just a one time $500 scholarship. And we were able to promote that to hundreds of universities. So we actually were able to obtain a lot of backlinks from some really authoritative .edu universities, which had a lot of trust and a lot of authority and get help with rankings. And then the fourth thing we did,

28:53
was we basically turned your discount codes into backlinks. So we created a discount for the military and veterans. We created a discount for first responders, a discount for nurses, a discount for teachers, and a few other different, what we call linkable audiences. And so we had all these discount code pages up. if you look, there’s aggregated lists of discounts for nurses, discounts for veterans.

29:20
And we found all these lists, we reached out, we said, hey, we’re so glad you have this. We also have a discount that’s gonna be great for these groups and these communities. Would you consider including our discount in your list? And sure enough, they were. We got lots of backlinks from some of these websites, one of which was military.com. Which is huge, actually. Yeah, very authoritative. And that wasn’t the only one. There’s quite a bit of other heavy hitters.

29:46
And I actually, Steve, if you want, I have the outreach stats if you’re curious for a quick rundown. Yeah, yeah. Okay, so before you do that, I just want to say that I think of the multiple strategies you just mentioned, I think guest posting is probably one of the most tedious. And whenever you see one of those spammy SEO agencies out there that say they can guarantee you thousand backlinks, it’s not just the backlinks. They’re going to spam you with low quality backlinks, which could potentially hurt your site.

30:14
These are all, using these strategies that Jeff’s talked about, these are all real links that have high domain authority that will really benefit your site. This is why you have to watch out for those spammy SEO agencies that promise all these things, because all they’re doing is they probably just have a bunch of dead sites that they’re just linking to everybody. Yeah, there’s lots of like, what we call private blog networks where they create their own site just for getting backlinks.

30:41
And if you get links from those, they’re just not gonna help you at all. link building is the one part of SAE that you to be the most careful, whether you’re gonna do it yourself or hire somebody, you have to make sure they’re building good links that actually gonna move the needle. If you see someone saying, we’ll give you 100 backlinks for $6, turn and run because chances are it’s gonna do more harm than good. Actually, before you get into the stats, can you just, when you’re going for a backlink,

31:11
Can you tell me just some of the things that you look for on the site to make sure that there are a legit site that’s actually going to be linking to you? Yeah. So few things we look for is like, there an actual person behind the site? Do they have an About Us page? Do they have any contact information? We also look at the SEO metrics. What’s the domain authority or domain rating of the site? Is this valuable in Google’s eyes? And we’ll also look at the traffic. Is this actually driving organic traffic? Is it ranking for keywords?

31:40
So there, what I just described is probably where most link builders stop is like, okay, like the site has, it’s very authoritative, it’s relevant, let’s get a backlink. But there’s a few other checks that we like to do just to make sure it’s gonna provide SEO value. Another one is we’ll look at its traffic year over year. Because in many cases you have these kind of fly by night blogs that come up just for the purpose of selling backlinks.

32:05
and they get penalized pretty quick. if we see that a site’s traffic dropped like 50 % or more year over year, we won’t touch it because it’s a good indication that it’s been penalized by Google. Another check we do is we want to see what other types of sites is this blog going to link to. And we use a tool called hrefs where we can see all the other domains the site’s linking to. And if it’s linking to things like casino, crypto, CBD, some of these would kind of work.

32:32
Questionable niches we won’t reach out to it. It’s kind of clear that it’s just a link farm and the link to anybody So we want to make sure the site there’s a person behind it has good SEO metrics It has been penalized by Google and it’s not just linking out to anyone and everyone Yeah, and it’s more than just domain authority also because some people will just buy expired domains and then use that as like a Yeah, that can be very easily. Yeah, so anyway, okay So all this stuff that you just talked about requires lots of outreach

33:02
And that’s actually one of the reasons why I asked for your help because I don’t got time to do this outreach, right? Yeah. So yeah, let’s let’s talk about some of the stats. Yeah. So like Steve saying, lots of grunt work that went into this. So in short, we got 135 backlinks from all those strategies that I mentioned to get those 135 backlinks. We contacted over 4000 websites and it’s not just sending emails.

33:31
first prospect, you have to find the email or find the blog. And then once you find the blog, you got to figure out, what’s the best email address to contact for this blog and digging around to find that information and then trying to personalize it as much as you can. So there’s a lot of heavy lifting. So we found those 4,000 blogs. We reached out to all of them. Of those 4,000, about 2,400 actually opened the email. it was a decent response rate. We had a 57 %…

34:00
or sorry, decent open rate, 57 % open rate on those emails. Of the 4,000, we had 16 % that responded to our emails. We had about 685 responses. And then of those 685 responses, that generated the 135 backlink. So if you’re just reaching out to a blog cold, you’re not going to have the highest success rate. You have to give them a good reason to link to you. And a lot of this is a numbers game. You just got to keep finding.

34:29
relevant prospects that are likely to link to you. And there’s a lot of legwork that goes into finding these sites, reaching out to them and getting those links published. So what was the final percentage of outreach versus actually links gained? Single digits, right? Yeah, 3 % of the sites we contacted ended up linking to us. Right. So that means to get three backlinks, you got to reach out to at least 100 sites.

34:54
that depending on the strategy you’re using, but for all the strategies we were using, that was the average across the board, 3%. So of the four strategies, let’s repeat them again. there was product review, product reviews, guest blogging, guest blogging, and discount codes. discounts, okay. So if you were to just pick like the highest percentage, which one would that be? From what we saw, we got the highest percentage from scholarships and discount codes.

35:23
And discount codes, okay. And then the product review is a little harder. And the guestbook is probably the hardest, would you say? I’d say product reviews are the hardest because not everyone is interested. You have to hope they’re interested in the product that you want them to review. I see. Yeah. Okay. You left out a little nugget also on the scholarship page, which was now that you have this powerful page that everyone’s linking to, you want to sculpt the juice, so to speak. Yes. We have a little trick up our sleeves. So we had this scholarship page.

35:52
that lived on bumblebillens.com and it had attracted all these backlinks from some really authoritative .edu websites. So what we then did is we simplified this page so that you know there’s no top navigation, there’s a minimal footer, there wasn’t really any links on this page, it’s just talk of the scholarship and we went in and added links to some of your most important category pages and what this did is it took this super powerful page and now channeled and funneled all this SEO value and all this link juice

36:21
to just two or three pages that we really cared about. So that we saw actually had a pretty noticeable impact on rankings and we got a good lift from that strategy. I am curious though, I don’t know if you have the stats for this, but do know what your percentage was for reviews specifically versus guest posts versus scholarship and coupons? We definitely have it, but I don’t have it on hand right now. I’d just be curious, because some of these people…

36:47
listening and they’re gonna be like, I can’t do all this stuff. Like if I were to just choose one strategy, what would I go for? I always say if you’re do just one, I like product reviews most because if I take my SEO hat off for a second and I kind of look at the bigger picture, product reviews is the one strategy that can also has the best chance of driving traffic, brand awareness. So you get kind of multiple benefits of this, especially if like, let’s say you’re an Amazon seller, this is something you could do.

37:13
pretty easily. If you have a product that doesn’t know it’s not too high ticket something you can give away for free you know reach out to some bloggers offer to send it to them for free to do a review and not only we get back things that help with SEO but who knows maybe also get some brand awareness some referral traffic and and oftentimes you can even get direct sales from this if the blog has a big enough following.

37:36
I have some other questions that I commonly get asked and I’m curious what your answer is. One of the questions I commonly get asked is, do I need a blog in order to do a good job with SEO for an e-commerce store? The question is maybe, but not as often as you think. And let me elaborate a little bit. Sure. There’s this misconception that you have to have a blog. You have to keep creating fresh content. If you don’t create fresh content, your rankings are going to slipped.

38:06
Basically what happened is years ago Google had this freshness update where if you have a blog post and you update it and you make a bunch of changes and Google sees that change, it’s going to get kind of a nice boost in rankings because it’s fresh content. But the misconception is if you’re creating articles on your blog over here, that fresh content is not going to help your rankings of your category pages and your main pages over here.

38:35
So that’s kind of the big disconnect. And I like to talk about the value of blogging with the typical customer journey, where you have the awareness stage, you have the interest stage, you have the purchase stage. And there’s a bunch of different variations. We’ll kind of simplify it to three stages. If you’re blogging with content that’s in the top of funnel awareness stage, that would be things like, what are handkerchiefs? What are handkerchiefs for? What’s the history of handkerchiefs?

39:01
If someone’s searching those keywords, they’re not really looking to purchase. They’re just looking to learn. It’s very informational. we could create the content, but it’s not going to, and it could rank well and drive traffic, but it’s not going to drive revenue. And how are we supposed to give Steve a positive ROI if it’s not driving revenue? There are some middle of the funnel keywords that your blog post you can go after. So any content with like best versus or for will typically convert better. So for example, you know,

39:31
best handkerchiefs. If someone’s probably doing some research, they know they want to buy it. Now they want to find the best one. That’s going to have some conversions or linen handkerchiefs, linen handkerchiefs versus any other material out there. Those types of versus comparisons. They’ve narrowed down to two types. Now they want to purchase one, but they’re not sure which one or four talking about the use case, like handkerchiefs for everyday use. If someone, if you have a blog post of that,

39:59
someone probably wants to find a handkerchief for everyday use. we did the research. We didn’t really see any high-volume keywords that we could create in the middle of the funnel range, so we opted out for it. So if you’re trying to decide, do you need to do blogging, it might be worth doing some research to see what are some middle of the funnel keywords that you can go after, and will those drive traffic? So every blog post has a goal, and just make sure you have a clear idea of

40:28
why are you blogging, don’t just do it because you think you’re supposed to. If you’re doing it, make sure you know why you’re doing it. Yeah, I would say if you’re hiring someone to do something for you, you always want to focus on the ROI. Because you could rank for keywords, get their email, and convert also that way, which is the traditional model that a lot of websites take. But when it comes to just focusing on what’s going to make you the most money, that’s going to tend to be your category pages.

40:57
or

41:28
chat GPT put this on everyone’s radar where now the AI is pretty advanced when it comes to content creation. From what I’ve seen, using chat GPT, also known as GPT 3.5, the content produces, oh yeah, before. The content it produces was, I’d say was on par with your standard overseas generalist writer. Maybe you have someone in India, the Philippines,

41:59
You know, the content was kind of roughly at that level. Of course, there’s going to be some overseas writers that are incredible and probably might be better than a lot of US writers. if we’re saying on average in general, was kind of at the depth and the grammar and the spelling was perfect. But as far as like structure and flow, I’d say it’s kind of on par with like a generalist overseas or not. I say non-English native speaker.

42:28
But then GPT-4 came out, I believe it was like a week or two ago. This was like the next version. And I’ve done a lot of testing with that and I’d say it’s at the point now where it’s as good as your average US generalist rider. A industry expert’s always gonna be better and they’ll be able to add some insights, but if you just have a generalist rider that you’re hiring that writes about every niche, the content is pretty much good enough.

42:54
to go hand go side by side with anyone I don’t think I think most people could not tell whether an article is written by GPT-4 or a US writer. So the question is is it good enough to not use human writers?

43:11
That’s the goal, that’s the big question. it’s kind of, you have to think back enough for a second, how scary is it that we’re actually having this conversation? Like how many writers could lose their jobs because of this? It is kind of scary. And the model that we’re going to is, I like to paint the analogy of it’s basically what calculators did for mathematicians. know, mathematicians didn’t disappear, but you didn’t need as many because you have this device that can save them lots of time.

43:39
So kind of the model we’re doing is we’re having our writers and we’re having our editors use this technology to assist them and be more efficient. You never want to just go to chat GPT, have it spit out a blog post and then post it. You’re still going to be some manual review and you want to enhance it and make it stand out. But this technology is getting adapted like wildfire and chances are if your competitors aren’t using it now, they’re going to start using it soon and can just scale their content production methods. So you got to look at how you can incorporate this.

44:09
as a way to scale your content production while maintaining quality. I’m going end this podcast with kind of like a bombshell question. What are your views on the future of search with AI? I think, you know, right now the saying is if you don’t know something, just Google it. I wonder how long it’s going to be until people say, just chat GPT it or just AI it because now it’s answering so many questions.

44:37
It’s unknown, but if I look at the direction, feel like these large language models and AI systems like chat GPT, they provide a really good user experience for people search for information and it’s getting better and better. So even if it’s not a hundred percent now, it’s going to be just as good as Googling in the very near future. And what I think that’s going to do is the sort of top of funnel keywords, like what is a handkerchief? What are they made of? What are the history of handkerchiefs?

45:05
I don’t think you need to go to Google to search for that anymore. I think you just can ask ChatGPT, get your answer right away, and it’s going to save you time instead of clicking on a bunch of different articles, scrolling down to find the part of the article, maybe cross-referencing a few others. You now have this, this can do it for you. So I think that’s going to prevent a lot of traffic. So like a lot of top-of-the-funnel traffic is not going to be there. You’re going to see, I feel like you’re going to see declines and search volumes. So especially for content sites.

45:34
I think middle of the funnel might be a little less, it might be little more sustainable. Things like comparison sites, reviews, that you kind need more media. Maybe you want to see a table comparison or images or videos. I think those are going to be safe for the foreseeable future. But if chat, GPT and other large language models start incorporating media and photos and can actually like watch a video and kind of summarize it for you, I think it’s only matter time before those are.

46:04
are going to be impacted. what about specifically e-commerce? E-commerce is kind of the one area that luckily I’d say is safe. If you’re looking to make a purchase, you actually have to go to that site, make a purchase, that you can’t really automate that away or AI that away. Although, Steve, I might have something that you haven’t heard of just yesterday, And this is on just yesterday, OpenAI, creators of ChatGBT, just announced they have plugins.

46:34
They’re creating all these plugins that you can augment chat GPT with. So they have one for like kayak.com where you can say, find me flights for this and it’ll pull in all the kayak.com data. Um, they, one of their initial plugins that has already been created is with shop for Shopify. So it’s going to be interesting if you can now use chat GPT to purchase, um, directly without even having to go to the Can’t wait to play with that. Yeah. I joined the wait list immediately. Yeah. Nice.

47:03
That would change the game then. That’s the, so I guess this technology is changing so rapidly that it’s, whatever prediction I try to make today could literally be outdated in a week. All right, Jeff, we talk about a lot of stuff in this episode. If anyone needs help with their SEO, whether it just be putting together that plan, which is a good portion of it, or just help with link building, where can they find you? Yeah, you can just go to our website.

47:32
180 marketing.com 180 marketing and my email is just Jeff at 180 marketing.com So you know shoot me an email be great to hear from you guys And please stay away from those spammy SEO agencies that promise you a thousand backlinks and number one rankings In a month or whatever they are. I get them every day agreed. Yeah cool Hey, Jeff, thanks for coming the show always you always drop value and I appreciate you Awesome. Thanks Steve. Appreciate this was fun

48:02
Hope you enjoyed that episode. Like I said, Jeff is my go-to guy when it comes to SEO and he is a wealth of knowledge. More information about this episode, go to mywifequitterjob.com slash episode 475. And once again, I want to thank Getita for sponsoring this episode. Now, if you sell on Amazon FBA and you like free money, you can get over $400 in free reimbursements when you sign up for Getita over at mywifequitterjob.com slash Getita. That’s mywifequitterjob.com slash G-E-T-I-D-A.

48:32
I also want to thank Quietlight Brokerage. Quietlight is my go-to place when I want to buy or sell a business. I’ve known them for over 10 years, recently sold a company through them, and I trust them 100%. If you want a free valuation for your business, or if you just want to get some free advice, head on over to mywifequitterjob.com slash quietlight. That’s mywifequitterjob.com slash q-u-i-t-l-i-g-h-t. And if you’re interested in starting your own eCommerce store, head on over to mywifequitterjob.com.

49:00
and sign up for my free 6-day mini course. Just type in your email and I’ll send you the course right away. Thanks for listening.

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Ready To Get Serious About Starting An Online Business?


If you are really considering starting your own online business, then you have to check out my free mini course on How To Create A Niche Online Store In 5 Easy Steps.

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474: 4 Easy AI Side Hustles To Start In 2023 (Work From Home) – Family First Friday

474: 4 Easy AI Side Hustles To Start In 2023 (Work From Home) - Family First Friday

In this episode, I outline 4 of the best work from home side hustle business ideas that you can start with artificial intelligence.

These businesses are all easy to run and will serve as a gateway drug to more profitable and higher margin businesses in the future.

What You’ll Learn

  • My best work from home side hustle business ideas
  • The benefits of using free AI tools
  • The best AI tools to use

Other Resources And Books



Transcript

00:00
In this episode, I’m going to go over four simple businesses that you can start from home using artificial intelligence. In fact, I’m going to show you exactly what these businesses are, explain how you can start doing them for yourself. And I’m going to give you real life examples of regular people who are making thousands of dollars per month doing these businesses. What’s up everyone. You are listening to the My Wife Could Her Job podcast, where I teach you how to make money online by exploring different tools, strategies, and understand how to leverage human psychology to grow your sales.

00:29
Welcome to a special segment of the show called Family First Fridays, where I go solo to give you my thoughts on how to make money without sacrificing your lifestyle. Now, if you haven’t picked up my book yet, The Family First Entrepreneur, head on over to mywifequitterjob.com slash book, fill out the form and get over $690 in free bonuses. Also, if you are interested in learning how to start your own e-commerce store, make sure you sign up for my free six day mini course over at mywifequitterjob.com slash free. Now this first business.

00:58
is one that you probably wouldn’t even consider to be possible to make money from. Selling enamel pins. Now according to Google, the enamel pin market is valued at over $2.5 billion and is expected to grow to $4.5 billion in just a couple of years. In fact, the AMBE found that 43 % of millennials own at least one enamel pin. Now if you look at Etsy, there are tons of sellers killing it online selling enamel pins online. For example,

01:25
Frost Dragon Designs has made over $168,000 selling cute animal pins in just the past couple of years. Now my friend’s 14 year old daughter makes over $1,000 per month selling opossum pins online. Opossum merchandise, who would have thunk it? Now looking on Etsy, these pins sell for around $10 on average depending on the size of the pin. If you look at Alibaba under custom and animal pins, you’ll find that you can buy these pins in lots of 100,

01:54
for between 10 and 30 cents a piece. That is literally a 100x markup, which means that you can make a huge profit selling these. Now the hardest part is coming up with clever pin designs, which is where AI comes in. Right now, the best AI graphic design tool is called Mid Journey, and it’s super cheap to use. Mid Journey is a computer program that can make pictures from words. And you can tell Mid Journey what kind of picture you want, and it will try to make it for you.

02:23
For example, you could say, make me a picture of a cat or make me a picture of a tree. Now Mid Journey is still relatively new, but it can already make some really amazing pictures. So for example, let’s say I wanted to make some cute opossum images for an enamel pen design. I would simply go to Mid Journey and tell it to draw me a cartoon opossum. And within two minutes, Mid Journey came up with these designs.

02:48
By the way, know this is a podcast and you can’t see the images, but if you look at the show notes, you will see the images that Mid Journey came up with. Now all these images that Mid Journey generates are high res and can be easily converted into an enamel pin that you can sell. You simply send a design to an Alibaba supplier and they’ll turn these into pins that you can sell for 10 bucks or more. And then once you have these pins, where can you sell them? Well, the easiest and best place is to just list them on Etsy. Remember my friend’s daughter.

03:17
who sells opossum pins. This is how she made her first $1,000 in sales. And the first thing that she did was join opossum groups on Facebook. Yes, these groups exist, and you can find a Facebook group on practically any topic. Now she spent the first three weeks engaging with other members of the group, and then she posted the following. Hey, opossum lovers, I’m a small artist looking to see if it’s worth it to manufacture these opossum enamel pins. Would you buy these?

03:46
not trying to advertise, just get opinions. Now after she asked this question, responses started rolling in. Yes, yes, love, for the love of Jesus, take my money now. And then what she did after she got a whole bunch of feedback is she had these pins made and pointed everyone over to her Etsy store. And what’s amazing about her story is that just posting on these Facebook groups verified that her pins were going to sell before she spent a single dime on inventory.

04:15
Now the next business model is to sell specialized t-shirts, mugs, and other merchandise via print-on-demand. Print-on-demand is a business model where a seller creates a product, such as a t-shirt, mug, or poster, and then prints it on demand when a customer orders it. This means that the seller doesn’t have to buy any inventory upfront and only pays for the product when it is sold. Print-on-demand is a great way for sellers to start an online business without a lot of upfront money. It’s also a good way for sellers to test new products and designs

04:44
without having to worry about them sitting in inventory if they don’t sell. Now there are a number of pod services available and they all work in a similar way. You create a product listing, upload your design and set a price. And when a customer orders the product, the pod service prints it and ships it to the customer. By the way, if you purchase my book over at thefamilyfirstentrepreneur.com, I will send you a three day workshop on how to get started with print on demand for free.

05:09
just go over to mywifeglutterjob.com slash book or thefamilyfirstentrepreneur.com. Now the hardest part about selling print on demand products is coming up with a catchy design. But by leveraging the power of AI and artificial intelligence, it’s actually super easy. So hypothetically speaking, let’s say you’re really into fishing and you want to sell t-shirts for fishermen. All you got to do is fire up ChatGPT and ask AI to come up some clever t-shirt designs. Now ChatGPT is a computer program

05:39
that can talk to you, answer your questions, tell you stories, write music, and even come up with clever puns and slogans. Here’s exactly what you need to do. Just go to chat.openai.com and open up a free account, and then ask ChatGPT to give you 10 catchy phrases for fishermen for a t-shirt design. This is exactly what ChatGPT returned. I’ll read you some of these entries. They’re pretty clever. Reel them in, hook, line, and sinker. Fishing, my happy place, my peace of mind.

06:09
Born to fish, forced to work. Keep calm and fish on. Life is better with a fishing rod in hand. Anyway, you can actually have ChatGBT generate unlimited puns and slogans until you find one that you like. As you can see here, the ones that I read for you, they’re pretty clever. And if you don’t like any of the ones that you get, just ask ChatGBT to give you 10 more. Now personally, I like the slogan, keep calm and fish on. And once you have the slogan, the next step,

06:37
is to create an image that matches the slogan for the shirt. Now remember the mid-journey example I gave earlier with the possum pins? Well, I fired up mid-journey again and gave it the following prompt. Draw me a relaxed man on a boat peacefully fishing. And once again, within about two minutes, it gave me four AI-generated images to match my slogan. And once again, if you want to see these images, go over to the show notes. But these look pretty amazing. I decided to go with the image in the lower left in case you guys are looking at the image in the show notes.

07:07
And then I fired up my favorite photo editing software and added the slogan to the image to generate a photo. Now the final step is to get this photo on a t-shirt. Right now, my favorite print on demand companies are Printful, Gelato, and Custom Cat. Now Printful does all their own printing in-house and the quality is fantastic. They also have a super easy to use tool that allows you to create a t-shirt, mug, or whatever you want in a matter of minutes. Now all you gotta do is drag your design on the shirt, size it up,

07:37
Position it how you want and you’re done. Now, if you want to see a picture of what my final t-shirt looks like, just go over to the show notes for this episode below. As you can see, it looks pretty good. And it’s something that I literally threw together in five minutes. You can sell these t-shirts for about 20 bucks and pocket roughly $7 to $8 per shirt. Okay, this next business model is going to blow your mind. Are there any parents out there listening to this podcast right now? Well, back on my kids a little.

08:04
I used to always bring coloring books and activity books to dinner so that my wife and I could eat in peace. There’s actually a huge market for these types of books for very specific niches. For example, when my kids were little, I purchased a Chinese New Year coloring and activity book and they loved it. Millions of these types of books are sold every year. To find out what types of books people are searching for, all you got to do is use a tool like Jungle Scout to do some keyword research. According to Jungle Scout,

08:31
Dinosaur activity books for kids gets about 5,900 searches per month, and it’s pretty easy to rank for. If you were to create your own dinosaur coloring books, you could make some money. Now once again though, the problem is that you need to come up with dinosaur designs to include in your book. Now to create coloring book images, it’s time to fire up Mid Journey again. Here’s the exact prompt to use. Draw me a cute Tyrannosaurus Rex drawing for a coloring book.

08:58
It should just be an outline of a T-Rex that a human can color in. And AI generates some pretty amazing images here. Now the final step is to compile all these images that were generated from AI into a book that can be sold on Amazon KDP. Amazon KDP stands for Kindle Direct Publishing, and it’s a special platform that helps people create real books that are printed on demand. And it is literally the easiest way for authors to create books without any upfront cost. It’s free to sign up.

09:27
and Amazon KDP offers a fixed 60 % royalty rate on paperback sold. Now once you set up, you must put together a book in a format that Amazon understands. And the software that I like to use is called BookBolt. BookBolt is a low-content book publishing software that allows you to create books from scratch without writing a single word. It offers a variety of features to help you with the research, design, and listing of your books on Amazon KDP. So basically this tool is going to help you design a cover, add text and images to your pages,

09:57
and then format it so that you can sell the book on Amazon KDP. It even has built-in software to help you create crossword puzzles, sudokus, word finds, word scrambles, and more in a matter of minutes. In fact, you could literally put together a high-quality children’s activity book in about 30 minutes or less. Once again, there’s no upfront cost to any of this. You put the book out there, and if you chose keywords that get high search volume, Amazon will bring you sales. Now, this final business idea is probably one of the easiest to pull off.

10:27
and doesn’t rely on any other company for production. You can sell your own stickers. According to Google, the global sticker market is valued at $4.16 billion. And it’s pretty obvious that stickers are a big deal by just looking at the top sticker sellers on Etsy. For example, Pamela Zagaretsky has made over a million bucks selling unique stickers and greeting cards online. And the beauty of this business model is that you can run this business from home. There are a couple routes you can take here.

10:56
The first one is to use a print on demand service, which takes care of both printing and shipping. But if you want to maximize your profits, consider printing and shipping the stickers yourself. All you need is a standard printer, an electronic cutting machine, and some sticker paper. And honestly, it’s actually simpler than it sounds. You can even skip the cutting machine part and just cut them out manually at first before you invest in a machine. Now for shipping, I just recommend getting some sturdy mailers that you can pick up from Amazon for around 27 cents a piece.

11:26
And this ensures that your stickers won’t get damaged in transit. You can print your shipping labels using Etsy’s shipping label tool, and regular printing paper will work just fine, but adhesive labels can simplify the shipping process. And as for the designs, you guessed it, use Mid-Journey to generate images for your stickers. Here are some key ones that I generated of fish, just as an example that you can see in the show notes. All you do is some keyword research to see what people at Etsy are searching for.

11:54
and then list these stickers on Etsy. Now I’m just gonna be upfront with you guys. Probably these four business models that I just specified aren’t gonna make you life-changing money, but if all you wanna do is make a couple thousand dollars a month and you’re having problems getting started with a business that you can run from home, try these four simple AI businesses first and you’ll find that once you get a couple of sales under your belt, you’re gonna be really excited about starting a business.

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473: The Great Amazon Shake-Up Of 2023: What It Means For The Future Of Online Selling With Chad Rubin

473: The Great Amazon Shake-Up of 2023: What it Means for the Future of Online Selling With Chad Rubin

Today, I have my buddy Chad Rubin back on the show. Last time we heard from him, he was running a $20M company selling vacuum filters over at Crucial Vacuum.

But over the years, the increased Amazon competition caused his shop to become far less profitable. In this episode, we discuss the state of Crucial Vacuum today, the overall Amazon landscape and how he’s been able to turn his company around.

What You’ll Learn

  • What happened to Crucial Vacuum since 2016
  • The overall Amazon selling landscape today
  • What it takes to be successful on Amazon

Other Resources And Books

Sponsors

Sellerboard – Sellerboard is a must have tool for Amazon sellers if you want to know how much profit you are actually making. Click here and try Sellerboard for FREE.

180 Marketing – 180Marketing is the agency that I used to grow my SEO traffic by 4X in just 6 months! Click here to book an appointment

Transcript

00:00
You’re listening to the My Wife Could Her Job podcast, the place where I bring on successful bootstrap business owners and delve deeply into the strategies they use to grow their businesses. Today I have my friend Chad Rubin back on the show and Chad has been in the e-commerce space for over a decade now and in this episode, we’re going to be brutally honest about Amazon and the current e-commerce landscape for 2023. But before we begin, I want to thank Jeff Oxford of 180marketing.com for sponsoring this episode. 180marketing.com is an agency

00:28
that specializes in helping e-commerce stores boost their SEO traffic. And in the past, I used Jeff and his firm managed to grow my search traffic by 4x in just six months. In fact, Marketing is one of the few SEO agencies that I trust 100%. For more information, go to 180marketing.com or just email Jeff at 180marketing.com. I also want to thank Sellerboard for sponsoring this episode. Sellerboard is profit analysis software.

00:54
that helps you figure out exactly how much profit you are making selling on Amazon. And if you’re an Amazon seller, you’re probably aware that there are many hidden fees in selling on the platform, and Sellerboard organizes all that information for you in a clear and concise fashion. And personally, I always recommend Sellerboard because they are among the least expensive solutions that I know of that does this, which is one of the reasons why I like them. For more information, go to mywifecourterjob.com slash sellerboard and try them for free for 30 days.

01:24
It’s literally a no brainer. Once again, that’s mywifequitterjob.com slash S-E-L-L-E-R-B-O-A-R-D. And then finally, I want to mention that the recordings for Seller Summit 2023 are now available for download. This was easily one of the best seller summits that I’ve ever thrown and the quality of content was amazing. If you want to watch the videos, then head on over to sellersummit.com and click on the grab your virtual pass button. And we’ll be taking this link down pretty soon to make room for Seller Summit 2024.

01:53
which will be announced next month. Now on to the show.

02:02
Welcome to the My Wife Could Her Job podcast. Today I have Chad Rubin back on the show after a long time. Last time we heard from him was back in episode 117, which is by my estimate 2016, when he ran a $20 million company selling vacuum filters over at Crucial. Since then, he’s run and sold Scubana, which is software that pretty much manages your entire e-commerce operation. And Chad has a new company called Prophecy as well.

02:33
But what we’re gonna focus on today, as you can tell Chad has lot, his hands in a lot of stuff. We’re gonna talk about the vacuum filter company that we talked about in 2016. It’s had its ups and downs. And we’re gonna talk about how he’s been able to basically turn that company around. And with that, welcome to the show, Chad. How you doing today, I’m excited to be here. Thanks for having me. Yeah, I remember last time we had chatted, and this is a long time ago. So just for the audience, Chad and I recently,

03:01
met up again at Sellin’s Scale, which was Helium 10’s conference in Vegas, and we were at dinner together and caught up. And so it was then I knew I had to have him back on the show. Walk us, catch me up. Last time we talked was 2016. Crucial Vacuum was killing it. It was killing it. 20 million. And I think you had decided to get rid of your warehouse. You moved everything over to 3PL. Everything was pretty hands off and it sounded great. What happened since then?

03:30
Well, since then, I also started dabbling in many other things like Stubana, Prosper Show, and I really wanted to focus on activities that were going to generate the highest ROI for me and my family. So Crucial took a back seat, and I thought that I had the right leadership in place. And really, there were some hubris involved, to be honest. And certainly,

03:55
it didn’t get a lot of love. And so when you don’t give businesses a lot of love and you remove the founder, for me, it had a pretty large impact. So let’s talk about that a little bit. Why did you think that it wasn’t something you wanted to work on and you wanted to start something else? Was it shiny object syndrome or you weren’t that excited about it anymore? Yeah, so if you think about 2016, I would say like SaaS and SaaS valuations in multiples started to increase.

04:25
We’re here on this planet for a short time. So my interest is like, how do I maximize my time here and make the biggest impact, but also an outsized ROI for my family? And so I saw the writing on the wall, really. I felt that there was no fortified mode, especially in the filter space, vacuums, coffee, air. And so for me, was like, OK, what if we built a software that’s multi-channel and we take like

04:50
functionality like a ship station and combine it with like a net suite and we make it modern-day and purpose-built for DSE brands and started building that in 2015 and Crucial took a backseat and it was a cash cow at the time as well, right? Essentially it had SAS margins at that time Which is interesting to think about Let me ask you this instead of just completely outsourcing it Why didn’t you just sell it at that time? The market was pretty good back then too. Yeah

05:17
I actually don’t know if there was a big market to sell. Back in the day, getting people to understand Amazon businesses specifically wasn’t as mature as it is today. There wasn’t brokers that built businesses around it. I do think that there is this art of luck and art of knowing when to hold them and knowing when to fold them and I certainly feel that I least missed that opportunity. I don’t want to say that there’s not going to be another opportunity.

05:46
but at least that was gonna be an outsized opportunity should I have actually sold at that time. Okay. So walk me through what happened to Crucial first before we discuss how you recovered. Yeah. What started happening? What were you seeing? Well, you know, we were one of the first private label brands out there and we were investing in a lot of new products.

06:12
We were also getting copied. was also speaking at the Prosper show and many other conferences about my strategy, about how we were scaling. I everyone saw me perhaps as like a good, easy target. And so everyone started, I don’t want say everybody, but I had a lot of copycats that were copying us and we didn’t innovate. We definitely didn’t innovate our product mix fast enough. I didn’t have the right butts in the right seats at the company for sure. We started scaling into way too many products.

06:42
By the end of the exiting 22, I had 550 private label SKUs with a thousand listings, which is very difficult to manage, right? And to like compete with the best, most optimal listings and to do keyword research. mean, it just, I think it becomes overwhelming really. And so that along with like raw materials increasing, salaries increasing, PPC and the take rates that Amazon was taking.

07:11
uh, increasing right where it’s now surpassed 50 % of revenue, Amazon state rates. So all these things started really compressing, compressing our margin profile. And, um, I tried everything to turn this business around. I hired bankers and I hire, I had people analyzing it and doing diligence and trying to understand what was happening and nobody could figure it out. Uh, I then in, uh, early 22, I let go of

07:41
some people had been in the company for a very long time and hired two more, they failed, had one quietly resign or just disappear. Another one just couldn’t get a point on the board. Anyway, long story short, I ended up taking over the company in October of 22, which is not what I wanted to do because I actually ended up raising capital for Prophecy, 2.3 million, at the end of 21. Back to crucial, since a lot of people probably didn’t listen to that episode 117, were you private labeling these from

08:10
from China? Correct. Was it? Yeah. These vacuum filters. just by nature, there’s like a million vacuums out there, right? So I imagine you had to pick and choose which skews or which models to target and that sort of thing. Yes. Your manufacturers actually listing the same stuff on Amazon too? Not at the time. Not at the time. And you know, I really worked hard to create like a barrier of letting them know where my revenue source was coming from. So like I never let them do FBA prep for me.

08:38
which has been a great source of opportunity now. like the day I didn’t, because I was like, oh, you know what, there’s no moat here. Like anyone from China can come in to the United States and start selling. And sure enough, I mean, now my category is flooded with Chinese sellers. At least probably 75 % of the page is Chinese sellers. And do they have pricing power over you significantly? Significantly, because they’re going factory direct to consumer. Let me ask some other questions. Is there a D to C component?

09:03
There is, we have a Shopify store. We used to be on Magento, so I think when we spoke, I was probably on Magento back then and had really nice organic reach as well. And that was doing at least a million dollars in revenue. And now everyone goes to Amazon to buy commodities. Google is not necessarily the place people go to shop. Yeah, I can see that for vacuum filters, right? It’s kind of like not an exciting product by any means, right? No. So people just want to get the job done.

09:33
They probably don’t even care about the brand so much, do they? I don’t know, I think Amazon people care about reviews, right? Like people are agnostic to brand these days, specifically in commodity driven markets. Reviews and price probably. Yeah. I mean, do your vacuum filters do significantly better than the ones that are coming in factory direct from China? You mean is the performance better?

09:57
Yeah, and do people care is actually what I’m asking. I don’t think people care. Like we have some strong competitors that are doing extremely high volumes and have stolen a lot of like a lot of our share. All right. And how did they steal your share? Was it based on price or were they playing games? Were they doing illegal stuff? Well, there is definitely black hat components in it. I think a lot of those loopholes have been shored up by Amazon, but I think they knew how to launch better. I think they they create better listings. A lot of my listings have been dusty.

10:24
for a very long time and hadn’t been resurrected or revived. they definitely outsmarted us, right? I just had too much going on and I just wasn’t really having my focus on this business. Okay, and then what other things were you losing on? So the listing, which actually is probably a major component, you were still managing your ads and everything, I would imagine? Yeah, yeah. used different PPC agencies, which…

10:51
There’s a headache in itself and went through a lot of those and finally hired somebody internally. So yeah, PPC, was maintaining that internally. We also were like forecasting inventory inappropriately. mean, we got, we also got, by the way, we had a nice boost during COVID. Uh, of course, a terrible backdrop, but there was a shift of spent online from, from, uh, bricks to clicks. And we were at the epicenter of that. And we also had a lot of access inventory. So as people, as all of our competitors sold out their stuff, like we were, we were left.

11:21
with the inventory that was available for sale and we sold a ton of inventory during that time. I think we took our inventory position from like 1.8 million to about $700,000 throughout the pandemic. Just a significant reduction in inventory. Yeah. Right. So you were kicking ass during 2020 and 2021 probably. That along with just an anecdote, I had this shower thought that our vacuum bags, which are HEPA bags,

11:51
actually can serve as KN95 masks. So I made a donation to the hospital. I think the volunteer organization that was cutting was called the Masked Warriors. the masks, I then got some publicity from it. Somebody found out and it was on TV. And then somebody I actually did dinner with in LA at a VIP dinner, an e-commerce dinner, reached out to me from Headley and Bennett, which is a manufacturer in LA.

12:20
and they were making aprons at the time and pivoted into masks and they said, hey, can you become our exclusive manufacturer of filters for the masks? I said, for sure, let’s do this. And that became a massive business in itself that I very lucky with. We had to pivot into masks also. ended up happening with us, we saw the wedding industry and the travel industry, hotels, airlines.

12:46
No one was getting married, no one was traveling. So we were stuck with all this stuff and we just turned them into masks, decorative masks, not like HEPA like yours. But remember there was a time when people were just wearing cloth masks, right? Yeah, for sure. So that’s what we did. Interesting, okay. So that did very well for you during the pandemic. And then when did things start going downhill then? I would say probably May or, well, things have been going downhill. I think that when times are good,

13:16
It obfuscates the bad, right? So it’s hard to find maybe like the points of friction in the business when times are just great. And so essentially the margin profile was so good on those items that it obfuscated a lot of the bad. So I would say like times were already tough at that moment. This just revived things and elevated our profit margin. But I would say 18 months, you, if you act that out, 18 months of negative net margin of losing at least 30 to $40,000 a month. Wow.

13:45
Okay. Yeah. So we’re talking 2021 was when things started going down then. Yeah. Yeah. It was like April, May 21. And this was just a combination of the competition getting fierce and the margin compression due to Amazon’s fees going up as well. Yep. Fees going up. Before we talk about the, go ahead. Sorry. I was going say before we talk about the turnaround, like what is your general view of Amazon today? General view of Amazon today is it’s a really tough, it’s a tough marketplace to succeed on. I do think

14:15
that there are niches to exploit. Those are becoming fewer and infrequent. Uh, there’s less games to play. There’s less, uh, holes to exploit. And I think if you’re going to go on Amazon today, you have to have specific criteria that makes you different and creates a fortified moat. A moat on Amazon. Or do you think D to C is, is where you should be going? Um, I actually, yeah, I think, no, I think Amazon’s a great place to start, but not a great place to end. And so.

14:45
Even like if you look at like Hoka, the brand Hoka, I love their running shoes and they have like their heroes or like generic shoes on Amazon. But then they have these very unique exclusives that are off Amazon. And I think that’s a really beautiful strategy to have. You have like the shoes that are more elaborate, more exclusive on your site.

15:08
and then you have like sort of social proof on Amazon specifically to also make sure that nobody’s taking away that brand share when they’re advertising against your brand and you don’t show up. Yeah. All right. Let’s talk about the turnaround because I am very curious because your products are largely commodity products, right? And Amazon is your largest channel. And even if you were just fix your listings, that still probably implies that the other guys have more reviews than you maybe over the years, right? So yeah, what did you do? What was the first thing that you did actually?

15:35
first thing that I did was I let go of or switched up a lot of the butts that were in the wrong seat. So can you elaborate on that? Yeah. Well, I had certain people at the company that weren’t performing and I needed to level up the team because I didn’t have the right team in place to take this business forward. So when I took it over, I started noticing I had the wrong team in place. I started noticing that there was lack alignment, lack of alignment in the team. So I implemented,

16:05
L10 meetings, which I was initially against, which is interesting. And now I’m actually really liking them. Can you describe what that is? Yeah. So an L10 meeting is a level 10 meeting. It’s established by what’s his name? Vern. And he started EOS. And essentially it’s just a meeting style, like a framework for having a meeting to make sure we’re all aligned. So you have store cards, which is kind like a report card of all your Northstar KPIs. You have issues that get discussed. It’s a 90 minute meeting.

16:35
It starts on time, it ends on time, and there’s like headlines that also keep everyone updated with what’s happening in the business. So I established a really nice cadence of having those meetings on every Monday to check in with the business and really be tapped into like, okay, what are some of the issues? Can someone in my network help out? Can I help out? Can I give some feedback? Can I go help and guide people on who to hire to maybe redo our listings, et cetera? So it was like team meeting process.

17:03
It was, and also by the way, that includes PPC and inventory forecasting, which is two big ones. Then we redid our listing. So I asked around people to figure out how do I do 3D renderings and do them at scale. And then how do I create templates around those? Because we have so many products. So how do we begin selecting and rationalizing those products? We liquidated 75 % of our inventory. Yes. You mean like fire sales or? No, we, well, so I made some donations.

17:33
Anything I couldn’t sell we donated and I skew rationalize the heck out of the company. So we had 550 skews. I think we have probably right now. I want to say two in the two hundreds. So you cut costs dramatically based on head count also in addition to skews head head count came down. We definitely did more outsourcing. I have somebody doing PPC in India that I really enjoy working with. Okay. And I have somebody in Romania.

18:03
that’s doing our inventory forecasting demand planning and he actually was so good that I increased his role and gave him a profit share to manage the profit with a commission and he’s now managing the whole company. Last time we spoke also I remember you moved, you got rid of your warehouse and you’re at a 3PL. How has that been working out over the years? Well 3PL was an amazing move for us.

18:30
I could have never started Subana or been part of Prosper in the way that I was in a meaningful way if I had a bunch of employees to manage at the warehouse. So that was great, but all good things, not always, but many times come to an end. And so we are still at that 3PL. They recently 2x our rates and we’ve been exploring other opportunities and other warehousing. We’ve had really good rates for a very long time.

19:00
for 14 years and so that’s a big change but essentially by reducing our warehousing, reduce our storage fees, not just at Amazon but also in New Jersey, so that was a big one and I would say the final one just to share is pricing. We hadn’t changed our pricing, it was static for God knows how long and that’s really.

19:25
sort of what incubated the idea around prophecy to use AI to change pricing, but we were doing it manually initially and having massive spreadsheets, making small incremental changes, understanding how those changes affect our net margin and how they affect our BSR, our competitive ranking position on Amazon.

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21:00
Okay, before we dig deep into that, I’m just curious, what is your solution to the 3PL issue? And is there ever gonna be a desire to run your own warehouse again, given that you have so few SKUs now compared to before? Absolutely not. I never wanna run a warehouse again. Not interesting to me. It doesn’t light me up. It’s very hard to, and I feel like that’s not my core competency. The 3PL, so right now we have our rates until April.

21:28
That our grandfather and then they go up to X which is why we liquidated by the end of 2022 a Major a lot of inventory a lot of our position We also came up with criteria that I can share with you about how we liquidated that inventory And just before I get into that we started we were doing a lot of pick and pack prep for FBA making kits and bundles at the warehouse on a project level and

21:56
we decided to shift our strategy to have actually China do that. So now everything is gonna be preassembled in Asia coming in because every time somebody touches and it’s a high touch item when you’re putting different kits and bundles together, it takes the margin off the product significantly. So that’s one strategy. Yeah, so you’re searching for a 3PL right now basically is what you’re I think I found one.

22:21
What I want to do is I want to dip my toes in the water and test them before we really move I’ve had I’ve heard horror stories of people migrating their inventory position and You know, they could you could be held hostage if your entire inventory is in a warehouse. It doesn’t perform. Yes So yeah Yeah, I think we found somebody I’m crossing my fingers and we have one container coming to China to them to see how they perform to test it And we’re gonna leave we’re probably gonna leave our remaining inventory at the other 3pl

22:51
for the meantime. Sorry, what was your criteria for the liquidation? So we wanted to make sure that we have a certain margin profile on all of our stews. Anything that’s aged beyond six months, we said we’re going to cut or 86 and liquidate. And so it was based on aging, velocity and margin. We want to have at least at least two

23:18
or 2.5 velocity per day on stews. And so we cut anything that had below that at a certain margin profile that had aged over six months. OK. Can I ask what your margin profile? Our margin profile was negative. But on a stew basis, we want to have at least 10 % net margins. Net margins, 10 % net margins. All right. So would you attribute the major aspect of your turnaround to pricing?

23:46
Which is what we’re going to talk about. I think it was was pricing. Here’s what it was. I think it was pricing. was making better listings and having a stronger team in place to implement process. Because it sounds like it was kind of largely neglected for a couple of years, right? Totally. You were not involved. And then the people you had were just kind of coasting. Correct. Yeah. And I think also under resourced. And I think I had a lot of power in one. I’m trying to I don’t want to speak negatively about anybody. Right. I think

24:16
there was a lot of things that were burning for one employee that she just couldn’t, it was too much for one person to handle. And it wasn’t her core competency and so she had everything coming on her plate, everything was burning hot and I just think when you’re caught in that situation, nobody can perform well. I mean it’s not uncommon for this to happen. Sometimes when things just happen for a while, it becomes like the status quo, right? And you kind of become used to it until someone else comes in and shakes things up.

24:45
All right, so let’s let’s talk about this dynamic pricing. So first of all, your tool is for private label products. I’m just curious, changing prices, is it multiple times a day? Right now we actually are just right now we’re just changing price once a day. Over time, over time as we get more sophisticated as our model learns, we’ll be able to do it multiple times. But right now it’s just one one time a day. So can you walk me through like the nuts and bolts of how to price a product?

25:15
at a very basic level before we even talk about dynamic pricing? and we also know why pricing is important, right? I think pricing is a small lever that can be a big door and most brands are rarely changing price. And there’s a reason for that. Specifically, it’s really hard to figure out what the optimal price is. Most people just market to market based on their costs or they look at what their competitive competition is doing. And nobody really knows. It’s a very manual, tedious process. And so

25:45
I think there’s a lot of misinformation out there. There’s a lot of people that say, just raise your price 5%, which I think is dangerous and reckless at the same time. And so if you increase your price on Amazon without looking at the benchmarks or what’s happening in your business, can kill your BSR and kill your business. the way that I like, I’ll just share with you how I was manually doing it, Steve, and then.

26:13
Sure share with you like how we built AI which I think I’d like to talk about AI anyway with you because I’m like really into it Yep, so of course, you know, like if you increase price on Amazon Just if you’re like, okay, none of the other metrics matter We’re just an increase our price by a dollar, right? typically a dollar increase in price can increase your Net your profit give a profit lift of about 14 12 to 14 percent Okay, right. So and on top of that you can annualize that

26:43
profit lift and then you can even apply a nice multiple on if you’re going to edge it. Okay, cool. But then there’s the other side of it, right, which is the value leakage on Amazon. And that value leakage is, well, maybe lowering price is the optimal and the correct decision. Because if you lower price, you could spur demand, which means that you’re going to increase your velocity, which will offset a lower price. So you’ll have more profit dollars at the end of the day.

27:13
or absolute profit dollars and lower your competitive lower your BSR, which means you’ll have a better competitive position and you’re not just competing on borrowed land. Right. So sometimes you can lower price, which will increase your velocity, increase profit. Made sense so far? Yep. Yep. Thing is on a 10 % margin profit, profit product though, lowering it a buck can have a tremendous impact, right? It could. you’re all profit. Sure. Yeah. But if you’re, if your demand increases that much more,

27:41
Especially because people are price sensitive right there’s an inverse relationship between demand and price Yeah, most of the time most of the time so I Straight a spreadsheet and on the spreadsheet We know we start with our top you start with your top ten listings top ten products 80 20 rule right and so what’s gonna have the biggest impact on the bottom line and we started really adjusting price

28:04
We had a spreadsheet we had our ace in we had the date we had the price the current price the future price that we want to have based on our net margin that we want to achieve small increments going up and aggressively going down and We would also have our BSR. We’d have our sessions our conversion rate and then we would have our competitors We would take maybe two or three and this is very time-consuming right you’re taking your competitors all the signals from your competitors and putting them into a spreadsheet as well So we started testing pricing

28:34
at different levels and we started seeing a massive change and then we started. So once you nail that, then we started actually embedding pricing in all the conversations in the L10 meetings. So we housed the data in somewhere, but then we started creating a cadence and a rhythm of communicating that information, the price information with our finance team, with our PPC team and establishing a

29:04
good connect like connecting the dots between all those all those teams let me ask you this question when you’re doing these tests how long do you run them for uh… actually we’re doing the tests constantly so will be like okay like we’re not seeing a bsr change on this okay go daily every day we’re making a change in price in the spreadsheet every day yeah so does it account for seasonality and all that stuff or you just looking at it year over year or what are you comparing it to uh… well

29:33
We do have year-over-year data embedded in the spreadsheet as well. Maybe actually I can, if you want as a giveaway, I could actually give away the spreadsheet I was using to people that are listening to get an idea of how robust the spreadsheet was. I can definitely do that if you’re interested and want to give it away in the notes. yeah, so we had year-over-year data for it, but it’s a pretty complex spreadsheet that we built. And I was like, okay, there has to be a better way to do this.

30:02
But we started seeing massive results and we started seeing by the way that like PPC and price together, kind of like peanut butter and jelly can create more magic. And so most people that are running PPC today in the Amazon world look at ACOS, right? And ACOS is where you spend as a ratio to what you make in revenue and everyone’s focusing here, but nobody is focusing here. And so we started actually combining those two together.

30:30
to have more of a wholesome picture, more of full spectrum picture of how our managing to profitability really. Okay, so can you talk about how one would affect another? Give me an example. Sure. Of how you work together. So let’s say you’re raising the price of a buck, like how does that get communicated and what happens? All right, so let’s use an example. Let’s just say you have, I don’t know, let’s use this lighter.

30:57
Okay, so this lighter let’s just say it’s 10 bucks. Let’s the numbers easy for me I’m not that great with math and Your cost of acquisition is a buck right so if you’re spending a dollar to make 10 That’s a 10 % a cost made sense or a 10x Roas. which is the inverse of a cross so then You’re testing pricing. Let’s just say you increase price at $12. So now it from 10 to 12 I know you’d never buy this lighter for 12, but let’s just go with it for a second So now it’s $12 and you’re still spending a dollar on 12

31:26
So now you’re at an 8.3 % ACOS, right? Which is a 12 X ROAS. So now you have the ability to optimize ad spend and increase it perhaps to win more impression share. Or you can actually deploy those dollars somewhere else. So essentially it’s like if you’re focusing on both sides of the ACOS equation, price

31:55
and your spend, if you’re optimizing both and you’re doing them congruently and simultaneously, you can unlock far more profits. And nobody is doing it right now, by the way. It just seems like something very complex to do by hand. There’s so many variables, right? Because you now have to take into account how much the additional ad spend will increase your impressions and possibly conversions. Right.

32:20
correlate that back down to the price also. Exactly. Right. So, okay, stay with that for a second. You have to actually forecast you have to. So right now prophecy, right? We’re an AI first company and we predict the optimal and perfect price. But now imagine a world where you can predict the optimal spend at the perfect price, right? And how that and including all those signals. And the reason why I’m sharing this is that it got actually so complex to actually do this and to do it manually that that’s

32:49
where you find like this itch that you need to scratch where you’re like, wait a minute, there has to be a better way. This is arduous, it’s nasty, it takes up all of our time and we couldn’t lockstep it together. So this is something that I’m actually working on right now. So let’s say you adjust the prices. You don’t really know what it would have been if you hadn’t adjust the price, because things don’t stay static and linear, right? Things change every day. Yeah, so let me… That’s why I asked you how long you test. Yeah, well, let me talk about two things.

33:19
Um, one is, so how we look at it, how we understand the impact of what would have happened is, uh, essentially we have this metric that we call internally. It’s a, it’s like a contribution profit per ASIN. And so we go back historically and we look on a daily basis of what the profit would have been on a specific ASIN. We.

33:46
and account for seasonality and account for growth, et cetera. So we forecast what would have happened and then we deliver the results of what did happen and compare those results together to understand the impact. So we’re delivering to these brands like a PNL and a benchmark of what would have happened and then what did happen under the experiment. And it’s, by the way, there’s a lot of learning in this. Like it wasn’t like we started out of the gate.

34:11
Initially we were using some really complex data science methodologies and Z stores, which standardizes things. And we started really cutting it back until like, okay, what do brands care about? They care about ACE and level impact and profit. And they want to understand where the company’s going and what would have happened and what did happen and compare the two together. Now the other learning that happened in this process is that many brands on Amazon never change price. And so if you think about like Facebook or Instagram,

34:41
If you never liked somebody, you never poke anybody, you never dwell on a video or on YouTube, for example, you never, if no one ever watches, like, um, there’s nothing for the algorithm to chew on, to know what you like, to hit you with that dopamine, to give you the, give you something that’s interesting for you personally. Right. In that same way, if no one’s changing price, our model had nothing to chew on, right? There’s nothing for it to observe, to experiment with, to improve on, to self improve on. So we started.

35:10
building into the model this hyper learning phase, which is a month of incremental changes to price so that we can see how Amazon reacts to price changes and we can see how your competition reacts to price changes. It’s pretty fascinating. So really the only way to do this is through AI because it’s too many variables for a human to keep track of by hand. Way too many. Yeah. I know the audience probably doesn’t want to hear the nitty gritty so I just want to shift gears a little bit and just ask you this.

35:39
Is this what it takes now to be successful on Amazon in your opinion, selling your products? I think the answer is yes. The short answer is yes. Okay. And this is just due to the nature of your products, which are extremely competitive, extremely commoditized. I don’t know. My per my vision for what I think is the future on Amazon is the rise of the algorithm, the branded algorithm, right? Or rise of the algorithm, right?

36:09
Why don’t you explain what that is? Yeah, I think that a lot of there’s so much data to capture and On Amazon or even if you’re a Shopify brand, right? There’s so much data to capture that a human can’t can’t possibly do it. It’s too manual. It’s too difficult and Time and time again, there’s all these sass companies come out with more data to analyze and there’s all this attribution data and Finally, it’s like okay. Let’s actually use AI. So I think AI is going to be built around

36:38
really four categories, right? Pricing, spend, ad spend, content creation and forecasting and demand planning and let brands do what they’re really good at, at least right now, which is building more one-on-one relationships with their end customer. and part of what fueled my thesis where I really figured this out is I saw a lot of the aggregators which are operating in a massive scale. They needed to, you know, buy companies, operate them, manage them successfully and

37:08
all while like managing investors at the same time. And like I saw on there, they were making all these layoffs, but the people that they weren’t laying off was the machine learning and data science teams, because those teams are going to give them an edge that others don’t have. So to me, this is, I do believe that AI is the future. started reading about this at least a year ago and it’s, it’s remarkable, remarkable what’s possible right now. And it’ll be even more remarkable what happens in the future.

37:38
for brands. So let me go back to that original question I asked you earlier in the interview. To be successful on Amazon today, what are your components now? Or what are you seeing in the industry? And who’s winning? The people who have the factories? So I think it’s the people who have the factories. And if you just think about conceptually what AI does, and there’s a point to this comment, AI gets smarter over time, right?

38:08
It’s self learning and self improves independent of the person that’s behind the wheels of it, right? And I believe that actually product businesses are going to actually start leveraging this as well. As an example, look at, look at nest. My nest thermometer actually knows typically when I’m home, what the optimal temperature is for me. And that product actually improves the more that I use it. And it becomes a.

38:37
Officially a moat right that I’ll never rip out of my house and that saves me time saves me money And I don’t have to think about it. I think that over time product based businesses could adopt technology like this and I think that’s very different than just buying low and selling high and taking something off the shelf on Alibaba and I don’t think that that’s sufficient to win on Amazon anymore. Mean, I have a little bit more of a bleak view right now

39:06
The people who run the factories, the reason why they need the guys who are listing stuff on Amazon is because they don’t have the nuances of the language or the culture. But with ChatGPT, for example, they can do all that now. Totally. So what is really the value added in Amazon Seller at that point? The only value add is coming up with products that are proprietary, in my opinion. That’s where I mentioned that you have to have

39:34
You can’t just go DTC anymore. It’s not a viable option. And what does that mean for my e-comm business? That means that we need to innovate or we’re going to die. Arbitrage is going to get a lot harder, basically. Just straight up arbitrage. Straight up private label arbitrage. Buy low, sell high, slap a label on it. That’s not. Yeah, yeah, yeah. That’s why you see a lot of, I mean, I think also, by the way, I think even bleaker, I think China.

40:02
the model that China employs today isn’t necessarily the most sustainable model, right? It’s only so long that they’re going to actually have their population get paid such a low wage to do manual labor. And at some point, and some point very soon, they’re going to demand higher, higher wages as the population grows and they lose the younger folks that, uh, because they had the one child policy for such a long time. So I think there’s, there’s massive implications around.

40:32
China and looking for other sources of manufacturing is really important at least if I want to build an e-commerce business that’s viable to the future. mean that’s been happening for years. Every Chinese New Year we have workers that don’t come back according to our manufacturers and they’ve been raising prices. People just don’t want to do those types of jobs anymore. It’s just a matter of time I think. Yeah well the problem is that there’s no manufacturing in the United States for these commodity items. Usually the US wants to be making smart

41:01
technology items or smart items that have high margin profile. And so like that leaves me with not another manufacturing source in this moment. Let me ask you this. So you’ve got two projects, two major projects going on, would you say prophecy and then your e-commerce brand? Is that One other one that’s a passion. What are your plans? Passion project. Okay. Is your intention to get out of e-commerce or do you need that brand for prophecy as kind of like a test subject?

41:30
What’s your plan? really love the turnaround. I love problem solving. It’s like a Rubik’s Cube and I’m still not done turning around the business and it’s now revived. So we went from negative net margins to now we’re I think last margin profile looked at was about 12 point something percent. So getting better and I think I think we have an opportunity to go up to 20 percent over time and we need to invest in some new products which I’m unsure about at this moment.

41:59
So I want to stay in in the business because I also use my ecom company to incubate the same way I used it for Prosper and for Amazon right there’s a lot of becoming like you’re your own customer There’s just you can speak to your customers in a in a in a better way cool. Hey Chad Tell us where people can get a hold of you or learn more about your AI company Yeah, so my personal email is Chad at prophecy comm so if you want to email me

42:28
You I post a lot on LinkedIn and Twitter, so you can come check out what I’m sharing on unfiltered and raw information there. And of course my website is prophecy, P-R-O-F-A-S-E-E.com, prophecy.com. Oh, it’s not spelled the traditional way. No, it’s that way. it’s biblical, it’s prophecy, and then it’s a play on words where it’s prophet you could see, plus the domain was taken. Yeah, domain was taken, so. Yeah, all single word domains have been taken for a long time.

42:57
Hey Chad, was great that we caught up again. Really happy that we chatted again. Yeah, thanks for having me on. Best of luck. Thank you so much.

43:07
Hope you enjoyed that episode and that very candid outlook on the current e-commerce landscape. More information about this episode, go to mywifequitterjob.com slash episode 473. And once again, I want to thank Sellerboard, which is my Amazon profit software that I recommend for Amazon sellers. By going to mywifequitterjob.com slash Sellerboard, you can get 30 days for free. Once again, that’s mywifequitterjob.com slash S-E-L-L-E-R-B-O-A-R-D. I also want to thank 180marketing.com for sponsoring this episode.

43:36
180 Marketing is the agency that I use to grow my search traffic by 4x in just 6 months. more information, email Jeff at 180marketing.com. Now I talk about how I use these tools on my blog, and if you are interested in starting your own ecommerce store, head on over to MyWifeQuarterJob.com and sign up for my free 6-day mini course. Just type in your email and they’ll send you the course right away. Thanks for listening.

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Ready To Get Serious About Starting An Online Business?


If you are really considering starting your own online business, then you have to check out my free mini course on How To Create A Niche Online Store In 5 Easy Steps.

In this 6 day mini course, I reveal the steps that my wife and I took to earn 100 thousand dollars in the span of just a year. Best of all, it's absolutely free!

472: The ONLY 4 Ecommerce Platforms You Should Be Considering for Your Online Store – Family First Friday

472: The ONLY 4 Ecommerce Platforms You Should Be Considering for Your Online Store! - Family First Friday

One of the most common questions I get asked is which ecommerce platform to go with for an online store.

So in this episode, I reveal my top four ecommerce platforms to start a business, depending on a number of factors such as your budget, your level of tech savviness, and what you sell. 

What You’ll Learn

  • What’s the best eCommerce platform for you
  • How much should you pay for a shopping cart
  • The eCommerce platform that best fits your niche

Other Resources And Books

Transcript

00:00
In this episode, I’m gonna go over my top four e-commerce platforms to start your online store depending on a number of factors such as your budget, your level of tech savviness and what you sell, and I’m gonna be as comprehensive as possible. What’s up everyone? You are listening to the My Wife Could Her Job podcast where I teach you how to make money online by exploring different tools, strategies, and understand how to leverage human psychology to grow your sales. Welcome to a special segment of the show called Family First Fridays.

00:25
where I go solo to give you my thoughts on how to make money without sacrificing your lifestyle. Now, if you haven’t picked up my book, The Family First Entrepreneur yet, head on over to mywifequitterjob.com slash book, fill out the form and get over $690 in free bonuses. Also, if you’re interested in learning how to start your own e-commerce store, make sure you sign up for my free six day mini course over at mywifequitterjob.com slash free. Now I want to start out this episode with some statistics.

00:53
just in case you are wondering which platforms are the most popular in the world. Now, according to Statista, WooCommerce has the largest global market share among e-commerce platforms followed by Squarespace, Shopify, and Wix. But interestingly enough, two out of my top four e-commerce platforms don’t even crack this list at all. Now, a lot of these top e-commerce platforms on this list are skewed by platforms with free plans where probably 90 % of the customers never sell a single thing.

01:23
Now with that in mind, let’s start with the 800 pound gorilla in the room, Shopify. Shopify is probably the number one recommended e-commerce platforms by most gurus and YouTubers online. And back in the day, Shopify had an amazing affiliate program that paid out at 20 to 25 % recurring revenue, which inspired almost everyone and their mother to promote the tool. And the strategy worked. Shopify went on to become a publicly traded company and the standard for e-commerce platforms for today.

01:53
Now personally, I never jumped on the Shopify bandwagon because everyone has different needs and every e-commerce platform has different strengths and weaknesses, which I’m going to share with you guys today. I would never blindly promote any platform just because of an affiliate program. Now don’t get me wrong. I do think that Shopify is probably the safest solution for me to recommend for most people. After all, no one ever got fired for recommending Shopify, but there are some downsides as well. First off, Shopify is expensive.

02:22
One of the ingenious strategies that Shopify made early on was to make the out-of-the-box shopping cart bare bones in terms of functionality and then rely on third-party developers to fill out the feature set. And as a result, Shopify has cultivated one of the largest third-party developer ecosystems out of any shopping cart in the world. If you need a feature or a specialized app, chances are that someone has already created it on the App Store. If you need a developer, there are tens of thousands of people ready to help you.

02:51
Here’s a recent example that I just encountered at my annual e-commerce conference, The Seller Summit. Walmart Marketplace was a sponsor of my show, and right now they are trying to get everyone on their platform to compete with Amazon. So what did they do? They created a Shopify app that automatically imports your Shopify products onto the Walmart Marketplace, but they only support Shopify right now. If you are on any other platform right now, you are out of luck.

03:17
Now the truth is, is that most companies and developers will create apps for Shopify first because they have a huge market share in App Store and they can make recurring revenue for every single installation. But this is bad for the consumer because you end up paying monthly fees for every little tiny feature. For example, if you want a more elaborate way to issue discounts, you need to pay for an app that may run you an extra $20 to $50 a month. If you want to be able to collect video reviews, you might have to pay another $50 a month. All these fees add up

03:47
to make Shopify one of the most expensive platforms to run on. The average Shopify store uses seven apps. In my course, the people using Shopify pay several hundreds of dollars per month on recurring app fees. Now Shopify is the best and the most flexible e-commerce platform out there, but it’s gonna cost you. However, in the grand scheme of things, the cost of Shopify should in theory become a very small percentage of your overall revenue once your store starts taking off. But in the beginning,

04:16
these fees can add up. Some other notable disadvantages of Shopify are that their blogging platform is pretty bad. So if you plan on launching a blog or creating content, you are at a major disadvantage. Also, Shopify charges transaction fees if you do not use their built-in payments platform, Shopify Payments. Well, you might be telling yourself, Shopify Payments is good enough for me, so why would I use anything else? Well, I believe that almost every store today should be using PayPal in addition to accepting credit cards,

04:45
because of their one-click checkout features. But accepting PayPal on your Shopify store can potentially cost you almost 5 % in fees with Shopify’s transaction fee penalty. Shopify also has poor international support. If you plan on opening a store in a non-supported country outside the US, Canada, UK, Europe, and Singapore, you’re out of luck. Shopify also has a suboptimal SEO URL structure. Now, unlike almost every other e-commerce platform,

05:14
Shopify does not allow you to fully customize your URLs and inserts extraneous terms in your URL such as collections or products which is bad for SEO. Now on the product side, I would avoid Shopify if you sell products with many variants. On Shopify, you can only offer three types of choices for your products that cannot exceed 100 total combinations. And this is a severe limitation for products that have different colors, sizes, and varieties. But outside of these disadvantages,

05:42
Shopify should be the top choice for most of you because it’s extremely easy to use and expand upon. And as I mentioned earlier, no one ever got fired for going with Shopify. The number two e-commerce platform on my list is Shift4Shop. Now when Shift4Shop first debuted in 2021, they offered a 100 % free solution to anyone in the US as long as you use their payment processing solution, Shift4Payments. And the fact that it was free made it a no-brainer for me to recommend it to my entire audience.

06:10
because Shift4Shop was an amazing shopping cart even when it cost money. Unfortunately though, Shift4Shop received a ton of spam shops and people who were signing up just to create elaborate link farms to game SEO. Anyway, long story short, Shift4Shop eliminated their 100 % free program and created a new rule that you have to process at least $500 in payments per month to make the shopping cart free. And in my opinion, this is still an amazing deal. The shopping cart right now costs 29 a month.

06:39
until you start processing $500 in payments. Now if you were to just charge your own credit card, $500 a month, that would only cost you 2.9 % or $14.50. So in reality, you’re getting a shopping cart that is way more powerful than Shopify out of the box for only $14.50 a month. Now personally, I’ve run two stores on Shifr Shop and it’s a fantastic e-commerce platform that is way more powerful than Shopify’s base offering.

07:07
Now the biggest problem with Ship4Shop in my opinion is their user interface. Ship4Shop has so many features and they try to cram it all in one back end. And as a result, there’s a much steeper learning curve than with Shopify. But if you’re willing to suck it up and learn the platform, it’s actually an amazing shopping cart with limitless potential. Put it to you this way, my teenage daughter picked it up in a weekend and was up and running with her jewelry shop over at renabee.com. Now the other problem with Ship4Shop,

07:36
is that it has a very small developer community. As a result, cutting edge features like the Walmart example I gave earlier won’t make it to Shift for Shop until much, much later. But all in all, Shift for Shop is a solid choice with free email marketing built in that will support a store that makes seven figures and beyond. In fact, there are many enterprise stores on the platform that make eight figures or more.

07:59
Now the number three e-commerce platform on my list is WooCommerce, which just happens to be the most popular e-commerce platform on the planet. But remember what I said earlier, these numbers are skewed because WooCommerce is 100 % free to use, and I’m willing to bet that a ton of WooCommerce users fizzle out or don’t sell anything in their first year. So take these numbers with a grain of salt. I teach a lot of my workshops based on WooCommerce because it is literally the cheapest way to get started selling online, and you can get started for only

08:29
$3 if you were interested in starting your own ecommerce store on WooCommerce I put together a 20 minute free tutorial and I even designed a custom theme that I’ll give to you for free Just look at the show notes below all it takes is 20 minutes, and it’s really that easy The other benefit of WooCommerce is that it’s built on top of WordPress Which is the best blogging platform on the planet that powers over 20 % of the web now with WooCommerce as your shopping cart and WordPress as your blogging platform

08:57
This combination has the best search engine optimization of any platform out there. So what’s the catch? The catch is that WooCommerce is kind of a pain in butt to use, and you have to understand more of the technical aspects of maintaining your online store. For example, your WooCommerce store is free, but it’s just software, and you need to get your own server in order to run that software. As a result, WooCommerce requires a web host. It’s actually not as complicated as it sounds, but the upshot

09:25
is that you are responsible for maintaining your server and keeping it virus free. If someone were to hack your site, that would be your responsibility to fix. Now, if you use plugins on your website, it is also your responsibility to upgrade them and make sure everything works properly. Now, compared to Shopify and ShifrShop that handles all this for you, you can get into trouble with WooCommerce if you are not tech savvy. But because WooCommerce is literally the most popular e-commerce platform on the planet,

09:53
It actually has fantastic third party developer support and it’s really easy to find someone to help. Also, because you own the source code, you have full control and autonomy over your entire website. Let me give an example of why this is important. Platforms like Shopify actually have a say in what you’re allowed to sell. For example, during the pandemic, Shopify literally shut down my friend’s online store for selling hand sanitizer because they felt his prices were too high.

10:21
You also can’t sell drugs or any other chemicals on the Shopify platform. And sometimes these restrictions are arbitrary. There are no such restrictions with Woo. You are in full control over everything. So bottom line, WooCommerce is inexpensive, but it’s harder to maintain. But for context, my nine 11 year old kids started their first store, kidincharge.com on the platform and they were fine. Now the final shopping cart I want to discuss is BigCommerce.

10:49
Big commerce is kind like a hybrid of Shopify and ShiforShop. For example, Big commerce is as easy to use as Shopify, and it offers a full feature set out of the box, which means you don’t have to pay for that many apps. They also don’t charge any transaction fees at all, which makes it cheaper than Shopify, and they have more third party developer support than ShiforShop. Now in terms of blogging, they have an amazing integration with WordPress, which allows you to have a WordPress blog and a Big commerce store on the same domain.

11:18
which gives you superior SEO and blogging, which is something that you can’t do with Shopify. Now the only catch with big commerce is that the amount you pay is based on revenue. For example, it costs $29.99 up to $50K in revenue, $79 a month up to $180K, and $299 a month up to $400K in revenue. Now to a certain extent, I kind of like this pricing scheme because your costs go up as your store becomes more successful. Unlike Shopify,

11:47
which saddles you with all these app costs upfront, even if you aren’t making that much money. But this pricing scheme can be problematic for drop shipping stores. In general, drop shipping carries very low margins. So let’s say your net margins after all overhead is only 5 % and your store makes 10K a year. That means your monthly fee of $29 will make up about 6 % of your overall revenue, which is pretty high. But overall,

12:13
Big commerce is a solid choice because there’s a lot of features out of the box than Shopify with little or no plugins required. They have better SEO. There’s no limitation on product options. They have superior international support, no transaction fees and better analytics and reporting. Their only weakness is third party developer support, which is better than shift for shop, but worse than Shopify. So the million dollar question is which platform should you go with? As I mentioned earlier,

12:42
You can’t really go wrong with Shopify unless you don’t have a large budget or if you want a good blogging platform with superior SEO. If you are not tech savvy, go with BigCommerce if your company is not supported by Shopify payments, if you sell prohibited products, if you require multiple variants, or if you don’t want to get nickel and diamond by apps. If BigCommerce is out of your price range and you are not tech savvy, go with Shift4Shop if you live in the United States. If you want the most complete feature set out of the box,

13:12
if you are a fast learner, and if you don’t mind a lack of third-party developer support. And then finally, if you are tech savvy, and you want the cheapest and the most flexible e-commerce platform in the world, go with WooCommerce. But be prepared for the maintenance that goes along with it. By the way, if you want more comprehensive reviews of all these shopping carts, you can find full reviews on my blog over at mywifequitterjob.com. Just do a search for e-commerce platforms, and I’ve reviewed practically every single one out there.

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Ready To Get Serious About Starting An Online Business?


If you are really considering starting your own online business, then you have to check out my free mini course on How To Create A Niche Online Store In 5 Easy Steps.

In this 6 day mini course, I reveal the steps that my wife and I took to earn 100 thousand dollars in the span of just a year. Best of all, it's absolutely free!

471: Key Takeaways From Sellers Summit 2023: These Trends Are Taking Over Ecommerce!

471: Key Takeaways From Sellers Summit 2023: These Trends Are Taking Over Ecommerce!

Today I have my friend and business partner Toni Herrbach on the show. In this episode, we recap some of the game changing strategies in ecommerce that were revealed in Seller Summit 2023

This year was one of the best Seller Summits in terms of content and community. Not only did we have the most sessions ever, but every single talk was incredible. 

Head on over to Sellersummit.com to grab the recordings.

What You’ll Learn

  • Key takeaways from the Sellers Summit
  • The trends that are taking over ecommerce
  • Some interesting stats regarding the event

Other Resources And Books

Sponsors

Sellerboard – Sellerboard is a must have tool for Amazon sellers if you want to know how much profit you are actually making. Click here and try Sellerboard for FREE.

180 Marketing – 180Marketing is the agency that I used to grow my SEO traffic by 4X in just 6 months! Click here to book an appointment

Transcript

00:00
You’re listening to the My Wife Could Her Job podcast, the place where I bring on successful bootstrap business owners and delve deeply into the strategies they use to grow their businesses. Today, I my friend and business partner, Tony Urbach on the show. And in this episode, we are going to recap some of the game changing strategies in e-commerce that were revealed in Seller Summit 2023. Now Seller Summit 2023 was one of the best seller summits in terms of content and community that I can remember. And not only do we have the most sessions ever,

00:28
but every single talk was incredible. This is easily one of my favorite years of all time for my annual e-commerce conference. Now, if you want the recordings for Seller Summit 2023, then head on over to sellersummit.com, that’s S-E-L-L-E-R-S-S-U-M-M-I-T.com, and click on the grab your virtual pass button. We’ll be taking this link down pretty soon to make room for Seller Summit 2024, which will be announced later on this month. But before we begin,

00:57
I want to thank Jeff Oxford of 180 Marketing for sponsoring this episode. 180 Marketing is an agency that specializes in helping e-commerce stores boost their SEO traffic. And in the past, I used Jeff and his firm managed to grow my search traffic by 4x in just 6 months. In fact, 180 Marketing is one of the few SEO agencies that I trust 100%. For more information, go to 180Marketing.com or just email Jeff at 180Marketing.com.

01:25
I also want thank Sellerboard for sponsoring this episode. Sellerboard is profit analysis software that helps you figure out exactly how much profit you are making selling on Amazon. Now, if you’re an Amazon seller, you are probably aware that there are many hidden fees in selling on the platform and Sellerboard organizes all that information for you in a clear and concise fashion. Personally, I recommend Sellerboard because they’re among the least expensive software that I know of that does this, which is one of the reasons why I like them.

01:53
For more information, go to mywifequitterjob.com slash seller board and try them for free for 30 days. It is literally a no brainer. Once again, that’s mywifequitterjob.com slash S-E-L-L-E-R-B-O-A-R-D. And then finally, I wanted to mention my other podcast that I run with my partner, Tony. And unlike this one, where I interview successful entrepreneurs in e-commerce, the Profitable Audience podcast covers all things related to content creation and building an audience.

02:20
No topic is off the table and we tell it like how it is in a raw and entertaining way. So be sure to check out the profitable audience podcast on your favorite podcast app. Now onto the show.

02:36
Welcome to the My Wife Could Her Job podcast. Today, I have my business partner, Tony, on the show. And we are going to talk about how amazingly successful Seller Summit was this past year. Probably one of my favorite Seller Summits of all time. Yeah, it’s been a long time since I’ve been on the show. I’m feeling a little neglected. Well, it’s because we have our other show now. That’s true. That’s true. I get to talk to you all the time. Exactly. It’s rare that you were actually the most frequent guest.

03:06
Yeah, I think you had I’m sure everyone listening knows who you are. I’m sure they’re all sick. They’re like her again. So I just want to ask is it just me or did you feel the same way about this seller summit? Oh, I thought it was great. It was definitely it’s hard. Okay, so it’s funny because the first seller summit always like holds a special place, right? Because it was the first one you and I well, I don’t think either of us admitted how nervous we were about people not showing up.

03:33
You know, with the first one, it’s like, we going to actually is anyone going to want to come? So I think that first one was special because it felt like, oh, we did it. It wasn’t a complete disaster. Everyone seemed like they had a great time. And so that one always holds a special place. But this one is probably my favorite in regards to just the overall, the speakers, the attendees, the sponsors. I feel like everybody was just amazing this year at the event. Yeah. And I don’t just say this lightly and I’ll just be straight up. I think.

04:02
last year’s event was one of the roughest ones. I agree. is 2022. Yeah. Because we were cutting them off. We were coming off a pandemic. Yeah. And people were still a little bit squeamish about traveling. And then I think we had like a last minute speaker cancellation because people were still kind of iffy. Yeah. So 2022 was one of my least favorite years. But this year is by far one of my favorite years outside of the first year, want to say. Yeah, 2022 was hard, too, because if you think about when we hold seller summit in May,

04:31
In 2020, we thought up until like March 20th, we were still having an event. So we were only six weeks out, I think, from seller summit when we realized that we had to cancel it. And we didn’t really know what to do. So we ended up doing the virtual event, which I thought was great as far as like our attendees were awesome. They showed up on Zoom. Our speakers delivered amazing presentations. And so I really did enjoy the presentations that year and stuff like that. But we also allowed anybody who had a ticket in 2020

05:01
to carry it over to the next live in-person event, which ended up being in 2022. And at that point, it had been two years, right? And for some people, three years since they bought a ticket because they bought their ticket in 2019. And so people didn’t know if they had tickets. They didn’t know what kind of tickets they had. weren’t like all our overseas people didn’t think they could come. So 2022 just felt like an absolute chaotic.

05:25
mess, even though, you know, we tried really hard to communicate, our speakers still did a great job presenting like everyone did their best. But I felt like that year just felt off. But this year just felt like to me, it felt like a homerun, not to pat ourselves on the back. I think it had way more to do had way more to do with the people that were there than the two of us for sure. I agree. And let me just let me just think about some of the anomalies.

05:48
Well, number one, I did my book signing. So that’s why it was special for me. That’s why I asked you that question because I knew that was it was special for me because of that. In addition to the event going fantastic. Yeah. And let me just tell you from my perspective first, that video that you put together during the opening. So for anyone listening out there, I don’t cry. I just don’t. I don’t even get emotional. But what Tony did and whose idea was it? was Andrea’s. It was Andrea’s idea.

06:18
So we give it some credit. Tony and Andrea went around to my close business friends and my family and they had them record a short clip about how I’ve influenced them in their lives or, you know, just like a whole bunch of people just wrote film. He’s really, I see I’m getting like teary thinking about it right now. Put together these thank you videos together in one long video. And it was a complete surprise to me. During the opening keynote, they played it.

06:48
And like, I was like, okay, I’m not gonna lose it. I’m not gonna lose it on stage. And then what made me, what snapped me out of it actually, was I saw you high-fiving Andrea in the front row, because you were trying to get me to cry. And I was like, okay, all right. Okay, here’s the thing. I wasn’t trying to get you to cry. I just wanted you to show some semblance of emotion. What was cool about this is, so,

07:15
As you guys probably know, if you’ve been to Seller Summit or you’ve heard us talk about it before, my brother, Todd, is a professional sound engineer. He runs our AV for Seller Summit. He’s done it since the first event. Andrea came to me with this idea. She’s like, wouldn’t it be cool if we had a video that we could play at Seller Summit that had some of Steve’s closest friends talking about how he’s impacted them in relation to the family first entrepreneur book? What lessons have they learned from you, either through business or friendship, things like that?

07:44
Immediately, I’m thinking of all the really bad videos that I’ve seen, compilation videos where people talk too long and people are getting up and leaving. So I immediately call my brother. I’m like, I got an idea. And he’s like, oh no. Because he thinks it’s obviously more work for him. ended up my nephew Zach did do the editing of the video. But my brother actually gave me a list of requirements of how people had to hold their phone, what he wanted them to not say, like the words, but the formatting, the time.

08:14
And it was funny because I felt like Ezra, you know how when Ezra Firestone asked for user generated reviews and he like sends these people like a PDF of like, hold your phone this way. Like I felt like Ezra, was like, I like, I should just send this to Ezra, see if it makes sense to him. But so I sent this out. This is what was cool. And not everybody knows this, but I sent it to 19 people. So because I thought if I can get 10, then that makes a very nice like three, two to three minute compilation video.

08:44
And I figured, you know, lot of your friends are not good with email. They’re very busy. They’re all like you, right? So I was like, huh, if I get a 50 % response rate, that’s awesome. As well as, you know, not everybody that I emailed knows me very well. Most of them do, but some of them like I’m not a familiar name. So I put the subject line, please help me make Steve Chu cry.

09:08
So I figured all my years of email writing definitely paid off in this. So, and then I wrote a very succinct email. These were the directions. You had to have it to me by this date, whatever. So I got 18 responses out of 19. I know that’s incredible. Which is incredible. And I would say a testament to your friendship with these folks and how much you mean to them and how much they value your friendship. And I didn’t, I had to send one reminder email. So it wasn’t like I was prodding these people for weeks or anything like that.

09:38
They all followed the directions except for Mike Jackness who held his phone the wrong way, but I’ll forgive him for that. He gave a great presentation at Seller Summit. So yeah, it was really cool. And it was cool because I saw them all coming in. know, they would send them to me or text them to me and I would watch them. And some of them were, and people were like, can we be funny? Is this supposed to be serious? And I was like, you can be however you want to be. Like you need to be you how you are with Steve. And so that was cool too, because it was a really nice mix of.

10:04
of like funny and sincere. But the best thing which you don’t know was like, I know that you and Jen, Jen’s your wife, as most people know, like you have access to each other’s accounts. You know, like I know you can see like emails and things like that. So I really wanted Jen and your kids to make a video. But I was like, I don’t know how I’m going to get to Jen without you seeing it somehow. Right. Because I can’t email or the chances of you seeing it are probably pretty high. I was like, I can text her, but I have to text her.

10:32
when I know you’re not with her, which is basically all the time, right? So we were on a Friday check-in.

10:39
And you’re talking away and I’m texting Jen. like, I need you to text me back as soon as possible. Steve can’t be around. And then when I was rereading the text, it sounded really bad. Like I had to tell her some sort of secret about you that was like horrible. And I was like, it’s not that bad. But please text me when you can’t see this. Delete the text. I was like, you know, wanting to make sure you didn’t see it. So we had several text chains where you were like on live with me, but I’m texting Jen because I knew you weren’t with her because I could see you.

11:07
And then she texted, the best text from her was, I don’t know when I’m to be able to film these because he’s always home. I was like, I know. Can’t you send them to the store? It’s true. Yeah. I think she did it while I was doing like some sort of live presentation at the workshop or something. Yes, because when she sent them to me, I was like, oh yeah, he’s on live right now.

11:33
So yeah, good job to everybody though who sent in a video and I don’t, is a video anywhere where people can see it? I think it’d be nice if we put it somewhere. You know what? I might integrate it into my YouTube channel somewhere. Okay. In one of the videos. We can upload it to the Seller Summit site. the people that have the virtual pass, cause they didn’t get to see it. All the attendees get see it. stayed in the keynote part, right? I didn’t watch the keynote obviously, but. No, I think that that was its own, cause it’s its own video. So it’s, I think the full video is in Dropbox though.

12:03
Okay. Yeah. Anyways, uh, the virtual pass is for sale right now. I’ll just go over to seller summit.com. This is actually the year we had the most presentations as well too. 19, We have 19 or 20. don’t know if you want to count your keynote. Do we count that as a presentation? We don’t learn anything from that. That’s true. We just get entertained by that. That’s right. right. I don’t know. Do you want to

12:31
talk about some of these. This is the first year also, I just want to add that Tony gave a presentation. first year, I’ve given one before. When I gave one the first year and I think I gave one the second year and then I was like, I’m not doing this anymore. Too much work. I don’t think you did. I did. I gave one on Pinterest. That’s the first year then second year, second year, second year and that was it. I’m pretty sure I might not have done one the first year second year. I definitely did one because I was like, this is too hectic. Right.

12:59
But I did. I did give a presentation this year on email. Totally worth the price of the pass. It was. You want to just give like a quick summary of what you talked about? Yeah. I haven’t watched it yet. Yeah. Oh yeah. Because you weren’t in my I wasn’t in your talk. You weren’t in my talk. So this year I gave a presentation on email marketing. I’ve been running email for an e-commerce business for a couple of years now with a rather large list. So it’s been fun because you can test a lot of things with a large list that you can’t do when you’re still in the early growth stage of lithium.

13:28
list building. So I basically talked about how I took her email from when I got started, she was doing just under a million dollars a year in email to this year. We’ll probably do close to three to $4 million in email revenue alone. And basically I gave this drive. I basically walked people through like from the time I started till today, like everything that I’ve either updated or changed to help her get to that point. The biggest one I would say, and like my overall takeaway from the

13:55
talk is I sent more emails to more people. So I talk about how to grow the list and then all the different types of emails that we send that aren’t, I talk a lot about the sales emails, like how you send those standard emails that everyone’s sending, but I talk a lot about how do you grow that list through your flows and the flows that maybe you’re not doing.

14:13
Right? The things that people, everyone thinks about like, oh, I have a post purchase flow or, I have an abandoned cart flow. But there’s a lot of other things that you can be doing to really engage the list and get people continuing to open your emails first of all. And then eventually either converting them to first time buyers or getting those first time buyers to buy a second time. So really walk through all, basically everything that I’ve done in the past three years, which I talk really, really fast. So you’ll have to watch that on like 0.7 speed.

14:40
Cause I felt like the whole time I was like, you had a lot to cover in just 50 minutes. Yeah, did. was, it was, are all there. The slides are all there. It was probably a three hour talk that I condensed into 50 minutes. But, uh, but yeah, it was, uh, I thought it, I thought it was a little bit, uh, I thought the talk was a little boring because it was all based in Klaviyo. So I basically just, it’s like screenshots of flows and campaigns and all the segmentation and

15:07
triggers and conditional splits. it’s definitely if you’re using Klaviyo, you’ll be very familiar with everything that you see, but it’s not like your talk, which was very like entertaining. Mine is like- Are talking about the keynote or the- Yeah, the Oh, you sat in on mine? Oh, the keynote. No, keynote. didn’t sit in your other one. I was in the other room. yeah, it’s definitely, I felt it was boring, but after it, I heard a lot of people say, no, no, no. Like I was able to implement some things. We’ve had some emails already from people that are like, hey, I don’t-

15:32
Charles emailed us yesterday and was like, Hey, I’m trying to do this from your he sends me a screenshot of my presentation. And then his Klaviyo account. He’s like, Am I doing this right? And I’m like, which one’s mine? Like, I’m trying to figure out which is which. And he wasn’t doing it right. So we fixed it. But yeah, people seem to enjoy like that. There’s a lot of good feedback on it. And I thought you just said that to pat yourself on the back, right? No, I wasn’t. But there was a lot of people who enjoyed it.

15:58
I thought I, because I like, obviously like Tiffany Ivanovsky gave a talk on live selling. She did it last year. She was amazing. This year, she actually did live sign with Jen, which was really fun. My wife is not the live selling type. Oh yes, she is. Oh yes, she is. But she did an amazing job. Yes. We need to get that little clip on the internet or something.

16:22
That was so I was gonna ask Tiffany for it because in the in the recording, it’s actually their backs are turned because of how the camera set up. what’s funny is Jen is a very she Jen’s very quiet. She’s probably the nicest person I’ve ever met. She’s I would say she’s pretty reserved most of the time. And, know, Tiffany gives Tiffany gave like a 40 minute talk basically on.

16:46
just live selling in general, why it works, the reasons you should do it. She showed a lot of her bloopers. She gave a really good presentation. And then at the very end, she did the live selling with Jen. And as soon as she turned that camera on, Jen like morphed into a different person. I was sitting there with Bill and Dana and we were looking at each other like, who is this?

17:09
I mean, she was like bumping Tiffany out of the camera and like trying stuff on and her energy level was like 10 out of 10. Like it was very impressive. And she sold like what? $1,700 of stuff in 10 minutes in eight minutes. Yeah, it was nuts. Yeah. With a bad internet connection. So yeah, that was one of my Tiffany is so entertaining. Like her talk gave a lot of really good information, but you were laughing the entire time. So that’s kind of why I felt like my talk with like no one laughs.

17:38
There was no laughter in my talk. was all like, screech out, screech out, screech out, was like, I’ll give you the slides, calm down. But yeah, she gave a great talk. It was great to see Jen. What was also nice is that last year we had attendees get up and live sell, but we didn’t pick, we basically took people that volunteered, but Tiffany definitely coached them before they got up there. This year, Jen kind of got up blind, right? Like I know they had talked a little bit about the products that she was going to sell.

18:05
But it was cool to see Jen, who is someone that I think we would all agree, oh, Jen wouldn’t want to do live selling, right? Correct. To see her get up there and get kind of wrapped up in the excitement about it and really show that anybody, not that Jen, I mean, Jen’s totally capable of doing it, but even these people that seem very shy and reserved, anybody can get up there and kind of get that energy going.

18:28
and really see some great sales. And the coolest thing about the tool Tiffany uses to sell is it shows you how much money you’re making per minute. So that was the best part because like Bill is like pointing to the screen the whole time. He’s like, it’s like $72 a minute. It’s like this a minute.

18:45
So anyway, that was one of my favorite talks just because Tiffany’s so relatable. And it really, when you listen to that talk, you feel like, you know, this might be an option for my business. This might be something that I could use to get another sales channel that I wasn’t thinking about. So that was one of my favorites. So I actually gave a talk this year too, which I haven’t since 2017, want to say. But for some reason, I decided to launch my book, run the conference, do a keynote and do this talk.

19:13
Yeah, that was dumb. Probably not going to do that again. Yeah. But I talked about how to escape Amazon’s grip, which was awkward because Amazon was a sponsor. Last minute sponsor, but how to create a thriving e-commerce brand without Amazon holding you back. said Amazon twice in the title. Yes. I don’t know if they watched that, but they won’t be back next year. They won’t be back next year. I’ve just been getting a lot of requests from people who, who

19:41
depend on Amazon for like 95 % or 99 % of their sales and how to go about, you know, moving off to, I shouldn’t say moving off transitioning on having their own e-commerce channel as well. And so it was pretty well received. I can’t remember who I was going up against, but I didn’t, I had some elements where I got some laughter and whatnot, but it was, it was pretty much a straight lace talk as well. Yeah.

20:06
And I think that’s the general theme that we see every year at Seller Summit is that we typically have about 50 % of our attendees are Amazon primarily sellers and 50 % are, you know, D to C sellers. And that doesn’t mean that there’s not some crossover like, you know, these Amazon sellers usually do have some sort of storefront, right, where they’re doing 5 % of their sales or something like that. And the people that are D to C, some of them do sell a little bit on Amazon. So there’s familiarity with the group, but

20:35
That’s a theme that we get every year is use people who have 97 % of their business on Amazon. And they’re like, listen, I understand I need to diversify. I’m not going to walk away from Amazon like it’s cash cow, but I want to learn about the brand building side, which Chris Schaeffer actually gave a great talk on like the conversation method, basically building that audience, engaging people. How do you, cause it’s hard to do this. Like it’s hard to start a store without Amazon.

21:04
build an audience. mean, obviously, you know, ads play a big component of it, but like, you’ve got to be able to build this loyal following and a brand that people want to come back and shop and feel proud of, like, what your brand is.

21:17
And so he gave a really good talk and he had a hard spot too. He was like the end of the day. Like those are the worst times to talk, right? Like end of the day, everyone’s tired. I always put the people I know are awesome at the end. I’m like, Chris is going to knock it out of the park. He’s going to be amazing. Same with the first morning spot. It’s like Brett Curry always goes first for me. Cause I’m like, he’s got that deep voice. You want to listen to him. He’s got like a commanding presence on stage, but Chris did a good job. basically walking people through, I think it was like a three-step method.

21:46
walked people through like, is what you do first, this is what you do second. And of course it’s Chris, so he always has a lot of like good easy things to remember. What are they like? Pneumonic devices where it’s like everything was a C. And so you kind of could remember things that way. So he always gives a great presentation. I always tease him because the first time he ever presented for us, I was like, I had no idea you were so smart. I was like, I thought Scott was the brain. He’s always so tacky. I was like, I thought Scott was the brains behind this operation. Clearly it’s you.

22:14
But yeah, he did mention, you mentioned Brett. Yeah. And I wanted to have Brett talk about Google performance max. Because up until this point, Google has been a pretty complicated way to advertise. Yeah. And so Google kind of took a page out of Facebook’s, you know, playbook and decided to create something that was a little more automated and a little bit more easier to use. still a little complicated, but it’s a lot easier to use. And it relies on Google’s AI to

22:42
just kind of magically show ads to people who are more likely to convert. And so Brett presented a different method depending on how much time you wanted to spend in it. And he broke it down really easily and simply so that anyone could implement it. I thought it was a great talk. He always does a really good job. I feel like his talks are always, he’s talking about a very complicated process and he makes it seem very doable, which I think Andrea probably did the same thing. I wasn’t in her talk, but she did a talk on many chat.

23:09
And basically she sat down and people were basically setting up flows inside the presentation. Like that was the goal was to walk out of the presentation with something set up for your account. Correct. Yes. was a workshop style that Andrea did. And yeah, she literally walked you through where to click everything. Yeah. So that you ended the presentation with something that you could use. Yeah. So it’s definitely one of those talks. If you’re watching the videos, you’ll probably want to watch it a couple of times just so you can get all the steps. But I think that’s nice too, because

23:37
Well, that was the thing is I feel like we let attendees know that they get the videos, but every seller summit, people are like, I don’t know what to pick. I don’t know what to go to. I’m so bummed. I’m going to miss this. And I’m like, well, you can watch it later. And they’re like, I can. Like they don’t know. It’s like, I thought we did a good job of like letting people know that they get all the record. Like if you have a seller summit pass, you get the recordings for free. So you won’t miss a single session.

24:01
which is actually a crazy value when you think about like how much the seller’s ticket cost and then how much the virtual pass costs. Like it’s a steal to get. Maybe I need to do a better job of communicating that in the keynote going forward. Yeah. Cause everyone’s like snapping pictures at slides. yeah, they’re frantically like their phones are out and that was like in mine and you feel like, cause I do the same thing because sometimes you don’t get the slide. Sometimes this is like the only opportunity you have you like at other events.

24:26
And so I know that when I take my picture out to take a picture of my phone, I have to take a picture of something like I’m missing what someone’s saying, right? Cause I can’t pay attention and get the photo and try to like zoom in because the screen’s 200 feet away and things like that. So, um, yeah, it’s funny to see people are like, put the phones down. You’re fine. Like you’re going to get this all. You’re going to get the slides. Um, so yeah, I think that’s something that people, need to do a better job in the future. they’re not panicking or fighting over like which

24:55
I know the people that we have come that are either coming with their partner or husband spouse partner thing, they’re not fighting over which one they have to go to. Yeah, we also had Brandon Young come in and talk about keyword strategies. There’s a lot of big name companies actually that aren’t doing a good job with their keyword research. And Brandon has this really great methodology where you can find all these outlier keywords and prioritize the keywords for your listing.

25:25
I’ve actually used it for my own listings, his tool and his methodology and it’s worked big time. Yeah. So one of the interesting talks, I don’t know if you, I don’t think you got to see the whole thing, but we had Walmart there as a sponsor and they are real. So I remember like we had Bernie from Plugable talk about Walmart in like 2017.

25:46
And back then it was like the Wild West. was really hard to get on Walmart. Like he was basically like, listen, only five of you in this room are going to be able to do this, you know, kind of thing. It was like so difficult. Right. And Bernie sells a lot. So like he has the volume, like he was, you know, successfully able to do that kind of stuff. But they they’re really coming after Amazon. Right. Like they I feel like this whole event was like, let’s come after Amazon. And then I’m like, oh, they’re sponsoring. Yay. But.

26:13
I was going to say if there’s one key takeaway that I took away from their presentation is that there’s this Shopify plugin that will automatically import your items from Shopify to Walmart. Yes. Yes. So they are making it as easy as possible for sellers to sell on their platform. Whereas if you are familiar with the Walmart platform for five or six, like I tried to sell on Walmart back in 20, after Bernie’s talk, I was like, oh yeah, I think I could probably do this. And then I got like two thirds of the way through it. And one of the requirements was you had to have

26:42
a physical warehouse that wasn’t a garage, you know, like it couldn’t be a storage building. There was like all these requirements and I was like, well, I don’t have that. So anyway, it’s totally changed. So they really want you guys, they want the third party sellers. So if it’s not something that you have dabbled in or experience with, you know, you could probably actually email us too. And we can hook you up with the team and they can help you get started because they were helping people left and right. I mean, their booth was always packed. I think people are just looking for.

27:10
diversifying, right? They want multiple streams of income, like it’s a pretty normal thing. So actually, that’s one thing that I really like about our sponsors every year, really. So Brandon was doing private demos of his tool, Data Dive. Mina, who gave a really great talk on Amazon PPC, he was actually breaking down people’s accounts. But Mina runs Trivium.co, who was one of the sponsors. Actually, I think he offered to just break down anyone’s account. So if you go over to his site,

27:39
sign up for an appointment and he’ll go through your account and tell you how you can improve. Yeah. Yeah. He I saw a lot of people over there getting the account. I don’t know if they call it an audit, but they’re getting account audits over there, which I always think is nice that our sponsors are willing to like sit down and help you. You know, we had Jungle Scout there. They’ve been a sponsor for a long time. They’re always so great about, you know, showing people like not just like how to use their tool, but like the

28:07
logic behind what the tool does and why you should be using it or any tool. That’s what I like about it is that they’re not really trying to sell you on their products. They’re trying to sell you on why you need that service in general. Because I think it is important for sellers to be able to have a suite of tools at their disposal to help build their businesses. Actually speaking, what’s the jungle cell presentation was quite good too. They basically broke down some common sellers mistakes.

28:33
And just in terms of profitability, really, because Amazon has all these hidden fees and everything. And it’s, it’s really easy to get lost in that and not actually make a profit. Yeah. Their talk was actually quite good. You know, it’s interesting. Speaking of hidden fees on Amazon is we had Getita back again, which they’re always a fun sponsor, but they actually help you find what lost inventory. Yes. Which is crazy. service is a no brainer to sign up for. Like Amazon loses your stuff left and right and breaks stuff too. And unless you’re

29:02
watch them like a hawk. Yeah, you’re losing, they’re losing you money. So that’s what Katita does. They recover those lost sales, the lost inventory, and you only pay them when they actually recover something for you. And I think for seller summit members, they were giving away $400 in free reimbursements. Yeah. So if you a ticket, you want to make sure you still take them up on that if you haven’t done that yet. Um, speaking of Amazon and Jungle Scout, our friend Liz, who full circle here, right? Like,

29:31
helped was our seller summit admin in the very beginning, then left us for Jungle Scout. And so she worked at Jungle Scout for like six years and then just recently left Jungle Scout to launch a extension called Fluencer Fruit, which basically helps Amazon influencers find profitable products to make videos about, which we’re going to have a podcast coming out about that on profitable audience if you want to learn more. But the other side of that is that she actually also helps sellers

30:00
get matched with influencers to launch products on Amazon. So if you are brand registered on Amazon, you have video, a video box where you can have a video in your listing. And basically influencer videos can live in that part of your listing and influencer videos are like eight times more likely for people to like watch and buy than like your own brand video. Cause it’s like, well, of course it’s a great video. It’s like professionally shot on some drone camera and all this stuff.

30:26
And so she basically talked about how a seller can use these influencers to help get velocity for their products and help kind of push them up and how it really does work well, especially if you’re trying to get some traction on Amazon for your products. I don’t know about you, but these days when I shop on Amazon, I always watch the videos. Yeah. And if you can get unbiased people to leave reviews of products, that will increase your conversion rate easily.

30:55
And I think if you’re thinking about like, of course, the influencer videos are going to be positive. They want people to click and buy because they obviously get a commission when people watch the video and buy. every influencer is especially know that videos that are too shiny, happy people ish don’t do well. Like you want to give an honest review. I just actually, right before we recorded this podcast, I created an influencer video for this new ice machine that I got. And I actually think this thing is amazing. It was hard for me to think of something I didn’t like about it.

31:22
But the one thing is it does hum, right? It has like a background noise. So if you’re one of those people that can’t stand like, you know, a background noise in your house, like I have a Bosch dishwasher and I love it because it’s so quiet. So then the ice machine’s a little bit loud. And so I’m like, hey, that’s probably the only negative I can think about this. I don’t even care because I love the ice so much, but you know, I think as influencers, they try to find something that’s like not a terrible negative, but you know, something that, you you want the video to be authentic. So yeah, definitely a good.

31:51
Talk to watch if you are selling on Amazon Because the influencers can really really help you with your products So this next talk was really important to me Alicia renozo first time speaker at Seller Summit Yeah talked about how to grow a brand with by running a six-week challenge Yes, and the reason why this was meaningful to me is because right now I’m running my own six-week challenge that I am kind of mimicking off of Alicia’s method. Yeah, and

32:19
Just to give some context, Alicia used to sell water bottles and she turned that into an eight figure company. Think about how many water bottles there are. Like thousands, so many different brands and she stood out by running these challenges to build a community. she was actually great too. I enjoyed, I didn’t know her at all. I had only heard of her through you and so she’s just, she’s very smart, great person to talk to and her talk was really interesting and I think.

32:46
If you’re not doing that sort of thing already, like, especially if you didn’t come from the content side, it will really be mind blowing what you can do to do these challenges and build this community and how much you can leverage that community to make sales. And we saw this last year with one of the people that did the live selling, Laurie. She, built this huge community and then she launched a physical product and had wild success with that because of that community that she had built.

33:12
So it’s a really great strategy to use, especially if you want to be off Amazon. Yep. And the conference would not be complete without a talk on AI. Yes. I Mike Jackness did a great job. Yeah. There were some things that he talked about that I wasn’t doing. clearly that guy is always, I don’t know how he has the time now. But yeah, a lot of cutting edge AI techniques that I’m willing to bet that you guys aren’t doing. Yeah. I didn’t get to see that talk. I was in the other room, but,

33:42
I heard nothing but like people like, know, kind of Like it’s not your standard, hey, I use it to create my listing. Yes, it’s my bullet points. Yes. Yeah. There’s much more to it. It’s a lot deeper than you expect. Yeah. And then of course we had our good friend Bill D’Alessandro who basically made a promise that his talk was going to save you a hundred grand in your business. And he was right.

34:10
There were people who wasn’t exaggerate. No, there were people literally like after his talk, like I’ve already saved it. Like it was crazy. Like I didn’t I was in Liz. Liz was so mad at me because she had to talk when Bill was talking. She’s like, I cannot believe you talked put me against Bill and he’s giving everyone 100 grand. I was like, well, technically he’s not giving everyone 100 grand, but I do see what you’re saying. But I’ve heard nothing but in fact, during the talk, people at the event were texting me about how amazing like while they were in his talk about how amazing his talk was.

34:39
I actually saved 40 grand. So I asked Bill to wire me the remaining 60, but yeah, there was stuff that he talked about that I was not doing either. fantastic talk. Yeah. And then one of my favorite people and someone that I was so excited to see on the Seller Summit stage, Natalie Mounter. Oh, yes. She is, I will say she is our very biggest Seller Summit cheerleader. She is almost an OG. She started coming in 2017, so second year.

35:08
She brings, she always has other people come, like because of her new people are coming to Sellers Summit every year. And it was pretty funny. She emailed us, I don’t know, maybe five months ago and said, hey, I’m going to send you a proposal for a talk. Right. And we’re like, okay. And we were both a little nervous because we love Natalie and we, her energy, if you know her, if you don’t know her, her energy, she’s one of those people you just want to hang out with. She always has amazing energy and

35:35
A week later in our inbox, we get a deck of slides and a fully produced one hour presentation of her talk. Yes, fully produced everything. Like she’s on a stage. Like it was amazing. And she really recorded it just for us. And so I got like five minutes in, I’m like, she could be talking about the sun and she’s speaking. Like I don’t even care. But she gave an awesome talk on influencer marketing. She blew people’s minds really because

36:03
She doesn’t sell on Amazon, think at all, right? I don’t know if that’s for sure, but yeah. But she’s managed to grow a multimillion dollar business from influencers that she doesn’t pay. Yes, amazing. All free, all free. So that talk, definitely people were just like, you know, because

36:23
She basically showing everyone thinks like, oh, I don’t know how to find influencers. You got to pay them. And then they’re going to take my money and they’re not going to review the product. Whatever there’s we, I hear it all the time. You go into like the ECF forums and there’s always these horror stories about working with influencers. She gave this like step-by-step. is everything that I’ve done. She’s done it herself. So it’s like, obviously it’s working. Um, and definitely a talk that, uh, kind of all the like Liz’s talk, Natalie’s talk, Chris’s talk, Alicia’s talk. We’re all really about like, how are you using these like free resources?

36:53
right, to drive sales, build community, get people talking about your products that you’re not going to have to pay for advertising for. I also really enjoyed Spencer’s talk. Yes, did. Spencer Jan is the founder of Solo Stove. And he basically gave a talk on how he bootstrapped that company to a $2 billion IPO. Yes. And it was very heartfelt. Yes. It was. It was very personal. Yeah, like I

37:20
I want to say I teared up a little bit during his presentation. yeah. was like, oh, this is hard. Here’s what’s great about Spencer, other than he’s probably one of the nicest people I’ve ever met. Him and Jen could have like a nice off and see who was the nicest. He’s the most unassuming dude. You would never, you could never pick him out of a crowd, right? He’s just trolling along, but.

37:45
He basically, because I think we hear a lot of these talks about people that are like, you know, they grow these businesses to like, you know, crazy amounts of money and you’re just like, holy cow. But he basically talked about all the things he tried to do first that failed and like all these failures that led him to like making the decisions that he did with solo stove and some personal things that happened in his life. And I think that was very impactful because so much of the time we only hear the success and we don’t hear the failure that drives you to the success. And he did a really good job of

38:15
not focusing on the failure, but focusing on how you use those moments where you feel like everything’s failing to drive it to a place where you can find success. Yeah, amazing talk. I really enjoyed quiet lights talk also, because a lot of people don’t really think about this. They talked about the exact steps you must take if you want to sell your business in two to three years. Yep. And, you know, some people are getting some people don’t want to run their business forever. And

38:45
you should always keep in the back of your head, maybe you want to exit someday. But in order to do that, you have to take specific steps to make your business sellable. Yeah. And so it was a great step by step talk. It’s funny because like, I think people think, oh, I’m not planning on selling my business right now. But then so many people at Seller Summit have sold one of their businesses through quiet lights. Like, yeah, you’re probably going to be talking to them at some point. I want to say Meg just sold her business, right? Yes.

39:13
our good friend Carol Reins sold with them. And then we just had an exit me like Andrew Udarian. Yeah, just had an exit through. Yeah. Yeah. So yeah, I think that that’s it’s one of those things where you can’t just wake up one day and decide to sell your business. Like you have to have all these things in place to do that. And so that talk, even if you’re thinking like in five years, I want to probably sell this. It’s definitely worth doing because wouldn’t it be nice when you get to that point of like, hey, I think it’s time to sell that like you’re not having to go

39:42
I mean, like Mike was talking about some stuff, I think when he sold Color It, of like that he didn’t know that he was supposed to do. Right? And it was like this nightmare. I think it was the, what was it? The buybacks? I don’t know what the right term was. He had some other things that were, he had like multiple brands under a single Amazon account that he had split up. It was kind of a nightmare. So these are all things that if you take care of them in the beginning, it makes your life a whole lot easier later on. Yeah. And we should have talked about this talk earlier, I think, but Megla.

40:10
talked about sourcing from India, which I think a lot of people are down on sourcing from Asia right now. think that’s been, we’ve kind of had a talk like this. I think a couple years ago, our friend Nathan talked about like kind of pushing things through Mexico. I think it was like a tariff talk, things like that. But she did a really good talk. I actually was speaking at the same time, but I heard lots of good things about her. Yeah, I was in her talk. She actually threw in Vietnam also. Oh, nice. It was India and Vietnam. She sourced this and she travels there all the time.

40:39
Yeah. And so she basically talked about what each country was good at. Yeah. And which products do well over there, which which products have lower pricing, what the labor costs are in each country. So you can gauge what types of products you want to produce where. Yeah, I’m going to actually go back and watch that talk because I’m like, that’s really interesting to me. I think everybody thinks that they can only go through Asia to to source products. But there’s a lot of other options out there. And she is definitely an expert on on that for sure. And we also had Mike Epstein come and talk about

41:08
postcard marketing. Yes, I had done this case study with my own website. And I got I think like a 16 X ROI. Yeah, I think people stopped selling stop sending snail mail with the advent of email. And then now that email is getting I don’t want to say saturated, but it’s getting more competitive, way more competitive, less people are sending direct mail. And so direct mail really works well. Yeah, right now, if you haven’t tried it yet.

41:35
I would highly advise that you do it. And he had a really good talk because he basically broke down the, once again, the exact steps you have to take to do this, how they can actually get addresses, things like that for you, as well as like the actual like real hard costs in doing this. Like how much does it cost to send a postcard? How much does it cost to do this? And so it was, and it was funny because I was actually sitting in that talk.

41:57
with several people that I know fairly well. And one of them, I was like, this is exactly what you need to be doing. So the whole time he’s talking, I’m like texting my friend, like, okay, and then you just send this and then you send that. And he’s like, I was thinking the same thing. And I was like, yes, of course. And it’s funny, because I used to work for a mailing company. And I was a little bit down on it after that experience. But some of the things that they’re doing today, which I’m pretty far removed from it now, it’s pretty cool. And it’s pretty cool what they can do. One of the things I think is really

42:26
neat is they can actually match your handwriting. Yeah. you could like they have like a handwriting machine so you can you know looks very handwritten which I think is pretty cool. Like I think I think anything with personalization is really works very well whether it’s email direct mail text anything. And so I think that’s a cool feature that you can do. I think the coolest part is that it can be completely automated like Klaviyo. Yes. Which is crazy to me too. Like and because we were because you can do an abandoned postcard right. Yes. Which is

42:55
Nutty. Like when you think about that, you’re like, what? And so I asked him a question. I was like, hey, like what’s the turnaround time? He’s like 20, 40, 48 hours. Like they’ll get that thing in the mail. It’s like, what? It’s crazy. So very cool stuff that they’re that not only that Mike himself is doing, but like in general that you can do with this direct mail marketing. And then I wanted to save the best for last, which is how we close it out. Our good friend Dana Jean-Zemes gave just an incredible keynote.

43:25
I listened to it the entire like I didn’t get distracted at all. No, she has such an amazing story. And I don’t want to spoil it. Nope. I don’t know what you want to say about all I can say was Dana is so humble. Yes. And she’s always like, I’m not really a speaker, but I’ll speak. Yeah. But I think she’s an amazing speaker. She kept everyone riveted from beginning to end. Yes. So what’s funny is I knew I wanted Dana to be a keynote like five years ago.

43:53
But at that point, I didn’t think the story worked. I felt like she was still in the middle of her businesses. She hadn’t sold yet. She’s sold her businesses now. But when we were at ECF this year, I said, I really want you to give the keynote at Seller Summit the closing keynote. And the first thing she said to me was, does Steve know? Why would she ask that, I wonder?

44:17
And I was like, I don’t really care if Steve knows, I’m like, this is what you’re going to do it. You know, and she at first was like, I don’t think I’m the right person. know, typical Dana, so humble. And I said, here’s exactly why I want you to do this. And I kind of listed out a couple of reasons of why I felt like she was the best person to do this. And she was like, I’ll do it, you know, and it took me the week of VCF to like convince her to, to agree to it. But she, the whole time she’s like, and Steve knows.

44:46
And was like, first of all, I’m the boss. Steve doesn’t clearly you’re not. Clearly you’re not. Dana had to ask. But what was, I don’t want to spoil it either because I thought it was so awesome. But one of the things that I thought was really cool and I got an email from Dana afterwards was that so many people came up to her and were impacted by her talk in very different ways. So some people were impacted by the personal stuff.

45:14
Some people were impacted by the business stuff. Some people were impacted just by who Dana was. And she said she was overwhelmed with how many people came up to her and were just like, you were speaking directly to me. And it was like male, female, new business, old business. It kind of resonated with everyone, which was, thought was really cool. And I knew it would based on what I know about her.

45:40
her life in the topics. But yeah, she just knocked it out. It was a great way to end seller summit, but topped off by the fact that during her talk, you found out that you made the best seller list. that was even better. So was kind of a good. Yeah, it was a good just overall like win. Yeah. I want to take some time to also thank the sponsors who made the show possible. We already talked about Walmart. We already talked about Trivium. And we’ve already talked about Data Dive.

46:09
but I want to give a shout out to Quiet Light, who has been a long time sponsor of the event. If you’re looking to buy or sell your business, reach out to them. I also want to thank Air Wallachs. One of the themes of the show, kind of piggybacking on Bill’s talk was, you know, how do you manage your finances? How do you save money with your business? If you’re sending payments overseas to your suppliers, which you probably are, Air Wallachs is probably the cheapest way to do that.

46:37
They have super low fees and they make it super convenient. think we talked about Getita already. did. Yeah. Getita, if you have a ticket, you can get $400 in free reimbursements. I think the link should be underneath somewhere on the website. If not, send an email to us and we’ll get that to you. Yeah. I always love Pam. She runs RPC Logistics. If you need a reliable freight forwarder who is very friendly and very attentive to your needs,

47:06
I highly encourage you to go check out rpclogistics.net. Actually email Pam at rpclogistics.net. She will hold your hand throughout the entire process. I trust her. And then our friend Steve. Steve Weigler. Crushes it every time. He crushes it every time. Let me tell you about some of the services. He specializes in IP protection. So let’s say you’re getting knocked off in China. He’s actually had luck with the console in China to shut down the factory that’s

47:35
initiating the copies in the first place. And in the US, he’ll help you with your copyrights, trademarks, and that sort of thing to make sure you can take down copycat listings on Amazon as well. That’s especially Yeah, it’s funny because we know Steve, we’ve known him for a long time. And we’ve worked with him like he’s our friend, but he has also done some work for us. And it’s funny because he’s like the nicest guy. And then when you need him to do work for you, he’s like this pitbull, right? He like immediately turns you’re like, what happened to friendly Steve, like he’s gone.

48:03
So yeah, he’s great. He was giving free consults to actually I think he’ll get on the phone with anybody, right? Is that his policy? Yes. Yeah, you’ll get on the phone. S Weigler at EmergeCouncil.com S W E I G L E R at EmergeCouncil.com Yeah, and then we’ve we’ve bagged on Amazon a lot, but they were actually a very great last minute addition to the event with but a division of Amazon their buy with prime. Correct. Which is

48:32
Something that’s pretty cool, and I actually just watched a webinar this week about the Clavio integrations with BuyWithPrime and the stuff. Oh yeah. So it’s brand new. Just launched this, I think in the last like seven days. But the integrations that they’re doing and the ability that you have now on Clavio to use that data and purchase data and information about the customer, pretty awesome. Very seamless integration, very easy to use. So definitely worth checking out, especially

49:00
if you already are using Klaviyo, it’s kind of a game changer, I think. So what Buy With Prime is, it’s a button that you can have on your site where it mimics the Amazon shopping experience. Like the address, payment info is already there and they can basically check out a one click from your website. Yeah. And then that item is filled by Amazon in two days or less. or less. And now you get all that data and it just syncs right into your Klaviyo data. Correct. You get the email address, everything. Yeah.

49:30
And all the like, it’s basically like the customer, know, it’s your customer, it’s your customer, right? It’s not Amazon’s customer. So correct. Pretty cool what they’re doing. And then our friend Sue was there from Armanino, probably one of the largest accounting firms. It’s actually kind of hard to find an accountant for e-commerce because it’s kind of like a more specialized version of accounting and Armanino specializes in that among other things. Yeah, she was great. She did some roundtables for us, talked to people.

50:00
A lot of people try to do this on their own and then they get in a lot of trouble or they go to sell their business and it’s a hot mess. So, definitely something that you want to work on early in the business rather than waiting till, you know, the end. But yeah, there, she was great. I was glad to have her there. It was her first year at Seller Summit. So it was fun to have her. Yeah, absolutely. And I’m trying to think of anything else that, oh, I also want to say this.

50:29
I felt like there was a lot more women this year coming to event. Did you feel that way too? There was a lot more women coming to the event. I want to say it was almost 40%. I going to pat myself on the back for this one. I am going to. Not for my talk. My talk was fine. You can find it all on YouTube anyway. No, I was very proud of this. Dana and I, we were at ECF and not to, I ECF is working on this too. So it’s not a dig on ECF, but.

50:58
Uh, we were at ECF at Nashville 2015. And I think we were each between us. was me, Dana, Carol Reigns, Miracle, and like two other women at the entire event. And it just felt like you were on an Island and her and I for the past, whatever eight years have talked about, like, how do we get, there are a ton of women in e-commerce. How do we get them to come to events? Um, and one of the ways that, you know, her and I both felt like that could be done was to incorporate more female speakers, which is tough in a way because you don’t know a lot of.

51:26
you don’t associate with a lot of, not in a bad way, but like most of your friends are dudes. of my friends are dudes? In the e-commerce world, yes. Oh yeah, probably. Yeah, the people you hang out with, which is normal, you’re guy. Like most of my friends are women. Right. So, you you and I both worked really hard in finding very successful, competent, great presenters that were female this year on purpose. And I think their presentations were amazing. They knocked it out of the park.

51:53
And I had so many people come up to me, Dana had people come up to her, females, I felt so included. I finally found a conference where I feel like I belong, it’s not a bros club, that sort and our guys are amazing too, which is nice because there’s not this feeling of like, you know, it’s a level playing field. And so I think to me, that’s what made this event the best for me was looking around and feeling like, finally, I’m like, oh, and like, I don’t care if you’re a guy or a girl, like what you’re doing, I just wanna learn.

52:23
but it feels nice to be in a room where you’re not the only one. And so that’s definitely something that I’m very proud of this year and I would love to see that. I mean, we’re gonna continue obviously. just think the, I don’t know who’s back to Pat, but I just think that the audience that comes to Seller Summit, they’re just all people that I would wanna hang out with Yes, awesome, awesome people.

52:48
Hope you enjoyed that episode. And once again, if you want to grab all the recordings for Seller Summit 2023, head on over to sellersummit.com. That’s S-E-L-L-E-R-S-S-U-M-M-I-T.com. And I can almost guarantee you that you’ll get a ton out of the content. More information about this episode, go to mywifequitterjob.com slash episode 471. And once again, I want to thank Sellerboard, which is the Amazon profit software that I recommend for Amazon sellers.

53:15
By going over to mywifequitterjob.com slash seller board, you can get 30 days for free. Once again, that’s mywifequitterjob.com slash S-C-L-L-E-R-B-O-A-R-D. I also want to thank 180marketing.com for sponsoring this episode. 180 Marketing is the agency that I use to grow my search traffic by 4x in just six months. More information, email Jeff at 180marketing.com. Now I talk about how I use these tools on my blog, and if you are interested in starting your own eCommerce store,

53:44
Head on over to MyWifeCoderJob.com and sign up for my free 6-day mini course. Just type in your email and I’ll send you the course right away. Thanks for listening.

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470: Sneaky Copywriting Tricks Ecommerce Stores Use To Hook You – Family First Friday

470: Sneaky Copywriting Tricks Ecommerce Stores Use To Hook You - Family First Friday

Welcome to Family First Fridays, a special segment of the podcast where I publish solo episodes to teach you how to make money without sacrificing your lifestyle. 

If you haven’t picked up my Wall Street Journal bestselling book, The Family First Entrepreneur, head on over to https://thefamilyfirstentrepreneur.com and fill out the form to get over $690 in free bonuses.

In today’s episode I discuss psychological mind games that you can use in your copy that can help you make more money with both your online store and your Amazon business. 

What You’ll Learn

  • The art of persuasion
  • Psychological hacks that will elevate your sales game
  • Copywriting tricks to use in your email campaigns

Other Resources And Books

Transcript

00:00
You’re listening to the My Wife, Quitter, Job podcast, where I teach you how to make money online by exploring different tools, strategies, and understand how to leverage human psychology to grow your sales. Welcome to a special segment of the show called Family First Fridays, where I’m going solo to give you my thoughts on how to make money without sacrificing your lifestyle. Now, if you haven’t picked up my Wall Street Journal bestselling book, The Family First Entrepreneur yet, head on over to mywifequitterjob.com slash book and fill out the form to get over $690 in free bonuses.

00:30
Today’s episode is particularly fascinating. We are discussing psychological mind games that you can use in your copy that can help you make more money with both your Shopify store and your Amazon business. We’ll be exploring powerful techniques backed by science to help you establish trust, build rapport, and ultimately influence your prospects to buy from you. So get ready to learn the art of persuasion and the psychological hacks that will elevate your sales game to the next level. Now, before we dive in, if you are interested in learning how to sell online,

00:59
Make sure you sign up for my free 6-day mini course over at mywifequitterjob.com slash free. So this first psychological strategy is called the Zagarnik effect. Now the Zagarnik effect is a psychological phenomenon named after its discoverer, Soviet psychologist, Bluma Zagarnik. And the effect refers to the tendency for people to remember interrupted or incomplete tasks more easily than completed tasks. For example, Zagarnik found.

01:28
that the brain maintains a state of tension or cognitive arousal when something is not complete, which acts as a mental reminder to finish the task. And this tension is only resolved once the task is done. So in a nutshell, Zygernik discovered that humans are bothered by loose ends. Now, have you ever binge watched an entire Netflix series because you just had to find out how it ended? I know I have, and human beings just don’t like to leave things unfinished. So how will it make you money?

01:57
Well, you can use the Zagarnick effect in your emails to entice your customers to open or click on your emails by creating a cliffhanger in your subject line or your email copy. For example, if you use the email subject line, this is the craziest deal we’ve ever offered. This is what will happen in your customer’s mind. Wait, what crazy deals? I have to know what those crazy deals are, and then they’ll open your email. Then in your email body, you can show the customer a crazy discounted deal and then tell them to click here

02:27
to see all the rest of your crazy offers. And this works well because humans need closure and they’re only going to get it by taking the actions that you give them. In other words, you are using psychological mind games to lead them to buy. The next psychological strategy is called the anchoring bias. Now anchoring bias, also known as the anchoring effect, is a cognitive bias that causes people to rely too heavily on the first piece of information they receive, also known as the anchor, when they make their decisions.

02:56
And you can use the anchoring bias to significantly influence how customers perceive the value of your products and the pricing. Now you’ve probably seen this in action many times on Amazon. For example, when you display the original price of a product next to a discounted price, the original price serves as an anchor, making the discounted price seem like a much better deal. And customers are much more likely to perceive the product as a good value because they compare it to the higher original price. Another example,

03:25
is when an e-commerce store displays a high-priced item next to a similar but lower-priced product. The higher-priced item serves as an anchor, making the lower-priced product appear much more affordable and attractive to customers. So how can you leverage this in your email or your marketing copy? All you got to do is talk about something really expensive at first and then present your much less expensive product afterwards. Here’s an example of price anchoring that I saw just the other day when I was shopping for mattresses.

03:55
If you’ve been dreaming of a great night’s sleep on a high-quality mattress, you might think that you need to pay upwards of $10,000 to $15,000. And the reason these mattresses are so expensive is because they are marked up by a bunch of middlemen. At our company, we cut out all the middlemen and sell to you direct at the best prices. Our affordable range of luxury mattresses start at only $2,000 and provide the same level of comfort and support as those expensive big name brands, but without the hefty price tag.

04:24
See what they did here? They got me thinking that mattresses should cost 10 to 15K and then they presented a $2,000 mattress. Incidentally, this is why you should always list your products in your online store from high to low. That way you train them to expect higher pricing and it only gets better as they scroll through your products. Now along the same lines of price anchoring, it also helps to introduce decoy products in your online store. Now there’s a famous magazine,

04:53
that tried to sell both their print and web versions of their content. So they priced the web version at $59 and the web and print version at $125. And when the prices were presented this way, 68 % chose the cheaper web-only version, which made $4,000, and 32 % chose the web and print option, which made another 4K for a grand total of $8,000 in revenue. But then they decided to introduce a decoy product

05:23
that offered the print-only version at $125. So basically they had the web version at $59, a print-only version at $125, and a web and print version at $125. So basically the print and the print and web version with the exact same price. And the upshot of including this decoy product was that only 16 % chose the cheapest $59 plan, and a whopping 84 % chose the web and print version

05:52
and they ended up making 12K. The decoy product anchored the price higher and encouraged people to spend more money. Now this next psychological strategy is simply telling a story and you wouldn’t believe how well this works. Once upon a time when my kids were young, my wife and I went shopping for baby slings. And I distinctly remember that we were in this baby store looking at a dozen different types of slings and it all blended together until the sales clerk started talking about their most expensive sling.

06:23
She told us that this particular sling was designed by a 70-year-old Japanese man who always wanted to have kids but could not due to infertility problems with his wife. So he decided to devote his entire life towards making baby slings and carriers. And then she pointed out specific aspects of the sling where the man had an incredible attention to detail and we fell for it. Now this sling was easily 2X more expensive than any other one on the market, but we ended up buying it because of the story behind the sling.

06:52
And I’m pretty sure every other cheaper sling could have done the job, but we made an emotional purchase. Buying anything is rarely logical, and you have to appeal to a person’s emotions. And storytelling does exactly that. This next psychological tactic you can leverage is something called the bandwagon bias. Now the bandwagon bias, also known as the bandwagon effect, is a psychological phenomenon where people tend to adopt a certain behavior, attitude, or action

07:20
because they see that many other people are doing the same thing. And this bias is driven by the desire to conform to the social norms, fit in with everyone else, and avoid feeling left out or isolated. Now here’s what I’ve discovered after selling hankies for over 15 years. People are like lemmings, and they tend to follow everyone else. So all you have to do in your email copy is something along the lines of…

07:44
Join over 121,000 other shoppers who purchase handkerchiefs instead of disposable tissues to save the environment. Gather testimonials, reviews, shout-outs, and case studies showing other people using and loving your products, and that will entice other people to follow suit. Now, according to Market Tailor, consumers who interact with reviews are 115 % more likely to convert, and the more reviews that you have, the higher your conversion rates. So make sure you mention this in your email or your marketing copy to grow your sales.

08:15
Now this next psychological tactic is even more effective than the other four in this episode, and it’s something called confirmation bias. Now confirmation bias is a cognitive bias that causes people to seek, interpret, and remember information in a way that confirms their pre-existing beliefs or hypotheses. Now this bias often leads to a distortion of evidence or selective focus on information that aligns with one’s existing opinions while ignoring or discounting contradictory evidence.

08:45
So how can you leverage confirmation bias in your email copy? The key to using confirmation bias effectively is to understand your audience and empathize with them. Let them know what you think, let them know how you feel and act like them. For example, we sell wedding handkerchiefs for brides and here’s some copy that leverages confirmation bias. Congratulations on your engagement. This is an incredibly exciting time in your life and we understand how important it is for you to have the perfect wedding that you’ve always dreamed of.

09:14
We also understand how complex planning a wedding can be, and you want to have a lasting keepsake of your special day. So let us take care of your wedding keepsakes for you. We offer a line of wedding handkerchiefs where you can include the bride, groom, and wedding date, or whatever text you want to create a lasting memory of your special day. And these handkerchiefs can then become your something blue as well. Now the more you can relate to your customer in your copy, the more likely that they are going to buy. Here’s another psychological tactic you can employ.

09:43
and it’s called action bias. Action bias is a psychological tendency for people to prefer taking action. And this bias arises from the desire to feel and control, to make progress, or to avoid the discomfort of uncertainty and inaction. People often perceive taking action as a sign of productivity or competence. So how can you leverage this action bias? When asking people to buy from you, make sure you let them know what will happen if they don’t buy

10:12
and this will nudge them towards making a purchase right now. Here’s an example. Are you tired of spending 40 hours a week at a job that you don’t like? And wouldn’t you rather be spending your time with your loved ones or actually doing what you want? Order my book, The Family First Entrepreneur, and learn how to achieve financial freedom right now. And if you order right now, you’ll receive a free three-day workshop on how to get started in e-commerce, a two-day workshop on how to make passive income with content, and my six-week Family First Challenge.

10:40
where I will personally help you find your next side hustle idea. By the way, the example that I presented to you is real. I have a Wall Street Journal bestselling book called The Family First Entrepreneur, and you do in fact get $690 in bonuses for picking it up. Now this final cognitive bias to use in your email and marketing copy is what I call the speak easy effect. The speak easy effect states the words that are easy to say and understand are more trustworthy and valuable. In other words,

11:10
Don’t use big words in your copy. You might think that using SAT words in your emails will make you come across as smart, but it’s secretly having the opposite effect on your sales. And my general rule of thumb is that you should write like a fifth grader. Make your copy and your product simpler and not more complicated and more people will buy from you. And once again, if you found all these psychological strategies and cognitive biases interesting, let me know. Send me an email and maybe I’ll produce another episode just like this one.

11:40
Now that you understand more about human psychology, make sure you listen to my podcast episode on 5 key insights that made me over $17 million. That episode can be found at mywifequitterjob.com slash episode 455.

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Ready To Get Serious About Starting An Online Business?


If you are really considering starting your own online business, then you have to check out my free mini course on How To Create A Niche Online Store In 5 Easy Steps.

In this 6 day mini course, I reveal the steps that my wife and I took to earn 100 thousand dollars in the span of just a year. Best of all, it's absolutely free!

469: The Secret Art Of Instantly Connecting With ANYONE With Andrew Warner

469: The Secret Art of Instantly Connecting with ANYONE With Andrew Warner

Today I have my friend Andrew Warner on the show. Andrew is the founder and host of Mixergy, which is one of the OG interview based podcasts in the world.

During the pandemic, he released a book called Stop Asking Questions: How to lead high Impact Interviews, which I read cover to cover. And I wanted to bring Andrew on the show today to talk about people skills because I know that my businesses didn’t start taking off until I started building relationships with other business owners.

What You’ll Learn

  • How to connect to people who are more successful than you are
  • Key takeaways from Andrew’s book Stop Asking Questions: How to lead high Impact Interviews
  • How to build relationships with other business owners

Other Resources And Books

Sponsors

Sellerboard – Sellerboard is a must have tool for Amazon sellers if you want to know how much profit you are actually making. Click here and try Sellerboard for FREE.

180 Marketing – 180Marketing is the agency that I used to grow my SEO traffic by 4X in just 6 months! Click here to book an appointment

Transcript

00:00
You’re listening to the My Wife Could Her Job podcast, the place where I bring on successful bootstrap business owners and delve deeply into the strategies they use to grow their businesses. Today I have my friend Andrew Warner on the show, and Andrew is the founder and host of Mixergy, which is one of the OG interview-based podcasts in the world. And during the pandemic, he released a book called Stop Asking Questions, How to Lead High Impact Interviews, which I read cover to cover. And I wanted to bring Andrew on the show today to talk about people skills.

00:28
because I know that my businesses didn’t start taking off until I started building relationships with other business owners and Andrew is a master of it. So enjoy this episode. But before we begin, I want to thank Jeff Oxford of 180 Marketing for sponsoring this episode. 180Marketing.com is an agency that specializes in helping e-commerce stores boost their SEO traffic. And in the past, I used Jeff and his firm managed to grow my search traffic by 4x in just six months. In fact, 180 Marketing

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is one of the few SEO agencies that I trust 100%. For more information, go to 180marketing.com or just email Jeff at 180marketing.com. I also want to thank Sellerboard for sponsoring this episode. Sellerboard is profit analysis software that helps you figure out exactly how much profit you are making selling on Amazon. Now, if you’re an Amazon seller, you’re probably aware that there are many hidden fees in selling on the platform and Sellerboard organizes all that information for you in a clear and concise fashion.

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Now personally, I recommend Sellerboard because they’re among the least expensive software that I know of that does this, which is one of the main reasons why I like them. For more information, go to mywifecouterjob.com slash sellerboard and try them free for 30 days. It’s literally a no brainer. Once again, that’s mywifecouterjob.com slash S-C-L-L-E-R-B-O-A-R-D. And then finally, I wanted to mention my other podcast that I run with my partner, Tony. And unlike this one, where I interview successful entrepreneurs in e-commerce,

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The Profitable Audience Podcast covers all things related to content creation and building an audience. No topic is off the table and we tell it like how it is in a raw and entertaining way. So be sure to check out the Profitable Audience Podcast on your favorite podcast app. Now onto the show.

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Welcome to the My Wife Clutterjob podcast. Today I’m really happy to have Andrew Warner back on the show. Andrew is largely considered to be one of the best interviewers on the planet. His show Mixergy is one of the OG interview-based podcasts and is a place where successful people teach ambitious upstarts. The guy has done over 2,000 interviews on Mixergy, including Barbara Cochran, Gary Vee, Paul Graham, countless others, which is more than 5X the number of people interviewed than I’ve personally interviewed.

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And he has this magical way of getting people to open up about themselves and spill the beans, so to speak. So in late 2021, he released a book called Stop Asking Questions, How to Lead High Impact Interviews and Learn Anything from Anyone. And I just finished reading it and it was a fantastic read. Even if you aren’t interested in starting an interview-based show, I think the skills that we’re gonna learn from Andrew in this episode apply to all aspects of life, including making friendships deeper.

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Getting to know someone better how to approach one of your heroes pretty much everything. Thanks for having me on Steve. Yeah, so it’s it’s been a while since we last spoke and You’ve been running mixer G for a very long time I think the last time we hung out was at the many chat conference Yeah in Austin was it in Austin you were really in the chatbots back then I think you created a company and then you later sold it right? Yes. Yeah, what are you into right now? Because what I found with you

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is what you’re into tends to be like the next big thing. Yes. I started running out of ideas for a while. Chatbots were fascinating and I got obsessed with those. Before that, was just personal development, how to deal with the way that I was thinking. I got obsessed with that. I did an in-person meditation event. Tim Ferriss came and spoke and participated in it so many others.

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And then I ran out of ideas and I came to Austin and I took a bunch of time off and the Airbnb we were in as we were looking for a house to live in had a guitar. And so I tried playing the guitar and I’m still trying. I got a chess teacher and I learned how to improve my chess game. And then I bought some property here in Austin and I learned how to do stuff with my hands, which was brand new. And then.

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An old friend, Ben Ha, who I’d interviewed about how he created a thousand meme sites years ago, he asked me, do you know someone who could interview me? I’ve got this new company that builds DAOs and I need a way to explain to people what these decentralized autonomous organizations are. And I said to him, if they need to know how to interview, yes. If they need to know DAOs, yes. But if they need both, I don’t know anyone.

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but if you can wait till I’m done with my time off, I’ll do it. I went away, I completely disconnected. And then I came back and I did a set of interviews with him on these DAOs that he put together and they were fascinating. And I turned it into a podcast. And then I started learning more about DAOs through just a friend interviewing a friend. And I have all the equipment set up and so it wasn’t a problem. And then I said, Ben, you need to…

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talk about it in more ways, talk about more than just the DAOs you put together, and I need to learn more about it. How about if we work together? I’ll do a podcast with you on DAOs. I’ll have somebody write it up. I’ll have somebody else turn it into videos. You’ll get more output and more content for your people. I’ll get to learn. And it’s been a great way for me to learn because that world has been impenetrable for me. I don’t even know what that is, just to be fair. Can you explain it in

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very simple terms so that people can understand. Yeah, I’ll tell you the story of how he got into it. He and a bunch of people who were all funded by Y Combinator had a chat group just on WhatsApp where they were talking about the different investments they were making in NFTs. Basically, they were buying pictures, investments they were making in Web3 crypto companies, and they were just chatting and giving each other information and making each other laugh and dreaming about what the future could be.

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if these companies that they were backing succeeded. And they said, you know what, let’s invest together. And what they came up with was they said, look, if we just do another standard investment, we’re not really stretching ourselves. What if we create a Dow, decentralized autonomous organization, where every one of us, and it became hundreds, every one of us in this chat room can help find the companies for us to invest in. And then when we do, every one of us can…

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help support the companies that we invest in. Cause if we’re hundreds of entrepreneurs here and a company gets funding from us, they should also be able to get us to open doors for them, to make introductions, to get them clients and all that. And so they said, okay, this is what we’re going to do. But wait, if we do all that, what if one person does a lot more than the other? Do we just say that’s okay? Or can we use this Dow to give that person more points?

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And so they created a token so they could give whoever does more more points. And that’s essentially what a DAO is, a group of people who work together and they use these tokens for points to reward people who do a lot. So it sounds like a traditional venture capitalist model with a little crypto mixed in. In many ways it is. The challenge with the traditional venture model is, and through Ben I’ve been introduced to others who’ve done this model,

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The challenge is it doesn’t scale, which is why you don’t see a venture capital firm with hundreds of partners who are all looking for deals, supporting deals and so on. At some point it doesn’t scale. And so you end up with a few people who get the bulk of the rewards, financial rewards, and the others who are doing the work, but they’re doing the work as kind of hired hands, getting paid okay, but mostly getting paid in experience.

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And what this DAO was called, Orange DAO, what they did was they started to basically share in all the upside. And then because it’s a DAO, they came up with new ideas too. They were all sitting around saying, wait, why are we investing in companies? Can we invest in people? And so they came up with this way to invest in people and they keep innovating and coming up with creative ways. And so what the DAO does is it allows a broader group of people to participate. I love it. See, that’s the type of

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crypto or Web3 that I can get behind, not these NFTs that were out that crashed. So, yeah. Me too. I tried an NFT, like I tried buying one. I tried making some when they started out of curiosity to learn. I didn’t want to be someone who just dismissed it, but I ultimately said, it doesn’t do it for me. This does, like you said, this kind of makes sense for me. A community of people work together with some kind of point system and the point system isn’t just to…

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reward people who do more, and to be petty about keeping track of who does what. The point system also allows for someone who has limited capacity to pick who they work with. And I’ll give you another example. Through Ben, and that’s the beauty of interviewing, if I were just to meet someone at an event, I could get maybe a good half hour conversation about this, and that’s it. And it’s impolite to dig in deeper. But through interviews, you get to meet more and more people. So Ben introduced me to

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this group of venture capitalists who said, let’s try a DAO as a way of disrupting our model. And I spent a long time interviewing the founder, Jules, of a DAO called VC3. And I said, okay, tell me more about what these points do. And she started saying things like, well, we have very limited resources personally. How do we know which potential…

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portfolio company we should spend time with? How do we know who we should help? Well, actually, me say it this way. I said, you’ve invested in a few portfolio companies. Can all those portfolio companies have the names and email addresses of the people in the DAO so that the portfolio companies can reach out to all of these people and say, help me when they need help? And I said, that’s the way Orange DAO works, the Y Combinator DAO. You can contact any one of the members and just say, I need help.

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And Jewel said, look, the difference is at Orange, you’re all entrepreneurs. They have more time for other entrepreneurs. We’re all venture capitalists. We can’t make ourselves as open as they are. And we’re a smaller group of people, so we can’t be as available. But she said, what we’re doing now is every one of our portfolio companies gets some tokens, and they could use those tokens to basically buy access to the venture capitalists who are within this community and get help. And so does that mean that

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Every interaction you have to pay for a token to get, no, but it does mean that if you can’t reach them any other way, or if someone who works for one of their portfolio companies can’t reach them any other way, they could use a token. Bottom line, this is fascinating. To me, the bigger takeaway is whenever there’s a topic that I’m super interested in, I should just launch a podcast and forget about how many people in the audience are listening. Just use it as a formal way of learning. That’s exactly what I did with this podcast.

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I went into this podcast not wanting to make any money at all, or that wasn’t my intention at least. I just wanted to meet people and people tend to open up when you have an hour with them. I thought you were one of my early role models because you just had this way of getting people to open up. One, you had fantastic guests, which is something I wanted to get into also, but then you also had this way of getting people to reveal stuff that I thought that they

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didn’t actually want to reveal, if you know what I mean. Like, you always manage to get revenue numbers and, well, okay, let’s start with this. Let’s say you’re interviewing someone who you feel like is above you or way more successful than you are, right? Or maybe you’re a fan boy of that person. First of all, how do you deal with people like that personally, you know, in your mind also, and how do you get people like that to open up or perceive you as an equal, so to speak? My challenge has been that I think

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they’re gonna say to themselves, am I even doing talking to this person who clearly doesn’t know enough? Or they’re going to use me and take advantage of me because if I don’t know enough, then they’re gonna start to use me as a way of getting their message out. And I’ve always been worried about that. My solution has been to go into it admitting, I don’t know this. The reason I’m asking you here is because I don’t know this topic and I’m trying to figure it out. Will you help me and-

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Through helping me, there’s another audience out there, a bigger audience than just this one person listening, who have similar questions, and you could help them understand. Now, in the early days, there wasn’t a much bigger audience, so what I would say is, in addition to me, there’s someone who is going to be driving to an interview with you, listening to this podcast episode as a way of understanding you. There’s going to be somebody driving to an interview with one of the people you hired,

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And they want this job interview to make sense and they want to figure out, I even be working for this company? And this interview will help them answer those questions and others. And so I would walk in and be very open that I’m trying to learn. I’m a student, not an expert. And then I would say, you’re teaching me, but through me, you’re teaching other people. And if it wasn’t a ton of other people, it would be one other person. I remember actually, jib jab.

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was this content site that was super popular. They kept making viral hit after viral hit, and then they also made these apps that would make viral hits. It was all about like this fun musical things, and then their app would take their viral videos and let you put your face in them and your friends and family’s faces in them. Anyway, I didn’t have an audience when I interviewed the founder. He basically was doing me a favor, and he looked like it when I first got him on camera. He was like wearing a baseball hat and paying attention to the connection and so on.

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I wanted him to take it seriously. And so before the interview started, I said, I want to do an interview that your grandkids, when they say, how did grandpa get so successful, will come back and listen to, to understand their family history and how they got and how you got where, where you all are. And I knew it resonated, but I didn’t know how much until years later, he contacted me and he said, could I have a copy, like a crisp raw copy of that interview that you did with me?

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for my family. And it was that kind of connection. And that did make him take it seriously. And at the end of the interview, he said he wished he hadn’t had his baseball cap on and that he had actually come in prepared. But this was the early days of podcasting and he didn’t know what to make of this. And he didn’t know me from Adam. So I think about myself as a student and then the audience as the bigger group of people that they’re educating. And I give the importance if I can’t give the size. did you know to say that? How did you know that was going to resonate with him?

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Because that’s what I cared about personally. I really wasn’t looking for massive audience through interviewing. I came to interviewing as a way of learning so that I could build something massive. And so I just was really open about what my goal was. And I’m someone who loves biographies and wanted to create the kinds of biographies that moved me. And I noticed that a lot of successful people, if they didn’t read as many biographies as I did,

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They read a few that stuck with them and used those as guides. And so I thought there are going to be people like me out there who want the modern biography. And that happens to be podcasting, not necessarily books. You know, what’s funny is I’ve taken a similar approach as you have in the past, but sometimes what ends up happening is that person just ends up promoting everything that they have. sometimes I struggle to stop them from, you know,

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answer the question, stop pushing what product or something that’s coming out. How do you stop that from happening? Because the larger people, typically have an agenda if they’re coming on your show, right? And the problem with the larger people is they are very well trained. At one point, I did the world’s first billion dollar jackpot. Warren Buffett backed it, his company did. And so I got to be on a lot of media, including on Good Morning America. And before Good Morning America, we just, I think, found out about it on like Friday.

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Somehow in my office in Midtown was a pair of media experts sitting in my conference room training me on every possible answer and watching every reaction that I gave to see how I looked, how I sounded, and what the words were. Super analyzed with someone else on my team watching. And we spent hours. I was so exhausted. I love training this type of thing. This was my dream.

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And I was still exhausted from all that work. And then when I went on Good Morning America, the challenging questions didn’t even seem challenging. I thought they went easy on me. wasn’t until I listened to it afterwards that I realized, no, they didn’t go easy. They were, they were challenging me. just practiced. And what I did was I gave them my practiced answers. And so when I interview somebody who’s really far ahead in business, they often are super practiced and I don’t think I like them. Look, I don’t think I like them as guests. If you look at what’s his name? Mark Cuban.

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I listen to a lot of his interviews. He repeats the same thing and I admire that he could still laugh at his own stories to sell the story so well. Especially now that I see people who do YouTube clips where they clip the same story from multiple interviews and you see him laugh and sell it and get lost and enjoy the story every time and you think, oh.

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That’s a clearly, he may not have a media expert sit with him, but that’s clearly a practice story that he told at cocktail parties or beer and then at interviews. And so I don’t necessarily like the big name interviews. People always ask, who’s the next big name you want on? I find they’re mostly too prepared. How do you get beyond that? I get that a lot actually. It’s only mainly for the big people. They have set answers and I always listen to their interviews beforehand that they’ve done in other podcasts and whatnot. And they tell the same stories.

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So how do you get them to open up? One thing to do is, it’s kind of a ballsy thing to do, but I think it helps is to call it out and then to call it out with appreciation and to say, I’ve heard you say that. I love that story. I’ve heard it on these other podcasts. You know, I did my homework and I want to go a little deeper. The thing I’m wrestling with right now is, and if you show a little vulnerability after that, I think it helps. I think even setting it up beforehand with

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This is my mission. What I’m trying to do here is do this thing. I think they want to work with you. I think if they don’t, they do, they, they don’t do it because they have some anxiety and the anxiety is will I get the output that I am investing my time to get? And it’s really hard to get that from an interview. I mean, even if you watch somebody on a professional late night talk show, talk about their movie.

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You’re not necessarily going to go watch the movie the next day. It takes a little while. You just have a favorable impression of the person. And then if you see them again, and if you hear someone else talk about the movie or the interview, then it might start to sink in. And then maybe your wife says to you, we should go see a movie. And you think, you know, there’s this guy I saw, there’s this interview I saw, and there’s a movie. And then it comes out. It’s not like.

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direct marketing on Instagram where you see a pair of jeans that are just amazing and you buy them instantly. so interviews are challenging that way and we can’t give them that instant response, but we could take away some of the pressure they feel by asking them, what’s a goal for you? What do you need here to make this a win for you? And I always ask the guests before an interview, what’s a win for you? And that makes them feel like I’m aligned with them. And the other thing is,

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I also like to give them a warning. And if you give them a warning, like don’t promote, people are going to hate it. People don’t listen to advice, but for some reason they, they heed stories. So you can tell them a story without naming somebody. And you could say something like, I had this guy on, I won’t say his name. Everyone knows him. All he did was, and I was excited to have him on because I knew my audience would know him and would want him on. Everybody hated him. And I know exactly why all he did was.

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He was a promotion machine. felt like an infomercial and instead of getting people more interested, all I got was hate mail. And I think that this audience is so cynical that the way to lose them is to promote heavily. So tell you what, I’ll do some of the promotion for you and I’ll tee it up, but let’s ease off so that they like you better than they like this other person. And you give them a little bit of a story, it helps.

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I don’t know if this is the same person, but I interviewed someone who I idolized, one of my favorite authors, and they came on and it was a promotion fest. I didn’t like the interview and yes, I got people complaining about it. They said I had such high expectations because I’d loved this author, but the interview, it just sounded like a sales fest. But I was not able to steer that conversation around because he was too polished. It’s so very challenging to get past that.

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It’s, and, and sometimes ultimately the sucky part about interviewing is it’s not all in our hands. And if we edit, we can edit it better. The producer that I hired from inside the Actors Studio, he would sometimes tell me how I could edit. And he had names for these types of edits where basically I’m asking a question and I get an answer from a couple of, I get answers from a couple of other questions, combine them together and get the answer that I’m looking for.

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And so the audience gets a clear question and answer and all the other stuff is deleted. And I chose not to do that on Mixergy and that makes it a lot harder. What I’ve noticed is who’s the… There’s a company that started out in the pandemic with a guy who did interviews with entrepreneurs who then switched over to TikTok.

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And he would just do short videos and he did dozens of interviews before giving up. And the reason he gave up was he wasn’t telling the stories the way he wanted to tell the stories. And so by just reading up on a person and then doing a TikTok video to tell that person’s story, he got a cleaner story out to the world. And there’s no doubt that editing will get you a cleaner story. And if you’re doing an interview, you can edit to get the cleaner story. If you’re, um,

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If you’re summarizing it into TikTok, you can do it. The, chose not to do that for Mixergy and it’s not necessarily a universally sound decision. Other people may not frankly for the podcast I’m doing to learn about DAOs, I’m editing it. I chose not to edit for Mixergy because I wanted entrepreneurs to be seen as raw and real as they were. And I also wanted you to see that, that overselling is disgusting. I could tell you overselling is too much. You listen to one interview where a guy oversells and you’re disgusted.

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I could tell you that they don’t know everything, but you wouldn’t believe me. And if you hear them just stumble through basics of their business and they feel uncomfortable with it, it makes you feel a little bit okay with not knowing everything about your business. And those types of, those types of moments were important for me to keep in the podcast. And so I kept them in, but that’s a problem. It’s a problem for the ultimate polish. I remember when I went on your show,

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You did a pre-interview, are you still doing that also, still? I now do pre-interviews myself, and yes I do. I wonder, sometimes we do, I think what happened was after the book came out, people said, well, of course you’re doing great because you have a producer who does a pre-interview and it’s all that. And I said, no, you could do it yourself. And I started doing pre-interviews myself and I am still.

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anal enough that I don’t think I do any interviews without having some pre-interview done. Even if I go off, I still need that pre-interview. Interesting. It’s too far back now when I went on your show. I don’t even remember what the pre-interview process was like, but what was your vetting process like? When it works well, the ultimate vetting process is, am I really curious about this person because I want to use some of what I learn?

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I make rules sometimes because people on my team have asked for it, because the audience or the guests asked for it, but I hate to make rules and I’ve resisted it for a long time. Ultimately, you can see if somebody has all the qualifications, but I am not curious enough to want to use what the person is doing. Forget just curious out of like, I’m curious about how the world works. Curious because I want to use it is way different. That’s where you get real questions, real understanding.

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what percentage of the people you pre-interview don’t get on the main show. And if you’re doing it yourself, it’s kind of insulting to the guy who’s coming on, especially if they’re a big person, right? It’s not. And the reason it’s not is I explain why. And so I’ve always understood that our producers can’t reject people because it’s too painful for people to do, and I’m comfortable being the person to do it. And I should, as I thought.

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I’m the leader, I’m the guy deciding this. It’s almost always because of me. In fact, it is always because of me and almost always because I specifically said, no, this person’s not good, especially after a pre-interview. You know, they did the hard work and now I’m saying no. So, um, I’ll take that responsibility and I’ve always felt comfortable with that. And what I say is my audience is expecting this thing. And I explained what that is. Your story clearly doesn’t.

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doesn’t fit that. If we force it in, the audience is going to feel like we are trying to cheat them and they’re going to be angry at you and angry at me the way they were before when I used to just do these interviews. I think we’re better off leaving this for now and coming back when this happens if you still want to be interviewed by me and I would be honored if you did. And so often it’s something like

29:04
The size isn’t there, right? The person has talked himself up on social media a lot, sold this company, sold that company. Turns out they really didn’t sell the company. They sold it for a buck and just like, they call it sometimes a gentleman’s exit. We need a better name than that. But it’s basically, it’s an exit for LinkedIn. When we talked to them, and this happened recently actually, with someone who was introduced to me by someone and I actually said yes before the introduction was made because I did my research and everything checked out online and then.

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I did a pre-interview with him, wasn’t a good fit, and I said, I’m clearly gonna ask you about the size of the exits, and even if you don’t give me the number, it’s gonna come out that this wasn’t a big exit, that this was kind of a thing that didn’t work out, right? That’s basically what you’re telling me. And in the pre-interview, it comes out. If we do this interview, all you’re gonna get is ridicule. And I don’t think you want it, and I don’t think I want it. You’ve got really good social media presence. I think we should just stop right here. I’ve got my notes.

30:01
when it’s a better time, we can come back and do this interview and I have all my notes. And if it’s not, I completely understand. If you decide that it’s not a good fit for you, I completely understand. But if we do it now, they’re just gonna end up hating you and hating me and it’s just not worth it for that. We don’t need that kind of agenda. That’s a good way to put it actually. Oh, you mentioned earlier that big names aren’t necessarily the ones that hit. Has that been true with your podcast? Yeah. So give me an example of that. Cause I can’t imagine, like let’s say you had like Tim Ferriss on.

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versus some no-name with a good story, I would like to think that the Tim Ferriss one would almost always do better. I don’t think so. No. I like Tim Ferriss a lot. He’s not just a big name, he’s also a really good guest. comes in prepared, but not scripted. He knows himself well enough to articulate why and how he did something. The thing is that even he…

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is interviewed in so many places that it’s not as unique. Now these days actually he’s been holding back and that changes things. And so if you can actually get him to do an interview now, it’s a little more special, a little more unique. And if you put a good headline and a good topic on it, it’s different. What I’m saying though is that the audience wants us to do the hard work of finding those interesting stories to challenge them and that introduce them to new people.

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or people that they can’t get access to otherwise. And that’s the big thing. How do you find those guests? No doubt that the names are important. The more names you have, the more attention people put on you and give you credibility. One of the reasons why I liked interviewing was if I sold, let’s just pick any product, toothpaste, and I wanted to put, say, Tim Ferriss’s.

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photo on my toothpaste box and say, buy my toothpaste because Tim Ferriss is, because Tim Ferriss, whatever he’s associated with it. He’d sue my ass and he should. But I noticed, I remember going through Manhattan, there would be all these with what are called wild postings. These basically ads that are, that are glued on, um, anything, anything they could be glued on. so if you, if you had scaffolding, they

32:20
They’d glue them on that. If you had some broken window that you boarded up, they put it on that. And I remember seeing magazines would be on there. You’d see the magazine title in small letters and the photo of the person who was featured in it really big. And often they didn’t even interview that person. They just wrote an article on that person. And all you have to do is write an article and pay for a thing and you get to use the person’s name to sell your magazine. I thought media has that unique

32:48
place in the world where if you’re a reporter, if you’re a media and you’re reporting on someone, you get to use that person’s face. And the way the audience thinks is if that person’s sitting next to you, you get some of their warmth and credibility. So now I have two things. One, I have essentially the ability of drawing an audience using someone who they respect, using an influencer. And the second,

33:17
And the second part is I get the warmth of association with that person from being sitting next to that person. That’s completely unique. And so I don’t want to say that it’s not important to have big name guests. I’m just saying it’s not that important. There’s no big name one person you get and everything busts open for you. It just doesn’t work that way. Rarely. I think sometimes you might get that hit, but it’s not really a way to work. It’s almost like saying,

33:44
I’m going to go to work every day hoping that I hit the lottery. It’s not the way to build a business. So I run an event and I’ve resisted paying a lot of money for a big name speaker to come because I think people come from the community and less so for, like it’s not like the conference is gonna sell out because I get one person to come and talk. So I guess it’s a similar philosophy. I think so. I would say that

34:13
There are times when it does work for that. And I’ll use Casey Neistat. Casey Neistat, when he was doing daily vlogs, he was huge. His price hadn’t caught up with his, with his size. So he wanted some money, but he didn’t want an outrageous amount of money. Meanwhile, he was, he had achieved a level of stardom that would make people want to come out just to see him. And.

34:42
From what I understood, people were able to negotiate with him. And so I think occasionally there are people like that who are worth the money. A friend of mine, Robert Stevens, he created a geek squad that was bought out by Best Buy. And one of his promotions one time was getting the guy who played Batman on TV. I forget his name.

35:11
Old school Batman or Adam West, right? Adam West, yeah. I’m pretty sure it was Adam West that he got. And he told us the price and I’m pretty sure it was, I think it was in the hundreds. It wasn’t in the tens of thousands. It was inexpensive, but it conveyed something bigger on his brand. And he was always and still is always good about finding those types of connections. I would say in general, you’re right, but.

35:40
when it comes to events, there are times when the price is low enough and the draw is big enough that it’s helpful. Even today, for some reason, if you get Adam West in, I don’t even know if he’s alive, but if you get someone like that, like, oh, this is like, it gives it that Hollywood veneer or Hollywood little bit of glitter and it helps. But I would also say this, sometimes those people wanna be invited and

36:10
It doesn’t cost anything. great example is Blog World. Mark Cuban, very famous person. I asked the founder of Blog World, how did the conference, how did you get Mark Cuban, this billionaire, to come to your event? And he said, Mark wanted to blog at the time and he needed a connection to the blogging universe and to be seen credible and to understand the blogging world. And so he did it. And I don’t think he paid a dime to get Mark Cuban in there.

36:39
He might’ve paid for his travel, might not have. And that is what I call in my book, a motivated moment. A time when someone wants to be included in this world and would do it just for free. Almost would pay to be involved, but doesn’t want to be an ordinary person in the audience. So calling them on stage gives them the ability to do it. Rappers in the early days of startups. I think it was, I forget who the guy’s name, I think it was the guy who sang, Riding Dirty.

37:09
I remember there was a conference in LA when I was living there where I was asked by the organizer if I could give the guy a ride from the airport in because they told him that they’d get his ride and they weren’t like paying for a black car or anything. So they asked Andrew, could you do it? And I said, sure. And I gave him a ride and we had an interesting conversation and he just wanted to see the startup world to see if he could invest in it, start in it. And he’d become a big entrepreneur, a big investor, whoever it was that was sitting there.

37:39
I remember, anyway, so what I’m saying is there are these motivated moments where you can pull people in and it’s really impactful. Just like when they’re about to release a book, you can also get big names to come on your show and that’s a good segue into your book. Why did you write a book, Andrew? I’m very curious. Because I just went through mine and it’s been three years and it’s a slog. So yeah, I’m curious. I want to write a book since I was a kid. I kept starting books and couldn’t finish them.

38:07
And I would announce in public, I’m doing a book and you helped me get interviewees so that I can include them in the book. And then I wouldn’t finish. And I think part of it was that I respected books so much. I grew up avoiding the world and reading books. And I kept wanting the book to be really good. Meanwhile, I’d seen people would just take their transcripts and clean them up a little bit and boom, they have a book.

38:31
didn’t want to do that. And I probably should have started with that as like a first version here. You want to read these interviews, this is a cleaned up version and what I learned from them. I maybe was over making it overly special. So then over COVID, I was at home and I said, I’m going to try it again. I was, I was actually asked by someone to write a chapter for his book and I wrote it and he didn’t like it. And he asked me for another and I wrote again and

39:01
I kind of liked my first version. I kind of liked his version with his feedback and I liked getting feedback from him. And he’d written several books and I said, Robbie, who showed you, how did you do it? And he told me that he hired an editor to do it. And I said, can I hire that editor? He made an introduction and that editor was not available, but someone who she worked with was. And so I hired her and I had, and I said, look, all I need is can you write with me? We’ll just turn on screen sharing and I’ll write with you there. I can’t pass it on to you.

39:31
but I can write with you.” She said, no, I can’t do that. That’s kind of weird. But I can check in on you every week. And so every week she would check in on my writing. And then what I did was I signed up for Focusmate. I paid them five bucks a month. And for five bucks a month, anytime I wanted to write, I would have somebody basically who was doing their own work, looking at me through the webcam. I would share my screen. I said, who cares? Let them see what my writing is. Cause I want more readers of my book anyway. And not that they’re paying attention, but they’ll see if I’m.

40:00
if I’m futzing around and not getting anything done. And I kind of had accountability for writing. And what I did was I said, the thing that I have done best and in a more, most organized way is doing interviews. And people keep asking me for advice on how to do interviews. I have a Google doc. I kept it. I’m so anal and so organized that if there was a new technique that I learned for getting somebody to open up, I would

40:27
put it in a Google Doc and I would name it and I would have like copies of sections from my transcript underneath it so that I had an example of how it was used and then I gave it to our pre-interviewers, to producers and said, look, here’s a selection of ways that you could get people to be more open with you in the pre-interview. And I said, that’s been really helpful. I should expand that and that could be my book. And that’s how it worked out. What were your motivations though? So you’ve always wanted to do one. I’ve always wanted to do one, but-

40:55
Always wanted to do one and actually doing it, I guess, are two different things. Do you have another book in you or is this kind of like a bucket list item for you? I’m not feeling as compelled now that it’s there. Okay. I did right away afterwards. I enjoyed the outcome of all that hard work and I said to Mary Sun, the editor that I worked with, can we continue? And we tried continuing, but I didn’t have enough topics in me. I had no topics. I didn’t have anything that I had the same kind of passion for and-

41:25
Even though I was paying her and all she had to do was just show up. She basically said, it doesn’t make sense for me to show up here for, for this. And so we stopped. Did you go traditional or self published? I’m a startup guy supporting startups all the time. And so I went with a startup publisher. It was called, and it is called damn gravity. And I was happy to not self publish because, and also to.

41:53
Mary worked for Penguin and so she told me what the process would be and I wasn’t willing to go through that. I didn’t want at the end of all this to have another thing that would take a long time. She said, I can introduce you to the people who I work with that we hire to do line editing, I think it was called and all that stuff. And then if you’re willing to wait this amount of time, this is how long the process is. And I said, I’m not willing to anymore.

42:22
putting barriers before me in the past and stuff would happen. I can’t, I have to see this through. And then I also needed somebody to help me with marketing because I was exhausted. And so what Ben from Damn Gravity did was he basically marketed and pulled me through. Um, the, the finish line and the start, I was exhausted at the end of writing the book. I was exhausted with the topic, which I heard a lot of writers feel. I also.

42:50
was at a stage where I was feeling like I wanted something new and I wasn’t sure what, and in general in work I wanted to take a little time off and wasn’t sure what to do. And so having been there and lead the marketing was really helpful. Did you have goals for it? Were you trying to hit a bestseller list, nothing like that or? I considered it and I always thought I would buy a bestseller list entry, but when it came time to the book, I really…

43:19
I didn’t, wanted it to feel like as purely a connection to the thing that I’d done as possible. Just a guy that says, I did this thing and I need to close it out by passing it on to the next person. Interesting. That’s a good attitude. I find myself stressed out right now because my goal is to actually hit a bestseller list. Cause I don’t know if I have another- How are you gonna do it? It’s taken me three years. What’s my strategy? Okay, so first strategy is to just

43:49
Reach out to everyone who I’ve done a favor to in the past, especially really good friends who will help me promote it. Bulk buys, these are companies that have sponsored me in the past, do little favors like have them come on the podcast or make YouTube videos or whatnot. actually, in preparation for this book launch, I actually expanded all of my properties. So I created a YouTube channel that’s up to 200K subs now. I got on Twitter and increased that.

44:19
From scratch pretty much. I’m around 30k subs. I was on tik-tok Everything basically just in preparation for for this moment so bulk buys podcast interviews getting friends to blast out to their lists and then for me I Learned that you’re not actually selling the book You’re selling the bonuses and the book kind of comes with it because people don’t like to read they want solutions right away

44:49
So that’s how I’ve been approaching it. know, yeah, Seth Godin always says the book is a souvenir. It’s not what people read and I get it. So what type of bonuses are you thinking? So right off the bat, when people sign up, they get two workshops. One is a three day workshop on just how to start a side hustle. You know, something you can do while you’re working that doesn’t cost a lot of upfront money.

45:19
And then the second workshop, it’s a two-day workshop that teaches you how to make money with content. Basically everything that I do, you get those right away. Then when the book comes out, I’m doing a six-week challenge where I’m actually going on Facebook and I’m gonna be on there, give a live lecture once a week and just kind of be in there answering questions and that sort of thing to encourage people to start their own side hustle. Because I’m of the belief and I’ve worked as an engineering director for 17 years.

45:49
I don’t think that you can make life-changing money or improve your lifestyle working for somebody else. any little thing that you can do on the side, no matter how small you might think it is, can later turn into something significant. And then I’m also doing these little book parties all over the US where I get a chance to actually meet people who follow me in person. So I’m really looking forward to that. Those are my bonuses. I think those are great ideas. I like them a lot.

46:17
Yeah. Did you do any bonuses for yours? Um, I partnered with a company called Holloway to sell a really good digital version of the book. And that came with extra bonuses and they made it really good. You should check them out. Um, it’s a well-designed product that then easily connects into bonuses that then is then

46:47
gives you a connection to the reader, their email address. And so I actually, if you look at the Kindle version of my book, I promote the Holloway version. Um, and people do buy the Holloway version and they get the bonuses along with it. And that was the way that I did it. And we definitely get more, more money from Holloway than we do from Kindle, from, from Amazon in general, because it’s a, it’s a higher ticket product.

47:15
What I didn’t have that would have pushed me to sell it more is I didn’t have like a follow on upsell. I’ve been told that that’s, that the book is not that Seth Godin calls it a souvenir. Others would say it’s the entry point. Like you buy the book to learn it and then buy the next big thing. I remember Eric Reese, um, we were having dinner and I said, what’s

47:43
what’s going on since you wrote Lean Startup. And he told me examples about someone who would pick up his book at the airport and then take it to his boss and say, you should hire this person to come in and help us change the way we innovate here. And that was an entry point into a process. And I don’t think he intentionally meant for it to be that he wanted to change the way startups were built.

48:07
but he had a process for follow-on and others do too and I didn’t. And if you do, then it becomes a lot easier to say, let’s invest time and money to sell this thing because it helps build this product, this business, this service, this something. So let me ask you this, has the book impacted your life or your business in any way? Yes. I don’t know the Apecoin people, right? And the whole Board Ape Yacht Club.

48:38
But I was having dinner with Vera the ape who does, let me see, what’s like her official title? Vera the ape. I’m telling you, this is like a world that I’m not at all a part of. She’s special counsel to Apecoin. And as we were having dinner with a few people, she happened to bring up that she’s podcasting and she’s learning about this space through interviewing because she came from a much more conventional background.

49:08
And I said, I wrote a book on interviewing and she got like really interested in the process. And you know, once you get it, you want to get better at conversations, especially if you’re in the first hundred interviews. And I’m not, noticing more and more people are getting into interviewing as a way of learning from others. And so my Uber canceled on me. My next Uber canceled on me. She and her husband are incredibly polite. They just stood there. Everyone else left.

49:37
including all my friends, everyone else left. They said, let us give you a ride. I said, no, there’s another Uber, go ahead, I’ll figure it out. They insisted, they gave me a ride back and lately I’ve been traveling with a copy of my book. And so I said, hang on, wait here. I went upstairs, I got a copy of the book, I signed it and I gave it to her. And before I did, asked if she could take a photo of me signing it and all. And the reason I bring this up is there’s now a bigger group of

50:05
who are interested in interviewing as a way of learning and they’re either discovering the book or when I discover them, I give them the book and it’s been helpful that way. Nice. That’s what I’ve been told actually, that it’s kind of hard to measure the effects, it’s like this thing that you have, something physical that you have that you can give to somebody and the value, the perceived value of that physical object

50:35
is higher than anything digital and it has a lasting impact and it carries authority. Steve, I have to say, I think people use this much more than I ever would. Hal Elrod, he lives locally around here. Yep. There was a school event where everyone had donated things for the event so the school could make some money. He donated his books. And I remember going, he donated his own books? People are donating like,

51:05
time at their Airbnb. know, like, yes, it’s theirs, just like his book is his, but an Airbnb is like a considerable amount of money that they’re giving up for doing that, right? Or they’re donating stuff. He’s going to give us books. And people who I said that to, because I like to be very blunt with people, said, yeah, Andrew, why do you think that’s so wacky? And I do. And I do think that at some point it feels a little bit much the way people use it, but they do.

51:36
I would have made fun of him right on the spot also. I’m glad to hear that. I’m glad to hear it. And I don’t mean to be a jerk. The reason I could bring up Elrod is his book is good. He is a good person. And it’s not like a schlocky person who is using his book to get you to join his MLM or something. I do find sometimes when people use it, it’s a little much.

52:00
I can’t, why can’t I think of his name? He’s the guy who smiles all the time, who has a book company to help publish books. I went to his Super Bowl party last year. Chandler, yes. Yeah, okay, yeah. Chandler Bolt. I like the guy a lot. He told me to keep the books around. The reason I have it here on my desk is because people do bring it up and I get to like bring it on camera. He told me, bring your book, people care. I said, no, they don’t. And so I went to his house. He had it on the dining room table.

52:29
It wasn’t like you saying, take my book, go home with a prize, here, take my book, go home, and then sign up for my book course. It was just there. And the fact that it was like 15 of the books or 10 of the books made people feel like they could take it. And it conveyed a lot of authority. And it was a nice parting gift that if you cared about this person, you want to know how did he get to buy this house? You got a book that shows you what he did. I’ll give you one other example. Sorry. I went to Nick who wrote the book. Oh, Nick.

52:59
his last name. He’s a guy from Museum Hacks. He wrote the two-hour cocktail party. He has these fantastic parties here in Austin. Fan-frickin-tastic, because he gets good people together. He had this musician. He has tech people that you admire. But he also had this musician. go, she’s amazing. I went over and talked to her. I wanted to know how she showed up. It turns out she was hired by the yoga class that he went to. She was playing live music. He got her contact information, invited her to his party. He has a great mix of people.

53:29
He had three of his books out and he asked people, would you please take photos of my book? And if you enjoyed this party, all I ask is take photos of my book and post it and say that you enjoyed it so that people could buy the book. Having that book gave someone something to take a photo with, someone something to understand his method. It’s, there’s like, you can’t just say, take a photo of my website. I’m Steve Chu. Tell people about that. Take a photo with my book and help me out with the book.

53:57
It makes the person look smart. It makes you have something that they could look at. It takes ideas and it makes them tangible. Where you want to do it, where you want to use them is up to you, but it’s really helpful. I love that idea. I should do more of that. Now that I’m talking to you about it, get excited about stuff like that. I I think it gives you a new level of authority. mean, you’ve already had authority, but just the fact that you have something tangible to hand out really makes a difference, actually. At least to my mom. So this is what I do. I use the mom test, right?

54:26
My mom has never, I’ve been blogging for what, over a decade now, she has really never read anything. This is the first time that she’s excited to read something that I’ve produced because it’s published by a traditional publisher and it’s gonna be a physical book. So I passed the month. My mom never listened to my podcast, never checked out, they might have checked out my website, my mom and dad a few times didn’t really get anything, but she did take the book and she read it and she told me what she was reading. That’s a good point.

54:56
Yeah, the mom test is what I call it. I think I’ve finally done it, I’m done. So you’re done after this deal with retirement, you’re gonna exist in Texas, we’ll chop some wood together. I got two goats that I got randomly from some dude, baby goats, you’ll come help me feed the goats, great. Well actually last question here, since we were kinda talking about it before this interview started, your family and all the things that you’ve done, I know you’ve.

55:23
you moved from California to Austin, you had some things to say about that related to the topic of my book. Do you remember what you were gonna say? You know, we were talking about family and work and I used to know where I came down. My approach had been really aggressively ignore them and work for them and eventually it became less ignore them and more like work first.

55:53
family needs an infrastructure, part of it needs to be that my kids see me working. Because if they see me working, they’re going to get a work ethic for themselves and they should be expected to work too. Whatever that is, whether it’s chores with the goats or homework, whatever it is, we work and here’s why we work. With a feeling of almost aggressive fear of becoming homeless. Let’s look at the homeless. Let’s identify them as regular people like us. Something happened to them and others. It could happen to us. We have to work hard to avoid it.

56:22
And that is, and we can never, we can never feel like that is behind us. We could always feel like that, that demon is close. And I had my kids and I made a mistake where I enjoyed spending time with them too much. I was so enjoying and being with them that I didn’t realize and work just kept going. I didn’t realize that I wasn’t challenging myself enough. wasn’t coming up with new things. wasn’t pushing myself outside my comfort zone. had my system and things worked and

56:52
Now I’m in a process of a balance, but I’m not happy with balance. I do think that maybe aggressive fear of failure and hard work is not the right approach, but I’d rather be closer to that than balanced. It’s interesting you say that because I’m a pretty driven person as well. And you know that if you’re devoting some time to family, that’s time you could be using to kick butt.

57:22
And what I’ve just come to realize, I kind of have an ego, right, as we all do. So the way I stay interested or fulfill that ego part is I’ll just work on one project a year. And I try to do that one project well, and I don’t care, I don’t have revenue goals anymore. I actually used to have revenue goals. And those are the biggest detriment because you’d hit them and then you set the goalpost later for no reason. Like we only spend $150,000 a year as a household.

57:52
And we make way more than that. So why am I killing myself for money? So that shouldn’t be a goal, right? So this year, it’s the year of the book. Last year is the year YouTube, the year before that is the year of Twitter, the year of TikTok. And as long as I’m doing something interesting, that fills my ego. I like that because I do get obsessive about things. And if I could have one thing to be obsessive about, I’m in a happy place. And this year is your year of Dow, I guess, right?

58:21
Actually, yes. Super obsessive about it. And if nothing happens afterwards with it, I think I’m okay with it. But generally, I’d like them to build on each other. Four years ago is the year chatbots. Was that four years ago? Probably. Yeah. I didn’t. Yeah. Before that, was true mind. How do I learn to focus my mind and steer away from my demons? Yeah. So Andrew, always oppose your man. Where can people find your book?

58:51
Uh, everywhere, including Holloway.com or Amazon. Well, stop asking questions. Specifically the bonuses. You can find those on Amazon or no? Um, so if you buy the book from Amazon, we will tell you about the Holloway. If not, you can just go to Holloway. Uh, H-O-L-L-A. Uh, I don’t, I don’t even, why am not spelling Holloway? H-O-L-L-O-W-A-Y. That’s where the, oh.

59:18
The benefits are all those extra bonuses are there it is stop asking questions by Andrew Warner. I’m happy with people starting out with just reading the book by going to Amazon and getting it. But if you want all the bonuses, Holloway has a beautiful version of my book and all the extra bonuses, including every past interview and what I like about them, by the way, here’s another cool thing. When I say I use this technique, Holloway linked to that fricking technique. So you could hear me use the technique in an interview.

59:46
I love that they could do that. I don’t know why Kindle still hasn’t gone beyond just text. Anyway, that’s Holloway.com. H-O-L-L-O-W-A-Y.com. Hope you enjoyed that episode. And if you’ve never listened to Mixergy before, I highly recommend that you check out Andrew’s podcast. He is a fantastic interviewer. For more information about this episode, go to mywipecoderjob.com slash episode 469. And once again, I want to thank Sellerboard, which is the Amazon profit software that I recommend for Amazon sellers.

01:00:16
By going to mywifecouterjob.com slash seller board, you can get 30 days for free. Once again, that’s mywifecouterjob.com slash S-E-L-L-E-R-B-O-A-R-D. I also want to thank 180marketing.com for sponsoring this episode. 180 Marketing is the agency that I use to grow my search traffic by 4X in just six months. For more information, email jeff at 180marketing.com. Now I talk about how I use these tools on my blog, and if you are interested in starting your own eCommerce store,

01:00:45
Head on over to MyWifeCoderJob.com and sign up for my free 6 day mini course. Just type in your email and I’ll send you the course right away. Thanks for listening.

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Ready To Get Serious About Starting An Online Business?


If you are really considering starting your own online business, then you have to check out my free mini course on How To Create A Niche Online Store In 5 Easy Steps.

In this 6 day mini course, I reveal the steps that my wife and I took to earn 100 thousand dollars in the span of just a year. Best of all, it's absolutely free!

468: Ecommerce Is Changing And This Is The BIGGEST Opportunity For 2023 – Family First Friday

468: Ecommerce Is Changing And THIS Is The BIGGEST Opportunity For 2023 - Family First Friday

Welcome to another Family First Friday in honor of my Wall Street Journal bestselling book, the Family First Entrepreneur.

In this episode, I’ll highlight and explain the latest developments in the e-commerce industry and how they’re shaping the future of shopping.

What You’ll Learn

  • 2023 Ecommerce Trends
  • The Rise Of Social Ecommerce
  • The Year Of Artificial Intelligence (AI)

Other Resources And Books

Transcript

00:00
Welcome to Family First Fridays, where there are no guests, just me and the microphone, where I teach you how to start a business or side hustle from the perspective of a father with two kids. And as you can guess, these Friday episodes are inspired by my Wall Street Journal bestselling book, The Family First Entrepreneur, which is a book that teaches you how to start a business that actually frees up your time instead of stealing it. And right now I’m giving away $690 in free bonuses when you grab the book, so go check it out over at mywifequitterjob.com slash book.

00:30
Now if there’s one thing that I can say about e-commerce and selling online, it’s that it’s constantly changing. If you don’t keep up, you’ll get left behind. Now e-commerce has revolutionized the way we shop and do business, and today online shopping is pretty much the norm. So in this episode, I’m gonna highlight and explain the latest developments in e-commerce and how they’re shaping the future of shopping. So change number one, there’s gonna be an increased focus on personalized experiences. Now, what does this mean exactly?

00:59
It basically means tailoring the shopping journey for each individual shopper based on their preferences, behavior, and purchase history. Now this can include product recommendations, special promotions, custom product offers, and other stuff, whatever you can think of. Let me just give you a couple examples on how we do this in our store to illustrate some of my points. Now first off, we primarily use email marketing to segment our email list on autopilot. And at a very basic level,

01:28
we segment all of our customers based on what they shop for or bought and only send relevant products to them. For example, we wouldn’t want to send out an email promotion selling dresses for our male customers. And then what we do is we place our customers into several different buckets. Now the first bucket are those people who are on the list that haven’t purchased at all. And for these people who haven’t bought at all yet, we tend to send deeper discounts just to get them to open up their wallets. Because I know

01:58
that if they make a single purchase, it’s going to be way easier to get them to buy again. So we basically put out all the stops for these visitors just to get them to buy anything, even if it’s something really small. Now the second bucket are people who purchased just once but haven’t made their second purchase yet. And for this group, they already know and like our brand. Otherwise, they probably wouldn’t have opened up their wallets in the first place. And for this bucket, they’ve already bought from us once, so we don’t overly discount

02:28
because it’s probably not going be necessary to get them to buy again. Instead, we try to get a second sale by cross-selling or offering special perks like a loyalty program or with some very light discounting. And according to studies, getting a customer to buy a second time is 65 % easier than getting that first sale. And why is this second purchase important? Because it establishes a pattern at that point. It indicates customer satisfaction and loyalty.

02:57
leading to potentially more repeat purchases and a higher likelihood of customer referrals. Now this next bucket of customers are what we call brand enthusiasts. These are people who have bought more than once, purchased somewhat regularly, but they don’t spend that much money. And for these people, our goal is to get them to up their average order value. So sometimes we’ll create special bundles for these customers based on what they bought. We’ll also email these folks more often because they clearly like our company.

03:27
and probably don’t mind getting extra email. We’ll tease special perks and we’ll cross-sell products based on what they bought. So here’s an example that I always give in my workshops. We sell matching cocktail, tea and dinner napkins in our store. And if a customer buys cocktail napkins and not dinner napkins, we’ll send them an email automatically to encourage them to buy the matching set. If someone buys a particular style of hanky, we’ll provide automatic recommendations for other hankies similar to the one that they bought.

03:55
And basically we want our brand enthusiasts to spend more money each time. Now this final bucket of customers are our most valuable and we refer to them as our whales. I think I stole the term whales from my good buddy Drew Sinaki. Now these are the customers who buy often and spend a lot of money. And for our store, our whales are event and wedding planners. And for these folks, we treat them like royalty. Instead of excessive discounting, we give them exclusive perks.

04:24
For example, we’ll call our whales on the phone, offer them a dedicated rep who will personally handle their orders. In addition, if they have any requests, we’ll see if we can custom source product just for them. Because these are our best customers and we want to keep them happy. Now, if all this segmentation sounds a little bit intimidating to you, it can all be automated, except for the phone call part, by using a tool called Klaviyo. Klaviyo knows which products customers looked at and what they bought. It knows their purchase frequency, their average order value.

04:53
which allows you to predict their lifetime value. And once you create your customer segments and your automated email sequences, this all literally happens on autopilot. Now personalized shopping experiences are where it’s at if you want to excel in e-commerce. Now another trend is the continued rise of SMS marketing. Last year, 62 % of customers subscribed to receive texts from businesses, and this is growing at 12 % year over year.

05:20
Now most consumers are actually subscribed to receive texts from one to five businesses for shipping notifications, special offers, and promo codes. Now you might be thinking to yourself, and this is mainly for the people listening who haven’t adopted SMS yet, I would never subscribe to a business for texts, but I’m willing to bet that you’ve interacted with a business via SMS already in some shape or form. What about the last restaurant that you ate at? Did they text you a reservation reminder?

05:47
Did they then follow up later with a text to remind you to come back? SMS literally has the highest open and click-through rates of any advertising medium with 98 % open rates and 36 % click rates. Now for my own store, I’m getting between a 15 to 20 % click-through rate and I’m getting 10x the engagement of email. 61 % of customers want the ability to have text conversations with businesses as well. And in fact, most people actually prefer text over a phone call.

06:17
Personally, in our store, we don’t like phone calls. We’d actually much rather deal with text messages any day of the week. Right now, only 55 % of businesses are using text message marketing, but it’s growing at 27 % year over year. And if your business is not utilizing texts, then you’re gonna fall behind. Another trend is omni-channel shopping. Basically, what this means is that you wanna be everywhere. And I know for a fact that a lot of you guys listening to this,

06:43
are either selling on Amazon, eBay, Etsy, or your own online store. In order to maximize your sales, you’ll want to be selling your products in as many places as possible. Some of you guys are probably hearing this and thinking to yourself, I only buy on Amazon, so why shouldn’t I focus on Amazon? And my answer is, you should never create strategies based on your own behavior. Because here are the facts. Some people prefer to shop on Amazon. Some people like shopping at boutiques. Some people like going to the mall.

07:12
Everyone has different preferences and circumstances, and you’ll get more sales if you sell in more places. Now, if this all sounds intimidating to you, there are many tools and plugins that will help you do this. For example, there are series of plugins that will allow you to instantly list products from your Shopify store on Amazon and eBay and even Walmart at the push of a button. And the inventory is automatically synced as well. Now here’s something else that you need to be aware of. 70 % of the shoppers on Amazon

07:39
will actually Google the brand first before making a purchase. And because Amazon has become this breeding ground of counterfeit merchandise and cheap Chinese junk, people actually double check the website. And this is why having your own website is so important today as well. So what’s funny is that whenever I talk about the need to have your own website, I always attract a bunch of trolls who claim that running a website is too hard and that selling on platforms like Etsy, Amazon or eBay are just way easier. And it’s true.

08:07
Selling on established marketplaces like Amazon, eBay, or Etsy are easier to get started. But listen closely. When something is easy to do, it will attract a ton of competition because there’s no barriers to entry. So you have to adopt a completely different mindset. Instead of always going for what’s easy, why not try for something a little bit harder? Because if it’s harder, then less people are going to do it, and you’ll have a better chance for success. So bottom line.

08:35
Selling on Amazon, eBay, and Etsy gets harder and harder every year. And on Amazon especially, there are tons of people out there to sabotage you as well. And so you absolutely need to own your own website that you control 100%. Now I’m not saying, just to be clear, that you should stop selling on third party marketplaces, but don’t limit yourself to a single platform. Sell in as many places as you can, and don’t just limit yourself to your own home country. Consider offering your products internationally as well.

09:04
Now often what you’ll find is that products that are competitive in the United States, for example, are actually much easier to sell in Canada or Australia. And for some reason, we get a lot of customers in Australia who don’t even bat an eye at really high shipping costs required to ship there. Now this next trend isn’t really a trend, but the reality is that the world today is mobile first. If you look at my traffic stats from my e-commerce store, 76 % of my visitors came directly from a mobile phone.

09:33
And to be straight up with you, that number is actually low compared to my friends and colleagues because a good chunk of my clientele is actually over the age of 55. If you look at my blog over at mywifequitterjob.com, 68 % are from mobile, but despite the disparity in stats, people are still designing their websites for desktops first. I’ve been running my online course over at profitableonlinestore.com for over a decade now. And part of what I do is give website critiques for the students in the class.

10:02
And I would say probably seven or eight times out of 10, students don’t even bother trying to shop on their own site on their phone. Mobile commerce is where it’s at. It’s been like this for years now, and it’s only gonna get more mobile going forward. So if you’re putting up your e-commerce store right now, design it for a phone first and desktop second. I actually do most of my shopping on my phone now, and so will most of your customers. Now here’s just a couple of quick tips. People hate having to type on their phones,

10:31
So any service where you can automatically import data is crucial. For example, PayPal will import the customer’s address so they can check out in one click and make sure you implement this. Now, this year is also going to be the rise of social e-commerce. I shouldn’t say rise, it’s already happening. Social commerce is the act of using social media platforms like Instagram and TikTok as a direct sales channel. For example, if you go on Instagram right now, you often see these little bubbles next to products where you can click and buy directly on

11:01
platform. In fact, 35 % of Instagram users will make a purchase on the platform this year. TikTok offers a similar shopping feature and drives a ton of sales for ecommerce sellers. And I looked it up, here’s just some crazy stats on what TikTok is doing for ecommerce. Two out of three users are likely to buy something while on the platform. 50 % of TikTok users have bought something after watching a TikTok live. TikTok users are twice as likely as users of traditional social platforms

11:31
to recommend a product or service that they found on the app, and 1.5x more successful at convincing others to try the product or service. A colleague of mine literally makes millions of dollars every year selling Katana swords just on TikTok alone. Now Amazon introduced a service called Amazon Live, where you can sell products live on the platform, and it’s killing it. My friend Tiffany Ivanovski makes tens of millions of dollars every year selling live on Facebook. Her shop is called Emma Lou’s Boutique. Go on Facebook right now.

12:00
and watch her in action. She goes live literally every day. This year is also going to be the year of AI, and here’s how e-commerce merchants are leveraging artificial intelligence. Now, we talked about providing a personalized shopping experience already. Well, stores are using AI algorithms to analyze customer behavior to suggest products that are relevant and personalized to every customer. You’ve probably seen this in action. In fact, you know, since I’m an old Chinese man now, I’ve been getting more ads for hair loss and ED.

12:29
And in my store, I use customer service chatbots that provide a first line of defense for support questions and assistance for customers. For example, in our store, this is probably true for most stores, the number one and number two at most asked questions are, where’s my order? When will it ship? Well, it makes sense to use a robot to answer these questions automatically. And on our store, we use a chatbot, which automatically queries our database and provides shipping and tracking info for our customers. There goes 70 % of our calls right there.

12:58
We also use AI to optimize inventory management. Since we import from different countries, the lag time to getting product can often be two to four months. And this takes planning, which is actually not one of my best character traits. Not a big deal. AI algorithms can help predict demand and optimize your inventory levels to reduce waste and improve efficiency. AI can also help you price your products. There are pricing split test programs that will automatically adjust your prices to find the sweet spot for profitability for the products that you sell.

13:28
And then finally, AI is already helping sellers create effective marketing and advertising campaigns. Right now, we’re using Google Performance Max campaigns, where you literally just feed Google your products, and that’s pretty much it. And based on its AI learning algorithms, it automatically shows your products to interested parties, and you do nothing. Now, as an engineer, I actually hate the lack of control, but it actually works pretty well. Facebook has similar technology called advanced shopping campaigns.

13:56
You just give it your catalog and does the rest mostly on autopilot. I’ve been getting a 3X return on ad spend so far with these campaigns without having to constantly refresh my creatives. Now this final trend is direct mail marketing. Now there’s a saying in business, which is what’s old is new and what’s new is old. And direct mail or postcard marketing is actually making a huge comeback. Now, if you’re my age and I’m going to date myself here, remember back in the day,

14:24
when you used to receive Valpacs or envelopes full of coupons in the mail? All that died down for some reason when email marketing and other forms of advertising came out. Well, now that email and PPC ads are getting saturated again, direct mail is proliferating. Here are just some interesting stats about direct mail marketing. 70 % of consumers say that direct mail is more personal than online advertising. 54 % of consumers actually want direct mail from the brands they like.

14:53
42 % of recipients read or scan the direct mail they receive, and direct mail response rates are 5 to 9x higher than other advertising channels. And 62 % of consumers who reacted to direct mail actually made a purchase. We recently ran a postcard marketing campaign that utilized a 16.47x return on investment that you can find on my blog if you just do a search. So bottom line here is e-commerce is constantly changing, and you have to keep up with the trends.

15:23
Now that you know what’s in store for this year, and hopefully you like this Family First Friday episode, make sure you go on my podcast page over at mywifequitterjob.com slash category slash podcast and check out my other Family First episodes.

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467: Vietnam: The Untold Gold Mine For Sourcing You’ve Been Ignoring With Jim Kennemer

467: Vietnam: The Untold Gold Mine for Sourcing You've Been Ignoring With Jim Kennemer

Today, I’m thrilled to have Jim Kennemer on the show. Jim and I met randomly on a panel run by Global Sources. And when we met, I knew I had to have him on the show.

Jim is the founder of Cosmo Sourcing and he’s helped hundreds of clients source more than $100 million worth of products from both China and Vietnam.

Production and sourcing have been slowly shifting away from China to places like Vietnam and Jim just happens to be a sourcing expert for Vietnam.

What You’ll Learn

  • Why source from other countries outside China
  • How Jim became a sourcing expert for Vietnam
  • The right way to source products from Vietnam

Other Resources And Books

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Transcript

00:00
You’re listening to the My Wife Could Her Job podcast, the place where I bring on successful bootstrap business owners and delve deeply into the strategies they use to grow their businesses. Today I have my friend Jim Kenimer on the show and Jim runs a sourcing agency called Cosmos Sourcing where he helps others source products from Vietnam. Now as China is getting more more expensive, especially with tariffs, Vietnam can be a great alternative. So in this episode, Jim tells us how to find suppliers over there and what to expect. But before we begin,

00:28
I want to thank Jeff Oxford of 180Marketing.com for sponsoring this episode. 180Marketing.com is an agency that specializes in helping e-commerce stores boost their SEO traffic. Now in the past, I used Jeff and his firm managed to grow my search traffic by 4x in just six months. In fact, 180Marketing is one of the few SEO agencies that I trust 100%. For more information, go to 180Marketing.com or just email Jeff at 180Marketing.com.

00:57
I also want to thank Sellerboard for sponsoring this episode. Sellerboard is profit analysis software that helps you figure out exactly how much profit you are making selling on Amazon. Now, if you’re an Amazon seller, you’re probably aware that there many hidden fees in selling on the platform and Sellerboard organizes all that information for you in a clear and concise fashion. Now, personally, I recommend Sellerboard because they’re among the least expensive software that I know of that does this, which is one of the reasons why I like them and recommend them.

01:24
For more information, go to mywifecouterjob.com slash seller board and try them free for 30 days. It’s a no brainer. Once again, that’s mywifecouterjob.com slash seller board. And then finally, I wanted to mention my other podcast that I run with my partner, Tony. And unlike this one, where I interview successful entrepreneurs in e-commerce, the Profitable Audience podcast covers all things related to content creation and building an audience. No topic is off the table and we tell it like how it is in a raw and entertaining way. So be sure to check out.

01:53
the profitable audience podcast on your favorite podcast app. Now on to the show.

02:04
Welcome to the My Wife Quitter Job podcast. Today I’m thrilled to have Jim Kenimer on the show. Now, Jim and I met randomly when we were on the same panel run by Global Sources. And when we met, I knew I had to have him on the show. He’s the founder of Cosmos Sourcing and sourcinghub.io. He’s helped hundreds of clients source more than $100 million worth of products from both China and Vietnam. And products that he has sourced have ended up in almost every major retailer for clients from over 30 countries.

02:34
The reason I wanted to have Jim on the show is because production and sourcing is slowly shifting away from China to places like Vietnam, and Jim just happens to be a sourcing expert for Vietnam. And with that, welcome to show, Jim. How you doing? Thank you. It’s pleasure. Thanks for having me. I’m doing great. Yeah, you know, I love going on these panels with different companies because I always end up meeting someone interesting. Yeah, same. I love them. I really do meet a lot of cool people on those panels.

03:01
Tell me a little bit about your background and how did you get into sourcing specifically from Vietnam? Yeah, so actually, yeah, I started like in China like most people so in 2011 I moved to China got my MBA from a university in Shanghai Hultin International Business School. That for a year and then afterwards I was actually working as project manager for an IT company so unrelated actually but just the whole being in China being in Shanghai I had contacts and friends and

03:29
Really anybody kind of reached out to me just out of the blue a lot of times. Just asked me, hey, I’m looking for this product. Do you know a factory or I have a factory. I’m trying to, I found this product on Alibaba. I came to check the factory for me. So I started just doing that on the side, kind of a little side hustle. And after doing that for about a year, I decided to quit my job and actually to focus on sourcing because I enjoyed sourcing more than sitting at desk all day. So yeah, I started sourcing in China and then 2014.

03:58
I decided to move to Vietnam. Actually, I visited on vacation earlier, fell in love with the country. I was like, this is where I want to be. So I moved to Vietnam, started sourcing from Vietnam full time. At the time, Trans-Pacific Partnership was in the works, which ended up getting canceled. would have been the largest free trade agreement in history with 14 countries, with Vietnam being one of them and the US being another. Even though it got canceled, was still in Vietnam, still had a lot of projects, still had lot of interest from clients. So I kept kind of focusing on both Vietnam and China. And yeah, it didn’t.

04:27
2017 trade war happened and yeah trade war happened So business kind of boomed and kind of was in the right place at the right time and pretty much mostly sourcing Vietnam sentence Does that mean you speak fluent Chinese? No Okay, I try this you can go to school in Shanghai for however many years. Yeah, it was an international business school. So it was English language classes Okay. Yeah, and when you were in China

04:52
You didn’t speak the language yet, you could just go into the factory and communicate, okay? basic Chinese, but it’s very bad and out of practice. I’m terrible at learning languages. I’ve actually, taken probably equivalent of about four semesters worth of Chinese classes throughout my time, all the way from undergrad up until, and it just doesn’t stick. I’ve done the same with Spanish and I’m just not, I’m just not a language-intended Okay, it’s clearly not necessary at all then to do what you do. I mean,

05:19
Yeah, I mean, I often hire assistants to translate a lot of times and like my staff in Vietnam is entirely bilingual. So we have stuff on the ground. I know basics of Chinese and Vietnamese. I can go around town and order food and whatnot. So I’m not like completely in the dark. level as mine then. Yeah, probably. I am curious since you mentioned it, what was this free trade treaty? Can you just give me like a little bit of detail on that? Like what was supposed to happen? Yeah, so it was the trade specific partnership.

05:48
It would have covered 14 countries in full that had a free trade agreement. Vietnam, United States, Canada, trying to think of the others. I know Chile was one of them, Mexico, Australia. So what are the implications of that though? Yeah, well, I mean, it got canceled, unfortunately, because it never could get ratified. But the implications would have been that all 14 countries along the Pacific Rim, I know China was excluded. was specifically designed. Oh, against China, okay. Yeah, against China. kind of.

06:16
leverage, help boost these developing economies. Yeah, and it would have been the largest free trade agreement in history. Kind of portions of it are still in effect and Vietnam’s always been pretty proactive about getting free trade agreements. they have one with the EU that just kind of got recently. But how does that benefit like a buyer? Oh, from a buyer’s perspective, you don’t have to pay tariffs or high taxes. So you get a much lower rate. Okay, got it. Yeah.

06:45
the free trade agreement was in effect, you would basically pay no tax or very minimal taxes to get your products imported from Vietnam to the United States or whatever countries were in the free trade agreement. I see. I mean, there’s already tariffs from China and they haven’t gone away. So I mean, it’s already cheaper, right? Absolutely. Okay. Yeah. All right. Yeah. I think we’ll stay because they’re actually really politically popular. Oh, the tariffs are?

07:12
Yeah, I mean, Biden has made no effort to take him away, even though he has fully has that power. You know, think his I think his political populous just be having tough stance stance on China at the moment. So I think I don’t anticipate terrorists going away. My opinion, my professional opinion. And know that so which is kind of unfortunate and all these other activities against China to related to computer chips and semiconductors also. Yeah. So so why would someone source from Vietnam over China?

07:43
Generally it’s cheaper. It’s kind of more politically stable. But it’s less hands-on from the government, I would say that. Just in terms of things like COVID, you they had total lockdowns in China and then back to nothing and that’s caused tons of disruptions. Vietnam was pretty smart with how they managed COVID lockdowns. They had one of lowest rates of COVID. They actually had one of the highest or not the highest.

08:09
that had one of the highest and fastest vaccination programs in the world. had some, I want say they had like 80 % of their, once the vaccines were released, they had some like 80 % of their population vaccinated within two months, I believe. Wow. Yeah. Okay. Which is great. There are no major lockdowns for that. Just in terms of experience, I find them pretty easy to work with. I do find China easy to work with for the record and yeah, generally cheaper labor, different, they have different skills. much cheaper are we talking about here?

08:38
It used to be a lot cheaper when I first started sourcing in 2014 I was getting sometimes 30 40 percent savings, but Wow Yeah, I mean the man for Vietnam has gone up a lot. So it’s a lot of times probably comparable pre tariffs and In terms of pricing just cause labor costs have gone up in the last several years and demand for Vietnamese products Has gone up. So it’s pretty comparable now, but without like the same price you mean without yes, I would say about 10 to

09:06
Same price to 10 % cheaper is what you probably should expect. So it’s not huge anymore, I guess. So where the savings are really is if you’re on like a tariff list from China, then Vietnam is your best bet. Yeah. And there’s free trade agreements too with Europe too. So you get savings there even though they don’t have tariffs against Chinese goods. Right. Yeah. Okay. And with Vietnam, you kind of have to focus on specific products too, because you know, trying to get everything in any quantities and any style. Vietnam, you know, they specialize in a handful of products.

09:36
such as, they do wooden goods really well, clothing really well. Any I’m sorry, what were the two things? You said clothing and what else? Wooden goods, anything made of wood. Wooden goods, okay. Yeah, we do a lot of furniture from Vietnam, a lot of rattan, a lot of bamboo. Rattan is like wicker. It’s like rattan baskets. Let’s see if I have Because I know from China, tariffs on wooden pencils, for example, is like 25 % or I can’t remember what it was. Something ridiculously high.

10:05
But that’s not the case in Vietnam, right? No, it’s not the case and one I mean Vietnam is a tropical country. So there’s tons of forest and plantations So they actually get the wood the raw material is pretty cheap and it’s very high quality woods to a Lot of words we work with our kasha teak bamboo bamboo is probably most sustainable material going to work with maybe you’re into sustainability Akasha grows super fast. So it’s pretty sustainable like is used

10:31
Rubberwood which looks a lot like oak and then they import some woods like we get some virgin spruce and a few other woods Imported from Canada. So let me just kind of rephrase that question then so yeah If what products would you definitely source from Vietnam over China? Material I clothing. I would do wooden goods. I would do a lot of furniture I want to say all furniture, but we do tons of furniture in Vietnam. Um, I would do bags from Vietnam

10:57
Backpacks purse bags like leather or canvas or what every time I think yeah leather bags canvas bags We do some shoes are kind of tricky at that moment, but we do a lot of shoes still try to think what else I would say those my bags over China. I’m just curious. Is it just the pricing or what? Yes the pricing and the factories they have huge factories that do I mean cut and sew is just a broad category of cutting fabric sewing it correct? Yeah, so bags clothing off into that so

11:25
They have just huge factories and relatively cheap labor to make it. And yeah, from our experience, bags have been pretty consistently cheaper. mean, because China like kind of owns textiles, I feel. I think Vietnam has a very good competitive edge with textiles over China. And is it mainly price or is it skill? I price and quality too. There’s a lot of skill. Yeah, because I mean, there’s a lot of the old factories. I mean, they have like thousands of people working at a

11:54
massive factories cutting and constantly. But even new, they’re getting new technology that makes it a lot more efficient too. I mean, look at your bags, like Patagonia, North Face, all those big companies make their backpacks in Vietnam. I know some luxury brands like Tory Burch or Michelle O’Cores and whatnot make their purses in Vietnam. Lulu Mom makes a lot of their clothing in Vietnam. Lulu Lemon, I always miss that name for some reason.

12:21
I first read it as Luluban, it’s been in my head since. Are a lot of these companies in Vietnam, Chinese companies that kind of move factories over there? Because I know that in my experience that’s happened to some of ours. Yeah, it exists. It’s not every company. I would say at least 50 % are still Vietnamese owned. Vietnam, unlike China, companies and foreigners can own factories. So there are a lot more foreign owned companies. They tend to have Vietnamese man.

12:48
Often have Vietnamese management but kind of going back to free trade agreement part of the free trade agreement allows You know, there’s no tariffs but on the other hand allows foreign companies to own the factories and actually own these So like a lot of factories are Japanese owned a lot are South Korean owned and we work with tons of South Korean Japanese owned factories One of the biggest furniture factories is Indonesian known. Um, it’s huge like comically huge like literally one of the biggest factories ever visited. Um, Yeah, I mean there’s

13:17
Few day we worked like Danish and French known furniture companies like we do a lot of metal goods. Um Like we do like fasteners like bolts nuts screws all that type of stuff work with the Japanese own factory That’s you know, they have Japanese management so they get the whole efficiency and latest technology But the cheaper labor costs they would get a good balance of that in lot of So I guess a million dollar question here is how do you find a supplier in Vietnam? And I’m gonna ask this question in two parts. So number one

13:46
Like in China, you can pretty much find a factory that caters to every type of customer, whether they be small or large. Yeah. Is that the case in Vietnam? No, no, it’s really not. And I mentioned shoes earlier. There’s not really good shoe factories that do small orders anymore that we found. It used to be case like a few years ago, but I know COVID supply chain disruptions or whatever, just the shoe quality of shoes that you need to get to make shoes is bigger, like several thousand units now.

14:15
Per thousand units per order. Yeah for order just them. Oh cute to make the first order Like we try to do some projects with like one or five hundred shoes to start off, you know for small startups But it’s not doable but I mean with a lot of products you can but yeah You kind of do need to be more selective calls the factories It’s a smaller country. It’s about 1 15th the size of China So there’s limited factories and if the factory doesn’t exist, unfortunately doesn’t exist, right? I mean

14:42
We do tend to have a lot of luck with small orders too for products. Can you just define what a small order is to you? I would say small is less than 500 units. Oh, okay. So there are places that accept small orders like that. Yeah, a lot of times though with small orders they’re going to be handmade items. Like we’ve done luxury purses that are handmade for instance and then some leather briefcases that are handmade but if you kind of want to have a production run like actual line like assembly line.

15:10
You know, gotta have the MOQ, it takes time to set up those lines. What would you say like an MOQ for would be to set up like a line for like a bag or something? Yeah, for a bag I would probably say that 500. Oh, 500 units? Yeah. Okay, that’s not bad at all. Bag is a pretty simple item. There are more complex items where they’re gonna be higher. And a lot of times it depends on the value too.

15:36
We’ve done like kind of high-end hiking backpacks and those we had a really low MQ I think 200 units, but those were also going for almost thousand bucks actually. Really? Yeah, they were very high-end backpacks. sell or to produce? To sell. To produce it was still about 200 bucks. Wow, that’s pricey. Yeah, it was. It was a very specific niche ultra lightweight backpack. So yeah, was some advanced materials that we had to import from Taiwan and South Korea too.

16:05
What about clothing like if you wanted to make like women’s clothing what were the moqs there look like I? Would probably say about a thousand units that’s units per style per size. Yeah, I would say per style you can make some extra colors, but um Yeah about thousand one two three thousand

16:22
I’d probably say 2000 even have a decent mix of styles, but 1000 for SKU would probably be typical. Okay, wow. So there’s no like Alibaba for Vietnam. So how do you actually find a supplier? Well, one good thing is Google isn’t banned in Vietnam. So you can actually Google factories. Oh, a lot of times. Yellow Pages is actually a decent resource. Oh, sorry, the Yellow Pages? Yeah, the Yellow Pages, classic Yellow Pages. Like yellowpages.com, you mean?

16:50
Yeah, they have a Vietnamese website, but yes. Really? Yeah. Yeah. I haven’t heard that name in a while. Yeah. mean, with that, I mean, there’s going be, they list a lot of factories and it’s not the best updated, but if you’re willing to like reach out and call content at 50 factories or whatever, probably get a response from 10 to 15, but you get a response and then narrow it down. But I mean, for us like too, we have

17:15
We go a lot of trade shows. have access to trade database, because customs data is public knowledge, but you can sign up for a service like Import Genius or Panjiva. personally use Import Genius to get contacts or just names. And then we look it up. And then our team is actually based in Ben Duong province, which is just outside of Ho Chi Minh City, which is made in a dust-ridden area. we just from kind of going to events and our team just being on the ground there, we get a lot of contacts locally too that way.

17:42
How would just someone who’s listening to this podcast without using a sourcing agent find a supplier in Vietnam? I I mean for the most part you’d probably have to use like the kind of resource I mentioned and just be active and I’m just be aware you got to make a lot of cold calls and emails because we when we contact we do emails whatsapp calling

18:09
Zalo which is a local kind of whatsapp-esque service. Kind of like WeChat. Just be prepared to contact a lot of factories and do a lot of research. But there are factories out there. Can you walk me what you would say? What would you ask first? Is it the as Yeah, I we create, I would say just create a basic simple prompt. Like hey, I’m so-and-so, we’re American based buyer, we’re looking…

18:39
I’m just gonna say women’s dresses. We’re looking to make X amount of women’s dresses and we have the design files. Before we contact factories, you need to have the design files or product spec sheets too. Because if you just contact them and say, oh, we’re going to develop them later, they’re not going to take you seriously. So if you have the product spec sheets and sign files ready to go, you don’t have to attach them to the first email, just say you got them. And tell them, hey, we got the product spec sheets, design files, and we’re prepared to make an order of 1,000 units, if suitable. Can you give us a quote?

19:08
Just kind of solicit a quote. It’s card RFQ request for quote anytime you kind of first connect with contact a factory Just because you want to get them to quote you for your products and so right? Um, have a guide on our website if you want to Google request for quote Cosmos forcing I’ll definitely put that in the show notes. Yeah. Yeah for sure. Mm-hmm Is the process the same as China like they’ll create a sample for you and that sort of thing and yeah, it’s pretty similar Yeah, that’s all pretty standardized. So yeah, once you contact a factory

19:36
You know, you want to negotiate prices, get a firm quote first. And then when you kind of negotiate and again, negotiate sample cost, just so you know the cost are and lead time or samples. then, yeah, when you’re ready and happy with the factory, once you kind of vetted them, kind of want to check them out, make sure they’re legit and everything. Yeah, pay for a sample and get a sample made. How does one verify that a factory is legit? I would check third party resources. Like for us, there’s we have.

20:03
I’m trying to think of a regular person. If you want to really do it right, I would say hire an inspection company. There are tons of inspection companies like Tesco, Vietnam Inspection Service, Chima, that spoke QIMA. That will go to the factory for like three, four hundred bucks. And it’s worth paying because you’re about to send a factory $1000 presumably. Go to the factory, check their business licenses, check their restoration, check their equipment, make sure…

20:32
If you’re doing a pre-production inspection, which you should, they’ll check to make sure they’ve done similar items. So if you’re making a woman’s dress, they’ll see that they made woman dresses before. yeah, check out the factory and send you a pretty detailed inspection report with pass fail grading on everything. My first book, The Family First Entrepreneur, just debuted as a Wall Street Journal business bestseller. And not only that, but my book was also featured on a billboard in Times Square during the launch. I’m literally in awe right now.

21:02
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21:31
and you definitely don’t have to work 80 hours a week and be a slave to your business just to make it all work. I will teach you how to start a business from the perspective of a parent who makes both business and family work. Not only that, but I made it a no brainer to grab the book because I’m still giving out $690 in free bonuses. And here’s what you get. Instant access to my three day print on demand workshop. And in this workshop, I teach exactly how to get started running a print on demand e-commerce store and provide you with a free website theme as well.

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22:23
Where would one check to see the licensing and everything for a Vietnam company? And is language a problem? Yeah, okay, so first question. They should have copy on hand and if they’re legit, they’ll be able to share it with you. Okay. And there’s some government websites that you can kind of cross-verify it. They’ll give you a registration number, what not. We often use Vietnam credit, which is a government-ran, this is government-ran kind of service that you can just check the credit worthiness.

22:53
pretty much just says yes, they’re in good standing or they’re not. All that will mean from our end, it’s a little bit complex, I don’t know if this is beginner tip, but yeah, I would go through and kind of check that they have a business license registered with the government and that the banking, that they have bank accounts and that the bank accounts are in good standing. It doesn’t tell you the exact credit score, it just says yes, they’re in good standing or no, they’re not.

23:15
and if they don’t exist in database and those say they don’t exist and What second one? Oh English? Yeah, so for English, they’ll have somebody on staff, but um It really varies. Um, it’s sometimes there’ll be somebody fluent. Sometimes it’d be fairly broken English. It really depends on the factory. Um One thing too with Vietnam more than China is a lot of times they don’t have dedicated sales staff so they’ll often have an engineer who as Kind of like once a week, I guess or whatever

23:45
checks emails, but his main job is engineer. So he’ll go through and kind of talk that kind of answer the emails. And when you get in contact with the engineers and those people, they can be pretty direct. I know a lot of people are kind of used to sales people kind of wooing them. Hello, super friendly. You know, trying to really drum up and the salesman is like, yeah, we can do it. Great. And then ask how much and they’ll give you costs and then pretty straight to the point. Which I kind of like just cause.

24:15
You get in get out with the meetings you get exact pricing time. You want to make a modification They can they have the authority to actually you know actually tell you the price because a lot of times what sells people they’re like Oh, I’ll let you know what’s in it over and they send it to somebody and then a few days later, But engineers they can do a lot of times pretty quickly What’s the export infrastructure like I can’t imagine it being as mature as China? Yeah, they’re used to exporting. Um, yeah, that’s another tip is when you talk to factories

24:45
You need to ask them if they’ve exported to, if you’re American buyer, for instance, you need to ask them, have you exported America? Cause there are standards that, you know, they need to know. It really varies by product too. Anytime you work with a freight forwarder, they’ll clear the standards and make sure everything’s legit before they ship or they should. But yeah, in terms of export infrastructure. Yeah. A lot of factories are set up for export exporting, which is great. You can ask oftentimes clients or whatnot.

25:15
they’ll have certifications, ASTM or ISO certifications you can check. guess what I’m getting at is what is list of questions you would ask when you’re vetting a vendor? Yeah, I would ask first and foremost, do you have experience exporting to United States or whatever your country is? And then kind of quiz them on their certifications. Most factories, basic certification is ISO 9001. And then,

25:43
Like if you do wooden goods, for instance, you got to comply with the Lacey Act, which, know, you got to defumigate the woods. You got to have a certificate of origin for the woods. You got to, you know, certify that as, you know, legally or legally harvested from, you can be from plantation or you can actually do forest, but there’s also forest and standing on the council. If you want to go even further, FSC, which will make sure that everything was, for instance, um, there’s like some carcinogens you can’t use in fabrics or, um, in materials.

26:14
For instance from out of hide so China’s used to this already Vietnam. Do you actually have to ask these questions? I would advise to yes, okay All right, if you don’t ask him I mean you can have an inspection if you don’t know what to ask I would hire an inspection service and they’ll Make sure everything’s in line. Okay Yeah, those inspection service. Definitely that that’s your job is to know what the certifications are. Make sure everything’s in compliance Is everything conducted in US dollars as well?

26:41
Yeah, we do almost everything in US dollars and Vietnamese bank accounts. They you can hold for foreign currencies in Vietnamese bank accounts. Okay. And with just the dong being worse inflation in America right now is they they love UST. Yeah, yeah. So what would you say are like the major trade offs? If you’re choosing between China and Vietnam? Yeah, that’s a question. Yeah, like I said, you kind of need to be selective about your product categories. With China, you just go to China, go to Alibaba.

27:12
spend a few days on there or not even days, get tons of contacts with factories, reach out to them. It’s super simple. Vietnam’s still a little bit undeveloped in terms of networks and internet sourcing and whatnot. So you do need be much more proactive and reach out to the factories. There’s not really a way to just post your request on a website and then factories come to you. You have to go to the factories, which I know frustrates a lot of people.

27:41
If I can give a plug to Cosmos Sourcing, you can just go to us and we can do all that for you. I want to get into how much you charge and that stuff at the end. So yeah, it’s much more proactive. Kind of had to follow up with them. They do want your business, but they’re not as they just don’t come across as eager. I don’t know. Even though they do want it just as much. And it really, like I said, if you have specific products that V9 specializes in, it’s pretty good, but it’s like not for every product.

28:11
Alright, well assuming that what you want to source is something that Vietnam specializes in, what are some cases where I’d want to go to China over Vietnam? I mean, if it’s not something Vietnam specializes in, it… I mean, you still can get everything in eating quantities. Like, if you have low MOQs for lot of items, I find China can be better. If you do electronic items, China’s still better. Especially OEM. for the stuff that Vietnam might specialize in. Like you mentioned wooden products, textiles. Yeah.

28:42
I don’t know. feel like you should go to Vietnam. But um, well, yeah, it doesn’t it sounds like you’re You’re a beginner. I mean, would say it’s easier to deal with China a lot of times, especially your first time starting off just to find the factories. So I mean, if you have a address or something, you can actually you can get more quotes. You can actually get more factories from China regardless, just because they’re just for the sheer fact that there’s more factories that do it. Yeah.

29:10
They’re generally easier to deal with like I said, not every factory in Vietnam has a salesperson. So You know get somebody who’s really kind of walks you through the process So does that mean that just not as responsive is that I? Say yeah, I would say that’s a way to say yes I actually would prefer to talk to an engineer to be honest with you right? all the facts and you’re in and out. Yeah, exactly No, I’m saying why like the meetings we have like it turns some clients off because we have people visit factories in Vietnam

29:38
You know, they fly all the way from the United States, come to factory and they’ll sit down with an engineer and they’re pretty much in and out. You can do a meeting like 20 minutes and it’s just, oh, how much would this cost? Great. We make this very, very great. How much would it cost? Oh, that much. What’s the lead time? We can do it to start production in three weeks and be done with two months, know, straight to the point. And, you know, like China, when you go to China, like the factories take you to lunch or dinner, give you drinks. It’s an experience. I love that.

30:07
I mean a few factories in Vietnam will do it, but it’s not over top like China. So yeah, mean we’ll have casual meetings and like, you know, drink tea and whatnot just at the office, but it’s not like the whole What do you use to communicate with your vendors over there? Are they on WhatsApp or? Yeah, WhatsApp, Zalo. I say Zalo probably is the most common one, Z-A-L-O, and emails, mostly emails. Okay. Yeah, we’ll set up kind of just kind of what they’re working on.

30:36
So is email still the best initial contact method? Like you look for them on like the Yellow Pages for example, or Google and whatnot and you send them an email? Yeah, we usually do email first. Like when we research factories, like our team, when we research factories, you know, we can just tell which ones are good factories and worth following up with. So we tend to email them first and the ones that respond by email will keep that conversation in email.

31:01
but a lot of times they don’t. we’ll then kind of reach out by phone and kind of follow up with email or they’re on Zalo. We can get the context of the person on Zalo. We use LinkedIn too sometimes, actually quite a bit to kind of reach out to them that way. So we’ll kind of do a full court press of just whatever method gets a response. And we kind of press them at least probably three or four times each factory that we want to get quotes from, just to quote us until we get a response.

31:29
You know, not every factory quotes, so a lot of times they say we have capacity or we don’t think it’s suitable, but we at least try to get a response of some sort. I know it’s hard to generalize in an entire country, but from what I’m gathering, it seems like you have to be a lot more persistent with a Vietnam factory because they’re not necessarily, they don’t have salespeople, so they’re not necessarily trying to solicit new business. You really have to approach them, know what you want to get, and be direct. Yeah, and a lot of times they,

31:58
Yeah, you kind of do have to be a little bit more direct with them. mean, there’s exceptions that factories like there’s a lot of factories that are pretty proactive about getting sales, but it’s just something that a lot of people when they first kind of get in touch with Vietnam, they kind of dismiss factories that, you know, don’t seem super responsive, even though they’re pretty good. So I would just say be persistent if you think this is a good factory, but don’t be too persistent. But you can definitely follow up multiple times with the factory to get a response. But once you’re in contact with them and they

32:27
You know, once you’re in contact, like say 1000 dress, their dress factory, they need the business. They’ll definitely respond more and kind of give quotes. yeah. So back to the question on tradeoffs outside of price, why would I go to Vietnam over China? Yeah, I I would say a lot of products are pretty good quality as well. I think the textiles they make are very high quality. They work with like high end brands, like I said, same with furniture.

32:56
furniture and wooden goods, like the wood is very high quality tropical hardwood. So it’s much denser than your basic pine. So, and then in general, the labor force in Vietnam is pretty young. So they’re pretty skilled in terms of like what they can make. And yeah, I mean, it’s kind of, it’s easier to work with too sometimes. Like there’s not as much bureaucracy or headaches or anything. Like I never, I feel like I never really deal with the government or any government issues in Vietnam like I did with China.

33:27
Which is always nice. It seems like the major trade-off is just getting that initial contact then. that accurate? pretty much. Because… I we work factories for years and they’re really… a lot of factories are easy to work with. It’s true to point, but you just pick an order and it’s consistent order and they’re responsive and everything. I know for me, just in my experience, and this is only one data point, is every year this happens. Like after Chinese New Year, like half the workforce doesn’t want to come back to work.

33:55
Yeah. then sometimes we have to scramble to find, you know, a new vendor or, or like the materials in the same way do textiles. Yeah. Would you say it’s generally more consistent in Vietnam or does the same thing kind of happen? I know we’re generalizing the entire country. Pretty similar Chinese New Year or not Chinese New Year. It’s Tet holidays, T-E-T in Vietnam. So Lunar New Year is the same date, same general concept. But yes, the way the contracts work too and

34:24
Both Vietnam and China is they tend to workers tend to sign on one-year contracts to begin and end at arm Tet or Chinese New Year And so yeah right before Tet holidays a lot of it. Well, a lot of workers just quit early You know have extra long holiday and then after the Tet holidays or arm is same deal They got a you know hire new workers and sign new contracts. So this a slow upstart a lot of times To get the workers in so yeah, it’s definitely same issues same issue. Okay, it’s not

34:53
I don’t know. I’m gonna say it’s as bad. But yeah, it’s something to keep in mind. It just seems like maybe for someone just starting out, like if someone’s listening and they’re just starting out, it seems like China is still the easier way to go. Probably. It’s easier for first-time buyers and especially if you kind of have a smaller kind of have, if you have limited capital and you kind of want to start small and kind of work your way up. What would you say would be like the minimum capital that you would need to just have something made

35:23
Textile wise over in Vietnam. I probably say about 20,000 bucks 20,000. Okay. Wow. Okay. So that’s Yeah Okay, yeah and What about actually visiting the factories is it the same or? Okay. Yeah, there’s no issues visiting factories in Vietnam. Um Yeah, you can fly in a range of visits. We have people visiting all time. We have I’m several guests coming in over the next month or so

35:53
To visit so it’s yeah, you go in visit factories If you want to do production you just see what they’re doing what they make get it started that way and if you have samples made like we have a client who has Probably about to visit I think three times because he’s making I think golf bags and it’s pretty complex because he has very everything’s customized But he’s you visit before made an initial then when the samples are made he’s visiting for samples And now we’re starting production or we’ll start production around April. So we’re planning a visit

36:20
for him during the production run and he wants to be there, you know, just see the bags be made. So for something like a golf bag, there’s a whole bunch of different parts, zippers, pockets, materials, everything. Do they handle all the different materials or? Yeah. Most factories have their back end, what you call the back end supply chain, back end sourcing. So yeah, we expect in most cases, unless you have really unique fabrics or really unique needs for the factory to…

36:49
to get the products to procure the raw materials. So that’s pretty expected. We worked with Kodura and we had to source that separately in some special material. Like I mentioned the high end hiking bag one time, we had to source the material separately because it was very ultra lightweight material that was only made by one factory in Taiwan. was… What about packaging? Most factories can do basic packaging in a house. So if you have what we call kind of brown packaging, just the cardboard or…

37:19
Plastic bags they can do all that and it’s we often call retail ready packaging which means it’s ready to go into retail Yes, if you’re FBA seller, know, you need a barcode on the outside They can most factories can do all that and we can bet them beforehand. Okay, make sure they do that Okay So it seems like okay if you have the money And let’s say we just go through someone like you for for sourcing

37:44
Vietnam will tend to be cheaper and the quality is good mainly because there’s no tariffs and the hurdle really is just finding the factory and kind of developing that relationship. Correct. And as far as you can tell, once you’re kind of in production, there’s really no major disadvantage of going with Vietnam over a Chinese factory. No, there’s not really that.

38:08
What I mean if they have their meet all your qualifications once you kind of bet them everything then there’s not really any specific disadvantages I Mean is it harder to vet because like an Alibaba they actually vet them all for you now Yeah, if you just go through a trade assurance So so basically you have to do this your own legwork Is there anything like trade assurance over with the Vietnam factory probably not right? Not really No, yeah, and yeah, we got a lot of people saying hey I’m trying to find factory of Alibaba trade assurance Vietnam. I’m with that. Yeah

38:37
Okay. Yeah, and just in general, Vietnamese just don’t trust the Chinese, to be honest. I don’t get too deep into that. But yeah, in general, they don’t trust Alibaba, they don’t trust using Chinese-based platforms. they don’t. I can see that. Yeah. I can see that. Let’s talk about Cosmo real quick. How much do you charge? What are your services? Yeah, our basic services,

39:03
We so we do a different pricing model than most other sourcing companies. We charge a flat rate instead of commission. And so the reason we charge a flat rate is you’ll get full contact details of every factory work with what do you direct your introduction between you and the factories and you can work directly with the factories. But our basic sourcing, simple sourcing starts at 1500 USD and then we have kind of a pro tier. So a lot of times you need certifications, certifications, whatnot. And that kind of starts at 2000 USD. But our basic package is 1500 USD. So 1500 that’s defined just

39:33
That’s per project. I would I would gather right we do it by product category So we generally find a product categories of one factory and make it so if you’re doing clothing for instance And you got like let’s just say ten different women’s dresses or ten women garments But they’re effectively the same one factory make all ten styles and that would be one product category Okay, that actually ends up being cheaper because a lot of times the sourcing companies will take like five percent or something like that off Yeah, production run right? Yeah, which yeah for fifteen hundred bucks. Okay. Yeah and

40:03
Another thing too, like why we do a thyroid in Vietnam instead of China, because when I first started sourcing, I was doing commission like everybody else, worked fine. And then I moved to Vietnam. I was trying to do commission. They just don’t trust middlemen in Vietnam like they do in China. And so there’s just kind of expectation to that the Vietnamese factories work with the end client. So I set my services up so that, yeah, if you were reach out.

40:27
with us, you’ll be talking directly to the factory, you can work directly with the factory. We can assist, we have additional services to help out, make sure everything’s going smoothly and nothing sketchy’s going on, but yeah. Okay, do you guys provide, I guess just referrals to freight forwarders and… Yeah, we do referrals to freight forwarders and same with inspections. We visit factories all the time, just with our team, but it’s, they’re basic visits to be honest.

40:52
The more detailed inspections I think are better served by an inspection company because they’ll go in and get full test of every product But we get samples in all the time from fact for clients who just have the sample shipped to us and we can do checking out and do basic checks but Let me ask you this what other countries are kind of up and coming? Yeah, we’re actually looking at expanding to Thailand, Indonesia, Malaysia and Taiwan right now, but

41:21
done anything there yet. So I would say all of those countries. think Taiwan’s pretty up already. But they, in terms of Taiwan, they do a lot of high end precision stuff. Like with the projects we like to do in there were automobile and airplane parts actually. Yeah, LED casings for airplanes specifically. So they do a lot of high end precision stuff. You probably know that Taiwan TMSC.

41:45
Yeah, the biggest microchip factory in the world is based there. So they do super advanced stuff in Taiwan. It’s very high end, very precision stuff. In terms of low cost Thailand, we’re looking at doing some clothing. Indonesia actually does a lot of shoes. So we’re looking at doing shoes there. I’ve looked at Bangladesh, but I don’t trust Bangladesh to be honest. What about Pakistan? Yeah, I would say probably Southeast Asia in general. I would say most countries in Southeast Asia are pretty up and coming. I think those are the next Vietnam. think that’s next boom. Next area. Yeah, I really have it.

42:15
Massive growth. Yeah. Well, hey, Jim, cool. Thanks. Thanks a lot for coming on. Where can people find you and your company? Where should they go? Yeah. Cosmosourcing.com is our website. Just Google Cosmosourcing. We come up. If you want to get in touch with me directly, can shoot me an email at info at Cosmosourcing.com and I’ll respond. I’m also on Facebook, on LinkedIn, or on Instagram. So if you want to follow us there, all under Cosmosourcing, you can, but I think probably.

42:45
email and just go into our website is probably the best. Cool. Hey, well, Jim, hey, thanks a lot for coming on, man. Thank you so much. was pleasure.

42:57
Hope you enjoyed that episode. Now John is a great person to speak with about sourcing from Vietnam and diversifying your suppliers is a great idea. For more information about this episode, go to mywifecoderjob.com slash episode 467. And once again, I want to thank Sellerboard, which is the Amazon profit software that I recommend for Amazon sellers. By going to mywifecoderjob.com slash Sellerboard, you can get 30 days for free. Once again, that’s mywifecoderjob.com slash S-E-L-L-E-R-B-O-A-R-D.

43:26
I also want to thank 180marketing.com for sponsoring this episode. 180 Marketing is the agency that I use to grow my search traffic by 4x in just six months. more information, email Jeff at 180marketing.com. Now I talk about how I use these tools on my blog, and if you are interested in starting your own eCommerce store, head on over to mywifequitterjob.com and sign up for my free six day mini course. Just type in your email and they’ll send you the course right away. Thanks for listening.

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Ready To Get Serious About Starting An Online Business?


If you are really considering starting your own online business, then you have to check out my free mini course on How To Create A Niche Online Store In 5 Easy Steps.

In this 6 day mini course, I reveal the steps that my wife and I took to earn 100 thousand dollars in the span of just a year. Best of all, it's absolutely free!

466: Outdated Ecommerce Tips You Should NOT Be Doing In 2023 – Family First Friday

466: Outdated Ecommerce Tips You Should NOT Be Doing In 2023 | Stop Doing These Now!

Welcome to another Family First Friday in honor of my Wall Street Journal bestselling book, the Family First Entrepreneur. In this episode, I discuss what not to do when it comes to starting an ecommerce business today. 

There’s just way too much content to consume online and a lot of it is outdated and worthless. To help you sort through the junk,  here are all the outdated ecommerce strategies and tips that no longer apply in 2023.

What You’ll Learn

  • Outdated ecommerce strategies and tips
  • What not to do when starting a business
  • The problem YouTube, Google and Tiktok

Other Resources And Books

Transcript

00:00
You’re listening to the My Wife Could Her Job podcast, where I teach you how to start a business or side hustle from the perspective of a father with two kids. Welcome to a new segment of the show, which I’m calling Family First Fridays in honor of my Wall Street Journal bestselling book, The Family First Entrepreneur. Now in this episode today, we’re going to talk about what not to do when it comes to starting a business. And the problem with learning how to start a business on YouTube, Google, or TikTok, or listen to a podcast, is that there’s just too much content to consume.

00:30
and a lot of it is outdated and worthless. So to help you sort through the junk in this podcast episode today, I’m going to tell you about all the outdated e-commerce strategies and tips that no longer apply. So number one, stop relying on Amazon, eBay or Etsy for all of your sales. Now relying on a single platform for all of your sales can be risky because it leaves your business vulnerable to changes in that platform’s policies or algorithms, which can instantly tank your sales. Also,

00:58
Diversifying your sales channels can help you reach a wider customer base and increase your overall revenue. Let’s start with Amazon. First off, Amazon does not care about you at all. For as long as I’ve been selling on Amazon, there are thousands of malicious sellers on the platform who game the system and try to sabotage your sales. For example, my friend Kevin Williams started a company called Brush Hero. He’s actually a guest on the podcast talking about this. He sells cleaning brushes and an evil seller in China

01:27
decided to knock off his entire product line, including the box with his picture on it. Now this Chinese company sold a crappier version of his product on his listing at half the price and totally destroyed his multi-million dollar brand. Now when Kevin complained to Amazon and showed them his patents and copyrights, they ignored his problem and did not suspend the malicious seller. And in fact, it took him two years and multiple million dollar lawsuits for him to get Amazon to take action.

01:55
Now for my store over at Bumblebee Linens, every year we have sellers who try to buy out all of our inventory over the holiday season to prevent us from selling and then return all of our merchandise in January after the holidays. My friend John Rampton lost his multi-million dollar container business when Amazon decided to ban his account for life. In fact, I recorded an hour long podcast episode with John about this that you can actually listen in in the show notes below.

02:22
Now Amazon is also getting harder and more competitive every single year. Roughly 3,700 new sellers join Amazon every day and it’s a very cutthroat marketplace. Now I’m not telling you not to sell on Amazon, eBay or Etsy, but you should never put all of your eggs in one basket, especially on a platform that you do not own. The only thing that they care about is their stock price and they are constantly raising their prices to make it harder for sellers to make money. And in this day and age,

02:51
You must have your own website and a property that you own and control. Now, the biggest disadvantage about selling on third-party platforms is that they hide all the customer information from you. And the heart of any business is repeat business. Now, the number two outdated strategy is to stop dropshipping from AliExpress. AliExpress dropshipping is an e-commerce business model where you take orders online and the orders are fulfilled by AliExpress.

03:19
Now products are much cheaper on AliExpress than they are in the US or Europe, so you can make a profit on the sales without ever seeing the product or touching any inventory at all. Sounds easy, right? Well, it’s not. Do not choose this business model because here are the disadvantages. AliExpress is based in China, so shipping times can take several weeks or even months. Now can you imagine ordering something online and having it delivered in 60 days or more? These shipping times alone will kill your business before it even gets started.

03:49
If you need faster shipping, the shipping costs will often cost far more than the product itself. Now most sellers on AliExpress have poor quality control measures in place. And most of the stuff that you find on AliExpress is just cheap junk that is made in China. You want to build your online store and brand on top of quality products and not garbage. Some products on AliExpress are counterfeit. If you end up selling counterfeit products by accident, then you are liable for the damages, not AliExpress.

04:19
There’s also low profit margins. Lots of people are using Aliexpress to drop ship the same junk. As a result, prices are road quickly and you end up having to jump from one fad to the next. There’s no longevity when it comes to drop shipping from Aliexpress and you constantly have to find the next trending product. But most importantly, it’s actually against terms of service to drop ship from Aliexpress on Amazon, eBay or Etsy. If you are caught, you will be suspended. Now, since we’re on the topic of drop shipping,

04:47
I also want to say that dropshipping overall is not a good long-term business model. Sure, it’s easy and cheap to get started, but your margins are low and you’ll probably not make life-changing money with it. Once upon a time, dropshipping was a lot more viable, but Amazon basically killed this business model. Outdated strategy number three is to stop using Amazon Automation. Amazon Automation is a service where a business owner outsources all the processes of their e-commerce store to a third party.

05:17
Basically, you pay a company tens of thousands of dollars and they go and find you a product to sell, list it on Amazon, and you split the profit. Now, when I first saw these ads all over YouTube, my Spidey sense started tingling immediately. Why would a company start an e-commerce business for you from scratch and split the profits when they could just do it on their own and keep all the profits? Amazon Automation had scam written all over it and it’s proven to be true.

05:42
Now I’m not going to call it any specific Amazon automation businesses in this episode, but all I can say is that if something sounds too good to be true, it usually is. Now, even if some of these Amazon automation companies were legit, most of the Amazon aggregators actually went bankrupt during the downturn and it’s an extremely difficult business model. The next outdated business model is to stop running Amazon giveaways or soliciting reviews.

06:09
Now over the years, Amazon has majorly cracked down on solicited reviews. It is now extremely difficult to get people to inorganically leave a review on your products, so just don’t do it. If you are caught, then you risk a product or an account suspension, and it’s just not worth it. The best ways to get reviews now are through Amazon’s backend, where they allow you to send a single, canned email to ask for an unbiased review. And the same goes with giveaways. Once upon a time, you could spam giveaways to increase your sales velocity and rankings, but these no longer work.

06:39
You also want to stop using public rebate sites. Once upon a time, people were using rebate services to get sales on Amazon and then reimburse them through PayPal. And this allowed sellers to get a full price sale, which helped boost rankings while attracting many buyers looking for free products. Essentially, it was like running a giveaway, except you get a real sale. Now, Amazon cracked down hard on these rebate sites when one of the most popular rebate giveaway tools, RebateKey, was suspended. Anyone who used a rebate service

07:08
was also sent a scary letter warning against these actions going forward. Amazon changed their terms of service with the following new wording. Manipulating sales rank, such as by accepting fake orders or orders that you have paid for, or making claims about sales rank in product titles or descriptions is against terms of service. Now, there’s still Amazon sellers using rebates, but definitely not with a paid service. It’s just not worth the risk. You also want to stop spending all of your efforts on customer acquisition

07:38
and sell more to your existing customers. Now, when most people run a business, most people focus on spending all of their money to acquire new customers and often neglect their existing customers. Well, let’s face it, we’re in a downturn and there are many reasons why you should be focusing on selling to your existing customers more. It is 66 % less expensive to sell to existing customers than to acquire new ones. After all, existing customers already know who you are and they trust you. They already opened up their wallets once.

08:08
As a result, the cost of getting someone to buy again is super easy. Just send them an email or a text. Existing customers are more likely to make repeat purchases and spend more over time, which means that you can greatly increase the lifetime value for each customer. Repeat customers are also much more likely to be loyal to a brand, which can lead to more positive word of mouth and referral marketing. And this is saying that on average, every happy customer tells at least nine people about their experience.

08:36
So by focusing on your existing customers, you can gain a better understanding of their needs and preferences. For example, with our store, once I started communicating with existing customers, I actually discovered that many of them were event and wedding planners. And by getting on the phone with them and offering them coupons and special treatment, I could get them to buy in bulk from our store forever. The other thing you also want to do is to stop focusing all on ads and more on content. Paid advertising is expensive.

09:06
and it’s getting more expensive every year, and the traffic is short-lived. Platforms like Google and Facebook are getting more expensive every year, and this is even taking into account iOS 14, which pretty much decimated the effectiveness of Facebook. The best way to attract long-term sales for free is by creating content. Three years ago, I started a YouTube channel, and let’s just use that as an example. Right now, if you go to my YouTube channel, and you watch a video, and you absorb the tactics and strategies that I teach you, I’ve gained a little bit of your trust.

09:36
And by trusting me, you are far more likely to buy a product that I have for sale. Now the beauty of content is that it’s free to produce and the effects are everlasting. Videos and blog posts that I wrote 10 years ago are still generating me traffic today. YouTube videos that I created years ago are still making money. And in fact, my YouTube channel makes over 300K on ads alone. And my blog makes seven figures on affiliate marketing and core sales every single year. And in this day and age, it’s all about building a brand.

10:05
which requires you to create content. After all, you can’t really build a brand unless you can get your message in front of customers. So just pick a medium, whether that be blogging, YouTube or social media and start posting on a regular basis. Because once you’ve gained someone’s trust, you can easily sell them products that you create. Another e-commerce strategy that you guys should be focusing on is email marketing and SMS. Now in this last section, I talked about creating content to build a brand.

10:33
Well, the average conversion rate in e-commerce is only about 2%, which means that 98 % of people consume your content and then bail. Now, the best way to bring these visitors back is to grab their email or their phone number. Create a lead magnet. This could be something as simple as giving out a coupon or free shipping in return for their contact information. And here’s the beauty of email and SMS marketing. Visitors may not be ready to buy from you right this second, but by emailing them and contacting them on a regular basis,

11:02
you’ll keep your company in their minds. So when they are ready to buy, they will buy from your store. Email and SMS marketing can also be used to promote products, offer discounts, and provide valuable content to subscribers. And the best part is that these are customers that you own and no one can take them away from you. Now my next piece of advice is to just stop doing what’s easy. Because if you go with what’s easy, there’s going to be more competition.

11:28
Now one of the most common questions I get asked is, Steve, what is the easiest way to make money online? Steve, what is something that can start and make money today? This is the absolute wrong mentality and let me just explain why. If you go and start something that is easy, that means that thousands of other people are going to be doing it. And when you do something easy, there are no barriers to entry and the competition is going to be fierce. Let’s take dropshipping as an example. It’s pretty easy to start dropshipping online because you don’t have to carry inventory.

11:56
and you can start selling immediately. But guess what? Chances are there are thousands of other people drop shipping your exact products. Now as a shopper, let’s say I find 10 stores selling the exact same product. I’m going to buy from the store with the cheapest price. So when you do something that is easy, the price always spirals to the bottom. So instead of asking yourself what is easy, you should ask yourself what is difficult or a pain in the butt to start. What unfair advantage do you have

12:26
over other people. For example, with our store, we do custom embroidery. We have five machines that cost over 10K each to do customer embroidery for our customers. And not only are these machines expensive to buy and maintain, but it’s actually a major pain in the butt to embroider something. Not only does the thread break all the time, but the machines need to be recalibrated and the machines chew up product all the time. Furthermore, it requires someone trained to operate them. And because doing custom embroidery is such a pain,

12:54
there are very few people who would try to copy me. Sellers in China can’t copy us because they can’t offer the service from 20,000 miles away. So instead of asking yourself what is easy, ask yourself what’s hard that you’re willing to tackle. Now my final piece of advice, it’s to stop throwing up random products to sell online. Because back in the heyday, you could go on Alibaba, find a product for cheap as is, listen on Amazon and make a killing, but those days are over. Now to be clear, you can still make money this way.

13:23
but only for a short time. Especially on Amazon, sellers are constantly using research tools like Jungle Scout to find good products to sell, and eventually someone will find your product and copy it. That is, unless you have a strong value proposition and a brand. A unique value proposition, or UVP, is what makes your product different or special, and your product doesn’t necessarily have to be better, it just needs to be different. For example, my brand over at Bumblebee Linens,

13:50
offers the largest selection of handkerchiefs on the internet. And I’m pretty sure that companies can’t make this claim because we specialize in hankies. My friend Dave over at Saddleback Leather sells bags which are a huge commodity. But his value prop is that his bags last forever. His slogan is that they’ll fight for it when you’re dead. So instead of throwing up random, disparate products to sell, think in terms of niches or families of products that you can build a brand around. You can start with a single product, sell it well,

14:19
and then expand into related products or accessories. This way, you are creating a business that focuses on a specific area, which will eventually lead to a brand. So that’s just a list of things that you should not be doing today. Don’t fall for the get rich quick schemes and be prepared to stick it out for whatever business you decide to start for at least one year.

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465: The Secret Sauce Of Successful Amazon Sellers: How To Rank Your Products In Search With Brandon Young

465: The Secret Sauce of Successful Amazon Sellers: How to Find High-Demand, Low-Competition Products With Brandon Young

Today I’m thrilled to have Brandon Young on the show. Brandon is one of the leading experts in Amazon private label, especially when it comes to Amazon SEO. He and his wife are eight figure sellers, and he’s also the co founder of one of the fastest growing Amazon software companies called Data Dive.

In this episode, Brandon reveals his latest strategies on how to research and rank your products on Amazon.

What You’ll Learn

  • How to find a high demand and low competition product to sell on Amazon
  • How to rank in Amazon SEO
  • What it takes to become an 8 Figure seller on Amazon today

Other Resources And Books

Sponsors

Sellerboard – Sellerboard is a must have tool for Amazon sellers if you want to know how much profit you are actually making. Click here and try Sellerboard for FREE.

180 Marketing – 180Marketing is the agency that I used to grow my SEO traffic by 4X in just 6 months! Click here to book an appointment

Transcript

00:00
You’re listening to the My Wife Could Her Job podcast, the place where I bring on successful bootstrap business owners and delve deeply into the strategies they use to grow their businesses. Today I have my friend Brandon Young on the show. And Brandon is one of the most successful private label sellers that I know personally, especially when it comes to Amazon keyword research. So in this episode, we analyze exactly how he picks winning products to sell on Amazon. But before we begin, I want to thank Jeff Oxford of 180marketing.com for sponsoring this episode.

00:28
180marketing.com is an agency that specializes in helping e-commerce stores boost their SEO traffic. And in the past, I used Jeff and his firm managed to grow my search traffic by 4x in just six months. In fact, 180marketing is one of the few SEO agencies that I trust 100%. For more information, go to 180marketing.com or just email jeff at 180marketing.com. I also want to thank Sellerboard for sponsoring this episode. Sellerboard is profit analysis software.

00:56
that helps you figure out exactly how much profit you are making selling on Amazon. Now if you’re an Amazon seller, you’re probably aware that there are many hidden fees in selling on the platform and Sellerboard organizes all that information for you in a clear and concise fashion. Now personally, I recommend Sellerboard because they’re among the least expensive software that I know of that does this, which is one of the main reasons why I like them. So for more info, go to mywifequitterjob.com slash Sellerboard and try them free for 30 days.

01:24
It is literally a no-brainer to sign up. Once again, that’s mywifequitterjob.com slash S-E-L-L-E-R-B-O-A-R-D. And then finally, I want to mention my other podcast that I run with my partner, Tony. And unlike this one, where I interview successful entrepreneurs in e-commerce, the Profitable Audience podcast covers all things related to content creation and building an audience. No topic is off the table and we tell it like how it is in a raw and entertaining way. So be sure to check out the Profitable Audience podcast on your favorite podcast app.

01:53
Now on to the show.

02:00
Welcome to the My Wife Quitter Job podcast. Today I’m happy to have Brandon Young on the show. Now, Brandon is considered by many people, including myself, to be one of the leading experts in Amazon private label, especially when it comes to Amazon SEO. Now, he and his wife are eight figure sellers and he’s also the co-founder of one of the fastest growing Amazon software companies called Data Dive. He’s also speaking at Seller Summit this year. And so if you’d like what he has to say today,

02:29
you can get Brandon in person and live in Fort Lauderdale, Florida on May 23rd. in this episode, we’re actually going to learn the story about how Brandon became an eight figure seller and the latest strategies regarding Amazon SEO. And with that, welcome to show Brandon, how you doing? Oh, thanks for having me, man. I’ve been looking forward to this for a while. The funny thing is

02:53
You were probably maybe the second podcast or third podcast that we ever discovered when we were building our e-commerce brand, my wife and I. And you were by far her favorite host by the in-depth questions you’d asked, the fact that you were practicing what you were preaching, the amount of marketing you were doing. And I think if you remember correctly, the first time that I met you, she was with me and she was starstruck. I told you that you were…

03:22
She was afraid to even talk to you because she’s such an introvert. But we’ve hung out at a bunch of events since and at your event last year. And you know, it is you’re like a celebrity to us. I’m trying to remember when I met you in person. Was it the mini chat event or the mini chat event may have been the first one or it was your event. I came to your event in 2018 maybe. OK, yeah, maybe maybe that was the same year actually. Yeah, yeah.

03:52
Cool, yeah. I managed to get a ticket because you were sold out, you sell out every year. People listening think that that’s sales gimmick, but the reality is once you’re done selling your 200, 250 tickets, you cut it off because you want the event to be small and intimate and the sellers to really get to know each other, which is awesome. But a lot of people will say, oh, only a few more tickets left, and then they just keep opening up and make the room bigger. You don’t do that. So I had found out about your event and I live in South Florida.

04:21
So I wanted to go really badly and I had a friend who couldn’t make it. So I had to get his ticket transferred to me last minute and he had bought a mastermind day and I was in Brad Moss’s room. That was the first time I met Brad Moss. yeah, that’s right. Yeah, yeah. He’s absolutely brilliant. Former Amazonian, helped create the Amazon seller app. Like the quality of people that I met.

04:45
When i was there for the first time just blew me away and i wasn’t expecting anything less but it was even more than i like it was just incredible So thanks brandon. You’re too kind In other words come hang out come meet, you know Come meet us and and meet all the sellers the high quality sellers and everything. I hope to see you guys all there for sure It’s funny. Uh brandon and I we were just talking about events because brandon just held his event, which was amazing

05:11
And we were just talking about small events don’t really make money. We’re doing it really for the community. The reason why we do these things. Yeah, I actually lost money at my event. It’s not I’m not even doing it to make money. I did not lose money next year. I think I think the the way that we did it was amazing and and intimate. like I got a lot of inspiration for the way from the way that you run yours. So it was fun. Cool.

05:40
Yeah, it’s not very profitable. I’m curious. I’m pretty sure a lot of people don’t know your origin story, at least the listeners in my podcast. Like how did you start selling on Amazon? And did you hit eight figures before you started going to the software and that sort of thing? Yeah, so we did hit eight figures before we started developing the software. But we started in 2015 with Arbitrage. We, we

06:06
We were listening to Scott Volcker’s podcast, like when he was really getting into private label and reselling and we were listening to a couple other people. We had just discovered what FBA was and my background in business, I said, man, FBA makes such an amazing opportunity to make a scalable business because the hardest part of running a business is the overhead and the cost associated with the overhead and they don’t.

06:34
they take care of all that for you. They let you leverage the billion dollars of infrastructure they have. And I don’t have to buy a warehouse. I don’t have to pay for boxes or anything. So I said, all we have to do is find things that sell and just keep sending them in and we can build a really big business. And so my wife and I decided to give that a shot and we, we, it almost seemed too good to be true. So I think we just went to a store. We had found out what app to get to, to scan something and we sent it in and it sold within a two days of checking in. so.

07:03
We looked at each other, said, what else can we sell? And in my background, my family owned a wholesale construction supply business. So I, I reached out to my contacts with DeWalt and Milwaukee, Makita, and we started wholesaling tools. We also found some opportunities with liquidation. So we found pallets of returns from T-Mobile where most of the goods were still brand new in the box. And so we were able to like, you see these giant pallets that would come in with a thousand items on them. And.

07:33
you know, a third would be trash. A third would be used that we could sell on a third, you know, would be brand new and, and sellable. People were actually buying them. And so we were, we were buying these pallets. We were buying tons of tools and we had a couple skews start to get blocked. Kate Spade became a gated brand. yeah. The Waltz became a gated brand and those were huge parts of our business at the time. And so with, with my wife being from China,

08:03
I said, why aren’t we doing private label? We have such a huge advantage here. You speak the language, like you have family there that can help us source. We can, we can figure this out. So in 2016, we hopped on a plane and we went to Canton and we picked a few products that were in the same vein of what we were doing in electronics, which turned out to be a mistake because it ended up being such a competitive niche. But we definitely learned by jumping into the deep end and learned from failures, learned from some successes.

08:33
and built it up. I’d say we did one million, then three million, then six million, 12 million, and then this last year we did 22 million. Nice. You know, it’s funny, you were just talking about overhead, like we just bought our own warehouse. Like, just ended our lease on our warehouse. Oh, did you really? Yeah. Congratulations. I went the other way. I had that option and I was like, renew my lease or just

09:03
Just outsource all the three PLs. I said, I don’t want to travel, come back to a messy warehouse. So it’s funny is I always optimize for low stress. And when I have everything under my own roof and control, that allows me to sleep better at night. Because I’ve had friends who have had nightmares with three PLs. Oh, OK. I find it the opposite because like finding it was was partly from finding like employees that would.

09:28
you know, basically receive the packages, inventory them correctly, quality control them correctly, store them, make sure they were labeled, had a cycle count every month. That’s all I wanted, right? Like just want things being received and put away. And it became overwhelming for the people we had helping us. I didn’t… That was stressful to me. Coming back and seeing a messy warehouse and not knowing what was in it.

09:57
Far more stressful than than than that can be stressful to out of sight out of mind, right? So so what we do is our biggest brand is a toy brand and I found an amazing not for profit that, you know, helps underprivileged families or poor families with underprivileged kids and they receive all of my returns from my toy brand. Give me a ticket for everything and then they quality control.

10:25
take out anything broken, throw it away, whatever. And what I’ve found, not only this is good for business, but it’s also good for them, is that things I would normally throw away, like something that’s open or the packaging is damaged, they’re breaking it apart and the parts become their own little toy that they can give out to little kids. Right? So, like a tool kit, for example, that I might, like I sell, the toy hammer is still good. It’s still a little tool that, like a toy that a kid might want.

10:55
And normally I would just chuck that in the garbage bin, but they’re able to use a lot more of it than I thought they could. And then I don’t have the overhead of having someone quality control it and get less of a write-off also. So it works out so many different ways and we get to help so many families. We ended up helping over 6,000 families last year. That’s amazing. How did you find this, Thrupeel? No, it’s the not-for-profit itself that has a warehouse.

11:21
Oh, got it. Got it. We said everything there and then they scan in the Amazon slip. That’s amazing. That’s it. That’s amazing. That’s amazing. I am curious. How many skews do you have? We depending on the holiday, it teeters between 250 and 300. We added about a hundred and 150 products almost last year. Wow. OK. And we’ll probably launch about the same this year.

11:52
So you have SKUs that just kind of come and go. Yeah, we do a lot of seasonal, a lot of holiday because our biggest brand being toys, we don’t want Q4 to be so heavy on us that, you know, everything’s a build up. It’s from a cashflow perspective, a risk perspective. It’s just really difficult. So we’ve added Valentine’s Day, 4th of July, tons of summer stuff, Halloween, you know, so it kind of, it levels out the year with bumps in those holidays.

12:21
It’s a little bit harder from a product development standpoint like our team has to put a lot of these Packages and toys and toy development together, but once we’ve done it a few times. We kind of see what works what doesn’t and it helps So I get a lot of questions from people asking me about what the margins are like on Amazon now So I was just kind of curious what your margins are like and what’s acceptable to you. Oh, it’s it’s it’s low

12:48
No, the reality is I’m one of the few people that’ll tell you the blatant truth about it. Margin compression crushed a lot of us the last couple years, especially when containers went to 20 grand. Well, they’re back to normal now, thank God. Yeah, thankfully, right? Like 2000 is a big, big thing. But the cost of plastic is still up 50 % or whatever, right? That’s correct. you still have some product costs that are higher.

13:11
there are sellers that are just okay selling at a smaller margin. And what we found is we’re pretty aggressive in that way. Tacos, so to explain tacos really quickly, like your total advertising cost over your total sales, people call that your tacos. So that would be like the percentage of your revenue that you spend on marketing.

13:34
And our tacos went from an average of like 11 % to maybe 16%. So that’s 5 % off the bottom line right there. And then the additional costs that we were talking about. And launching is always more expensive. So to give you an example, last year during March and April, as we were launching a bunch of summer products, we actually lost money.

14:02
And then we had single digit months a couple times throughout the year, single digit margin months, and that’s that’s after everything that’s that’s after like overhead and one time costs that you would normally get added back like from marketing and launches and stuff. But Q4 is where we make it up so we we will purposely stick with a skew that we know is tight throughout the year. You know 1520 % margin.

14:26
because we know that Q4, it’s gonna be 30 % or 35 % and sell five, it’s basically six months and three or six months and two. And so we’ll stick with it. But yeah, for the most part, you have to lower your expectations and make sure you’re getting an accurate landed cost and really, really factoring in the marketing that you’re gonna have to do, not only to launch the product.

14:53
but to maintain the growth and grow it, grow it and then maintain the position that you wanna have, like the market share you want. You have to spend in order to stop someone else from taking that market share. And unfortunately, PPC is the most effective way to do that. So you just have to spend dollars on marketing. That’s why I was just curious. mean, for products that you’ve launched and then you don’t sell anymore, that’s kind of like a hit, right? A lot of this is an investment in the listing, right? Yeah, for sure.

15:21
I’d say that we make money about 70 75 percent of the time on a product Yeah lose money about 25 to 30 percent of the time Maybe that’s up a little bit from where it was two years ago three years ago when the hit rate was better But that that accounts all of the products that you just discontinue and I’d say we used to reorder about half of the products that we launched now It’s probably 40 percent. It’s gone down where just doesn’t make sense doesn’t

15:50
You know, maybe the design wasn’t as good. The conversion rates, not great. We, know, the competition came in too harsh, whatever the reason we, we only reorder maybe a 40%. But the other 40 % that we don’t lose money, it’s because we can get our money out of it, but it’s going to take six months instead of the two or three we were expecting. Yeah. Yeah. That’s actually, was getting at like, how do you see the landscape on Amazon this year and going forward?

16:19
So it really depends what happens with the economy, I think. But I see Amazon continuing to grow overall from a overall revenue perspective and as a percentage of overall retail. So I think that even if the economy tanks, which it looks like we’re going to have a softer landing than people expected, is the talk around from experts that I I listen to simply because of this last jobs report.

16:49
Um, you know, being 500,000 as opposed to the a hundred thousand they expected, uh, they, they feel like, uh, maybe it won’t be as bad, but even if it does pull back, I think that there will be certain niches that you should avoid like travel and luxury goods. Right. But I think that there will be plenty of products that do well and will continue to grow. Uh, and I think Amazon’s just the clear cut favorite for us. Like it’s our main marketplace.

17:19
because of the ease of the logistics and supply chain, because of the leveraging their overhead, and because we’ve really solved their ranking algorithm, we can really do the product research and have a very high success rate.

17:36
My first book, The Family First Entrepreneur, just debuted as a Wall Street Journal business bestseller. And not only that, but my book was also featured on a billboard in Times Square during the launch. I am literally in awe right now. I’ve also enjoyed all the incredible reviews of my book that have been coming in from readers all over the world. Now if you’ve not picked up a copy yet, there’s no better day than today. It’s available at Amazon, Barnes & Noble, and anywhere books are sold. Now if you’re curious about what The Family First Entrepreneur is all about,

18:05
It will teach you how to achieve financial freedom by starting a business that does not require you to work yourself to death, because you can in fact achieve financial success without being a stranger to your kids. You can make good money and have the freedom to enjoy it, and you definitely don’t have to work 80 hours a week and be a slave to your business just to make it all work. I will teach you how to start a business from the perspective of a parent who makes both business and family work. Not only that, but I made it a no-brainer to grab the book.

18:33
because I’m still giving out $690 in free bonuses. And here’s what you get. Instant access to my three-day print on demand workshop. And in this workshop, I teach exactly how to get started running a print on demand e-commerce store and provide you with a free website theme as well. You also get access to my two-day passive income workshop where I’ll teach you how to make money with blogging, podcasting, and YouTube. Go to mywebcoderjob.com slash book and are seeing the bonuses.

18:59
invitations to book parties that I’ll be throwing all over the country and special offers. Once again, that’s mywifequitterjob.com slash book. Now back to the show.

19:10
Well, let’s talk about that. How do you do the research? How do you rank and search? And what I like about you, Brandon, is like you really can dig deep into this stuff. And I want everyone listening to understand everything too. So I will try to explain when Brandon gets too technical or I’ll ask him to explain. Yeah, I’ll do my best to give you a high level overview, but to not hold anything back. Yep.

19:39
So when it comes to evaluating a product, I think that the most important question you need to ask yourself is how are the current sellers making their sales? So that’s the million dollar question in my mind. And so that was a question that I figured out when I was really just thinking deep on a failure we had. And I thought to myself, why did this product fail? And it really was because I didn’t

20:09
And I’ll tell you what it was. It was like a lighted Lego type set, like a brick set with lights in it. And I really was like curious why I couldn’t sell this thing. It was such a cool toy. I enjoyed it. I loved it. The designs were awesome. And like we put a lot of effort into the artwork and like the product kind of sold itself. Like if it was sitting in a store, people would love to buy it, right? And there’s a similar brand out there that people do buy. Like if, but it’s in Barnes and Noble and Toys R at the time and stuff.

20:38
And so was like, OK, well, we could do our own version of that and it should do great. The reality was there weren’t a lot of keywords like lighted bricks is not a keyword. I couldn’t use the brand name of the competitor that was in the space and I definitely couldn’t use Lego. If someone searches for Lego, what I figured out is that they want Lego. They don’t want Brandon’s bricks or whatever, right? And so that what they were called. No, they were not actually called Brandon Bricks, but it was just as an example and.

21:07
So I really thought about it I was like, okay, so the first thing I need to do is figure out how are people buying these products? How are the current sellers getting their sales? And then not only that, the next level question is, can I duplicate that? Can I do a better job than them? Are they all doing a good job? And so once I asked myself those questions, I started to figure out that I needed to put this in some kind of matrix. And so what I would do is at the time I had seller tools and I had viral launch,

21:36
And I would use seller tools for like the, they were the reverse ASIN and then viral launch had search volume that was accurate. And I would kind of V look up and try to figure this out and then put the competitors. And then Cerebro came out with Helium 10 and I could pull like one competitor at a time. And then they opened at the 10. So I could pull 10 at a time. So I’d pull the raw data.

22:03
I’d put in a formula to match, like to count how many of the competitors were ranked for each keyword, which to me is just a simple way of figuring out relevancy. Like the, if I choose the best competitors or best sellers of a niche, the more that are ranked good for a keyword, the more relevant that keyword should be. Just simple logic. And so we did like a count it formula and then we started playing around and sorting with search volume. And, and so this whole process of really digging into a product to

22:32
see what the relevant keywords are, how many, was then, then I was counting how many of those relevant keywords each competitor was ranked well for. Then I was counting, adding up the search volume and adding and figuring out how, what percentage of each, what percentage of search volume each competitor was ranked well for. And I was really getting a good idea of not only what keywords were driving sales, how the current sellers are getting them, but how good they are at Amazon.

23:01
And then I could figure out based on how many keywords there are, what the opportunity is, what the risk is around doing the product. And I really started to figure out this way of formulating through data, how to evaluate a potential product. Let me ask you this, Brandon. I know, cause I run a class myself, sometimes someone will come to me with a product and they’ll be like, Hey, this makes so many sales. And I look at the keywords and

23:29
there’s not enough keyword volume to justify those sales. And it turns out it’s some like TikTok sensation or someone, some blogger wrote about it or something like that. How do you factor that into account in your numbers? So when the, the, amazing part is that the story needs to make sense. And so there’s several things to look at. And by the way, like, like this is all of that manual work is what I taught and did in my own business and then taught my students for years.

23:57
And then until until we kind of create a data dive to make it instead of like that hour long two hour long process of putting that data into a sheet, a master keyword list data dive now does it 90 seconds. But what that also allows you to do is to find the whole like the inconsistencies in the story that you’re talking about. OK, so we have a seller that’s the like the second best seller. Let’s call him the first best seller because they have this big outlier, but they’re only on 60 % of the search volume that drives sales for that product.

24:26
Now we look at outlier keywords and we see, there any branded search terms? Are there any generic search terms that they’re ranked really well for that no one else is ranked for? So maybe, maybe they’re like number three for toys for four year old girls. And that’s 140,000 of searches a month. And no other seller can duplicate that, including you when you want to do it. So that needs to be backed out. And now the story kind of makes sense. But when you have a TikTok sensation,

24:54
What you’re going to generally see is you’re going to see keywords in the outliers that they’re ranked really well for that have decent amount of search volume around their branding and around like just descriptive words around that product that may have been used in the Tik Tok video. And a really good example of that is there’s an aggregator named branded that they’re really good at Tik Tok and they have a garlic press that’s in the shape of a vampire and

25:22
When you do a garlic press dive and you look at the 20 best garlic presses, theirs is one of them, but you see vampire garlic press, you see Dracula garlic press, and then they have like a new, like a branded name for it. Then they have the brand name for it. And all of those have search volume in the thousands. So people are going on TikTok and seeing this product and seeing the ads that they’re running, the viral sensation, and they’re like, oh, I didn’t remember, the brand name’s really hard to remember. It’s not a very good brand name.

25:52
But still, so what they’re doing is then they’re going and they’re searching for vampire garlic press. And so now the story makes sense, because you can see it in the data that somehow they’re still getting those searches. And it makes sense that their sales kind of match to the search volume that they’re ranked well for. What about affiliate links? Yeah, so affiliate links would be difficult to detect because it’s going to be.

26:20
It’s going to be outliers, right? Like so let’s say you’ve got the third and fourth and fifth best sellers and the third best seller is at 800 sales a month. 60 % of the search volume and then the fifth best or the fourth best seller. The next guy is at. You know 400 sales a month, 68 % search volume, so more search volume, less sales. Rank as long as the ranks are similar across the keywords.

26:47
then that would indicate that they’re sending outside traffic to me. That’s like an affiliate link. That’s, uh, that’s some kind of outside campaign where they’re driving traffic from outside of Amazon. And so that’s the missing link is generally when, when the story doesn’t add up, the branded search terms aren’t there. Those, uh, those, those outlier keywords with like generic keywords aren’t there and they just significantly are better with similar keyword ranks than it makes sense. The only place that you’ll see sometimes, uh, where

27:16
one seller will significantly do better with similar search volume is if their keyword ranks are in the top five top three for most of the keywords and the guy next to them with similar search volume are top 10 top 15 top 20 just because the higher up you are on the on the search results you generally will convert better so you’ll make more sales. Right let me just summarize what you told me just for the listeners just in case they’re lost so when you decide something that you want to sell you look at all the top guys

27:46
and then you map out all the keywords that they’re ranking for in a table that you can compare. And you’re looking for outliers and you’re basically just trying to figure out where all the sales are coming from, essentially, right? Yeah, you’re answering the question. It’s like, why is this guy getting 600 sales a month? Well, if you knew all of the keywords that they were ranked on and you knew the search volume of all of those keywords and you know the position of them,

28:11
And then you then you basically lay that out next to the other 19 best sellers. All of a sudden you have a complete picture of the niche. Right. Or 98 or 99 percent of it. Right. So assuming you have all this data in a table, what is your criteria for determining whether you should go into it or not? Yeah. So I look at the competition. I look at the general opportunity. the low hanging fruit is going to be ROI and budget. So.

28:40
Step one would be understand your own business requirements from a risk perspective and from a budget budget perspective. Getting into a product that’s going to require a lot more capital than you have is the fastest way to light your money on fire. If you find a niche and then you evaluate it and you see that, you know, the the third, fourth, fifth, sixth guy, seventh guy, best sellers, right?

29:06
of this product are ranked between 60 and 80 % of the search volume and they’re selling an average between them of 1,000 units a month, so 30 something a day. And it’s a $5 to land product, total landed in, all in. With marketing and enough money to reorder, you’re looking at needing at least five times 30 a day, so that’s 1,000 units.

29:35
So that’s $5,000 times three months is 15,000 for three months of inventory. Then you wanna have double that budget for your next order and for marketing expenses. So you need $30,000 to do that. And what’s interesting, mean, if you take a look at this, I don’t know if I can share really quickly. I know it’s not gonna translate to audio, but I wanna show you so maybe you can explain it in better terms. But before you open that up, those dollar amounts,

30:06
That’s assuming you hit the front page. That’s what you would need to keep up, right? With the sales. So the way that we write our listing and the way that we send signals of traffic, you should be on the first page of, like I said, 60 to 80 % of the surge volume within the first week of launch. So that’s assuming you preserved your honeymoon. You wrote your listing. You want to define all that, first of all, just in case people don’t know what your time is. Can you define the honeymoon period? Oh, yeah, yeah. So.

30:35
When you first launch a product on Amazon, honeymoon periods one of most important things. So when you first launch a product onto Amazon, they have no idea what this product is. And so they’re relying on two things for rank in order to understand honeymoon. You kind of need to know the algorithm. The algorithm relies on performance times relevancy. So the performance piece is going to be your click through rate, your conversion rate and your revenue. And so.

31:02
the day that that product goes live in Amazon’s catalog, just because you created the listing doesn’t mean it’s yours. It’s in Amazon’s catalog. It’s not your product. Even if you have brand registry, you control it. It’s still theirs. And so the day it goes live, it starts to accumulate history. And if you don’t have inventory in stock for three months after launch, it’s accumulated a lot of zeros, right? And so in order to prevent that from happening and to hit the ground running, you want to preserve that honeymoon period, that first 30 to 60 days.

31:32
where Amazon’s kind of figuring out where you belong. And so you want to put the launch and start date into the future, maybe a year out when you create the listing. And so you won’t really populate much into the listing typically, at least we don’t, but you’ll put the bare minimum and then the product will get shipped. It’ll get on its way and on the boat. And then the day before you launch the product, you can populate the rest of the content.

32:01
and you can move that launch and start date to that day that you’re launching and then it will go live in Amazon’s catalog. So in other words, if you had created it and preserved the honeymoon correctly, you click on it in your inventory tab, it’s going to lead to what they call the Amazon dog pages, which is this URL can’t be found. And it shows you a cute dog that someone that works at Amazon owns. Yep. And if, but if you see your listing there with like the bare minimum you would put in, then your honeymoon already started.

32:30
and you’re accumulating negative history. But assuming you hit the ground running, you wrote your listing to maximize rank potential because you wrote the keywords in the right order, in the right format, in the right match type, and in the right spots. And then you turn on the right PPC campaigns for launch, which would be targeting all the highly relevant ones, being very aggressive, sending a lot of signals, traffic signals, add to carts, getting add to carts and conversions and everything.

32:58
that performance piece that Amazon loves to see, then you should rank on the first page for hundreds and hundreds of keywords within the first five to seven days of launch. Very consistent if you do it in the right way. Doesn’t that depend on how competitive it is? So what was your criteria then for figuring out whether you could even do that or whether that was possible? I mean, it’s not always a matter of money, right?

33:22
So typically what you’ll see is like on the first page, what do you have 35 to 45 competitors depending on the layout of the page? Yeah, I’d say even in highly competitive niches like I’m not talking about like vitamin C serum, right? Like that would be like the top. It would be very, very competitive. Not a lot of keywords for it. And people throwing millions of dollars at it, right? Because they’re playing the LTV, the lifetime value game versus the make money on every unit game. So.

33:51
But even in there, the 21st through 35th best sellers are beatable because they’re not gonna be ranked for most of the keywords. They’re not gonna be converting highly. They’re gonna be sending the wrong signals. Their images might not be as good. You should be entering the market with highly converting images because you can test them in advance with PickFu or whatever service you use. could be, you can definitely.

34:19
do the homework in advance to make sure that your design, your product has enough value and is in the right price point to where it should convert. And you should launch at a slightly lower price. That’s our launch strategy. You can use a big coupon instead if you’re gonna run frequent lightning deals or something. But typically you’re just gonna outperform those 20 through 40 anyway most of the time. So when I say jump to the first page, you’re like 15 to 20 for most of those keywords pretty consistently because

34:46
you have a highly converting listing and it’s really strong signals on what you’re selling. So how do you quantify the strength of the listings that you’re going up against? Like what if those in position 20? Yeah. So it’ll be like, do they have infographics? Like are there images really well lined out? So in Data Dive we have a tab called Deep Dive and you can see their sales over the last couple years.

35:14
the trends, you can see how many variations they have. can actually hide, there’s a button, like a drag down to hide the details. And what it’ll do is it’ll only show you their content. So you can see how good their images are. When you start seeing most of the sellers with multiple variations, they have, their second image is about like the benefits of the buyer. They have infographics, they have good lifestyle images that are clearly not photo, like that don’t look.

35:43
you know, obviously Photoshopped, they have A plus content. That would be a more developed niche from a content perspective. Combine that with analyzing how good they are at the keywords, ranking for the keywords, their price point, and whether that leaves you an ROI if you have to compete on price, then that’s kind of how we would evaluate the niche. Okay. So the strength of the listing is a little bit more subjective, right?

36:12
Yeah, strength of the listing would be subjective based. It’s more of just a checkbox. Are there images good and clean? That’s that’s pretty subjective. But do they have a plus content is like a yes or no? Yeah, do they have? Do they have infographics that’s a yes or no? You know, you’ve seen it many times where there’s certain niches where people just have the same. They have like eight product images just from different angles or whatever.

36:38
And that’s not gonna be very sophisticated or tough to beat. Okay. And this is under the assumption that a lot of those guys aren’t doing a great job with their keywords. Yeah. SEO is where you crush them, right? So that’s the most reliable way to beat them. Okay. I’ve seen it many, many, many times where people have the most gorgeous listings, but they’re just not ranked really well because they didn’t do a good job with the SEO and the launch. And I feel like they could do a better job. Like,

37:08
I would love to hire them as a product development person, but they need that training on the SEO side. Okay, let me ask you this question then. If you just use a reverse ASIN lookup tool of the top best sellers and just added those keywords to your listing, how is that different from what you do? So you need to know which ones to prioritize. So we use a formula.

37:32
We take all of the data based on how many of the competitors are ranked well for those keywords. like that’s the relevancy formula. We factor that in and we factor in the broad search volume of the different root words that are found within that data set. So if I can explain that in another way, it would be like there’s 400 keywords. What are the repeated words and phrases that you can pull out of there? So if I was looking at a diaper bag,

38:02
diaper bag backpack out of 400 keywords might show up 200 times. And baby bag might only show up 34 times with 50,000 search volume. So prioritizing the correct phrases in the right order and the right match type and figuring out what words to put in requires a much deeper look into the data. Okay. So just for the listeners out there, when you create an Amazon listing, there’s only so many characters that you have in the title bullet points. So

38:32
It’s a matter of prioritizing what you put in those to make the maximum use out of those characters that you have. Correct. And not only that, Amazon gives you more credit or less credit depending on where the keyword is and what the match type of that keyword is. So if I wanted to rank what a mistake a lot of people make is that they’ll try to stuff a bunch of words together to make a bunch of different keywords.

38:57
And so they end up with all these broad matches where instead of diaper bag backpack, it was backpack for, you know, diaper bag. And so the words are there, but they’re out of order. You’re only getting 30 % credit towards diaper bag backpack, which is probably the biggest keyword for you. And you didn’t know that you thought you were going to get a hundred percent credit. And so, and, then match type, uh, that’s the match type and then where you put it. the title, the beginning of the title is worth more than the middle of the title.

39:26
The beginning of the title is worth more than the bullets. The bullets are worth more than the backend, some of the fields in the backend. And the backend is worth more than the description. Meaning that when there’s an action, anytime someone clicks on your link, like your product, like there’s an impression, anytime there’s a click, anytime that someone even looks at your bullet, like your reviews, anytime someone adds it to cart and abandons the cart, anytime someone converts, all of those actions will trigger a certain amount of credit

39:56
to all of the keywords that you’re trying to rank for. And the only way that Amazon can distribute that credit is based on, and allow you to tap into it, is based on how you wrote the listing. Because that’s how they establish relevancy. All right, so just to summarize for anyone who’s listening out there, when you’re putting together a high converting listing, there’s like a lot of variables in play. So what Brandon was saying was,

40:24
the phrases that you choose and in what order the words are all matter and it just becomes a prioritization problem. You can’t just stuff all these keywords in there. You have to do them in the right order and you have to put them in the priority that you want because the position those words are in actually matters. Correct. the million dollar question then. So in order to solve how to do that we had to put a quantifiable score to it. Right. And that’s where the ranking juice score that we created comes from. So that when you write your title

40:54
You’ll get a score and we analyze all the competition that you selected too. So we actually tell you their score and then we show you show you what your score is. And then we show you on the data set all the root words and phrases and all the keywords exactly what you have hit and what you’ve missed and in what match type you’ve hit it or missed it. OK, so walk me through data dive now. So data dive is Brandon’s tool.

41:24
that can be used to optimize the listings. So if I pop in my listing, let’s say, and then you’ve already pulled like the top 20 in there, will your tool tell me what I should populate in the title and the bullets and the backend keywords? So that’s the fun part is when you already have a listing that’s selling and you wanna know what you’re doing right and what you’re doing wrong, so you would do that dive with 19 other best sellers and you.

41:52
No matter if you’re the 50th bestseller or you’re the 15th bestseller, you want to include your listing and what you’re going to be able to see very quickly is when you prior when you when you sort by search volume or you sort by relevancy, you’re going to see your ranks for all of those keywords and then you’ll start to see patterns in those keywords and so you’ll start to see an example that I use sometimes, which is super fun and obvious, is the garlic press. Everyone’s favorite, right?

42:21
It’s been used a million times. He started that. Yeah. So, uh, it’s so funny. Yeah. He’s the originator. Yep. To this day, Oxo and KitchenAid, $2 billion brands are terrible at Amazon, right? They sell a ton of units, but they’re not good. And so why, how can I dare say that they sell a ton of units? They’re very good, right? Well, the reality is

42:50
If you look at KitchenAid’s listing, you’ll see that they don’t ever write the term garlic mincer into their listing. And so I didn’t know before I did a dive on garlic press, I was like, it should be fun, everyone’s used garlic press, let me just use garlic press to see how it looks. garlic mincer is the second most searched way of finding a garlic press. They call it a garlic crusher, that’s the third best, right?

43:18
Now it’s not, it’s like four to one. It’s like garlic press is by far the best. And then if yours has a slicing feature, there’s garlic slice or two. So it goes down, there’s several roots. We call those root words different ways of calling this product, right? And so we like to find products with a lot of different root words because we have the advantage of being able to find them, right? Whereas most people don’t and they just guess. And so they just call it whatever that is. Whatever they call it is what they assume everyone else calls it.

43:48
If you look at their ranks, KitchenAid is ranked in the top five for almost every single keyword relating to garlic press. But they’re ranked between 25 and 45 for any garlic mincer keyword or any mincer keyword. And the reason is because Amazon’s algorithm is not quite sure if it’s relevant. They’re probably running PPC at garlic mincer and performing okay. They’re probably…

44:17
building up a lot of credit in the bank, but Amazon has them in this maybe zone of 25 to 45. That’s what I call the maybe zone. And if you look at their listing, what they say is crushes, menses and slices garlic or something like that. So a garlic mincer is very different than menses garlic. Very different use of the language, but similar.

44:45
And so that’s enough for Amazon to say, OK, maybe it’s a maybe it’s similar. Maybe it’s a type of product, but I’m not sure. So I can’t rank it in the top of page one because I have to be very sure with my relevancy score in order for Amazon to reward you and say you deserve to be one of the top performers. So those three there’s three garlic mincer keywords with a combined I don’t know, 30 or 40,000 search volume that if they simply rewrote their title, they have they don’t use their whole title either. It’s terrible. But if they just wrote garlic mincer into their title, they would immediately have an uptick of.

45:14
25 to 40 % in sales. Crazy, but that’s the type of incident like that’s the type of insight that we could see by looking at that that matrix because we color code it too. So yellow would be like areas of like low hanging fruit of areas of opportunity and then you know green is you know wide open like there’s something wrong. You’re not ranked at all. You’re not index like you gotta fix something. There’s something major going on. It’s a huge area of opportunity, but the yellow is.

45:43
You know, like you’re almost there and and so what I did is when I sorted by search for him, I saw yellow and I was garlic mincer keyword. It was maybe garlic mincer at the top and then I I saw another yellow and it was a mincer keyword and then I saw another yellow and it was a mincer keyword. But everything else they were ranked top five and I’m like they’re crushing this. You know, no no pun intended. They’re actually like, you know, really good at this niche minus that phrase. They just they didn’t hit it so.

46:13
I don’t know if anyone listening works for KitchenAid, but you guys could do a little bit better. Nice. So this analysis sounds like it takes forever without this tool. Without the tool. Because I’ve seen these spreadsheets that you’ve shown me, right? Yeah. If I were to populate those by hand. Hours. Yeah. Yeah. Yeah. Yeah. OK. The entire premise was like we do on one end, so we learn from doing ourselves.

46:40
Right? Jennifer and I like to equate our businesses, our three businesses to like a three legged table. You know, we got our brands where we learn and ourselves and we do. And then we have seller systems where we teach what we learn. And then we were lucky enough to have a partner that can automate what we teach into data dive into. And then our team gets to use data dive. So we have a beautiful flywheel where all the tables reliant on each other and.

47:08
It saves you hours per day per employee for sure. So in your method of picking products, Brandon, the number of reviews doesn’t matter. I don’t really care about them as much as the other factors. Okay. Lows people away. Like I think that people cringe when they see a bunch of your views. Yeah. But if everyone’s bad at Amazon, then I’m just going to beat them on SEO. I’m going to be ranked higher than them for more search volume and more keywords. So.

47:36
I will convert higher than them as a whole than they will. What’s interesting about the way you do things is it doesn’t take into account like social proof, right? Like if I see like a thousand reviews, I’m probably gonna buy that one. Or if it has Amazon’s choice, is that all factored in there too? No, not as much like for my decision making process. Yeah.

48:04
So we give a negative score if the top like six or eight of the top 10, you know, have have more than a thousand reviews, right? Because once you hit four digits, it’s much bigger than three digits. It’s psychologically. So. This is your exact line of questioning around how to to how to like figure out whether a product is good or not is why I created a scorecard to give a quantifiable score.

48:34
for a product based on all of these different factors. Because the biggest question that people were asking is exactly like you. They’d say like, all these things look good, but they have all these reviews, right? Like, that’s a bad thing. So how bad is bad and how good is good? And so what I did is I started to put together a scorecard with a quantifiable score between 50 and 250 positive, and between 50 and 250 negative. And like, if everyone has…

49:03
like the top six or eight people have 1000 reviews or more than it’s probably minus 100. That’s not a good thing, but it’s not a deal breaker. So it’s still a negative. So at the end of it, when you count the ROI, you count the, you know, the keywords, the profitability, the opportunity to differentiate the opportunity to add value through smaller packaging to reduce your costs with on fulfillment.

49:29
Like there’s a lot of things that you can maybe add value in that are positives. Once you add up all of those scores, plus or negative, then you’ll have a quantifiable number that will tell you is this product good or bad. And then people are like, well, got this product, got a score of 250, should I do it? And I said, okay, do 30 products and then you tell me if 250 is good enough. And what ends up happening is like the more you look at, the cream rises to the top, the better it’s just gonna get.

49:59
you’ll end up finding something that’s worth getting samples on at least and then maybe move forward with. So everyone listening out there, like go check out Brandon’s tool. Like every single Amazon tool that I’ve ever used, I always ignore that niche score. You know what I’m talking about, right Brandon? Yeah. It’s always completely bogus and yours is the first where the number is actually meaningful because the data, there’s data behind it and the data is visible.

50:28
It’s not just this like magic number that’s displayed in There’s no black box. You have to fill it out. We haven’t automated that part yet. There’s going to be certain things eventually that will start to check some of those boxes for you. But we’re really early. Most people listening don’t know. We launched out of beta less than a year ago. And we’ve got 2,000 paid users and growing. But we’re…

50:51
We have a team of 25 on the programmer side because we just want to keep adding tools and value and making it better every day. But yeah, it’s not automated yet and it’s not a black box tool. You’re going to have to fill it out. But you’ll get a quantifiable niche score. It’ll be a real score based on real information and you’ll be pretty confident when you fill it out whether you should do the product or not, I think. Exactly. That’s what I like about it because

51:18
The fact that it’s not a black box, and there’s always nuances, right, that you need to take into account, which is what real life is like when it comes to deciding what to sell. Brandon, where can people find more about your tool? So datadive.tools, that’s the homepage. You have a Chrome extension, and I’m proud. I waited to get on a call with you, with your good friend. We just had a partnership with Jungle Scout. Nice. With Greg.

51:48
Now you don’t need any other subscription to power it so you can just download it and start using it and I believe you have a Discount code for your listeners as well. Okay. Do you remember what it was? What do you always what is your code usually? Let’s just make it my wife quit my wife, but I’ll have to alright I’ll go back and make sure that that’s in there, but my wife quit would get you $50 off per month so

52:14
Immediately you can start using the tool. There’s some instructional videos. There’s a free master class to look at how we do the product validation on seller-systems.com. Watch that three hour master class. It’s free. It’ll walk you through the data. It’ll walk you through the product validation and how we find and how we validate products and then how the tool works. And if you guys, I have a lot of people in my class who always ask me, hey, should I sell this product? Should I sell this product?

52:43
I usually go in and I don’t have like a super quantifiable method. Like I have like the eyeball test. I look at all the competitors and you know their images. But what would be really nice is to just give a number to it. Yeah, getting a number to it and then pulling all of even, even to use your eyeball test, like to pull all the images into one sheet like we do with deep dive. Yeah. Makes it so much easier just to say, okay, this is a very sophisticated niche.

53:11
These guys are all doing really great content. And then if you go back to the master keyword list and you see most of them are ranked really well for lot of the percentage of search volume, like right there, you’re kind of like, this is a super competitive, higher risk product. Maybe you should move in another direction or spend another week or two finding another 30 or 50 potential products and choose one of the better ones. Cool. Well, hey, Brandon, thanks a lot for this talk today. I hope it didn’t go over anyone’s head and

53:40
It’s pretty straightforward when you think about it, right? There’s all these parameters, all these keywords, and you just gotta put them in the right order and figure out what the low hanging fruit is and whether you even have a chance. And there’s a number that basically gives you peace of mind whether you should consider going through with it or not. Thanks for having me, Steve. It was awesome.

54:03
Hope you enjoy that episode. Now Brandon is really a wealth of knowledge when it comes to Amazon and you should check out his content. For more information, go to mywifequitterjob.com slash episode 465. And once again, I want to thank Sellerboard, which is the Amazon profit software that I recommend for Amazon sellers. By going to mywifequitterjob.com slash Sellerboard, you can get 30 days for free. Once again, that’s mywifequitterjob.com slash S-E-L-L-E-R-B-O-A-R-D.

54:30
I also want to thank 180Marketing.com for sponsoring this episode. 180Marketing is the agency that I use to grow my search traffic by 4x in just six months. For more information, email jeff at 180Marketing.com. Now I talk about how I use these tools on my blog, and if you are interested in starting your own eCommerce store, head on over to mywifecoderjob.com and sign up for my free six day mini course. Just type in your email and I’ll send you the course right away. Thanks for listening.

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