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Responding To Dan Lok "How To Start An E-Commerce Business"

Published on: November 27 2022 by Peter Pru - Ecommerce Empire Builders

Responding To Dan Lok "How To Start An E-Commerce Business"

Responding To Dan Lok "How To Start An E-Commerce Business"

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00:00:00 00:00:02 yo what's going on Empire builders I got
00:00:01 00:00:04 something really cool and so for you
00:00:02 00:00:06 guys in today's video we're gonna be
00:00:04 00:00:09 actually doing a response video to mr.
00:00:06 00:00:11 Dan Locke's how to build an e-commerce
00:00:09 00:00:13 business we're gonna be going over what
00:00:11 00:00:15 he suggested you do plus I'm gonna be
00:00:13 00:00:17 giving you some additional tips on how
00:00:15 00:00:20 to make sure that your first or existing
00:00:17 00:00:30 ecommerce business is actually set up to
00:00:20 00:00:32 be successful now before we get going
00:00:30 00:00:34 guys this one announce the winner of our
00:00:32 00:00:35 last 30-minute coaching session with me
00:00:34 00:00:37 we're gonna flash your name right here
00:00:35 00:00:39 if that's you email Peter at ecommerce
00:00:37 00:00:41 Empire builders calm to schedule that
00:00:39 00:00:43 out and if you want to be a lucky winner
00:00:41 00:00:45 all you got to do is drop a comment down
00:00:43 00:00:46 below on today's video and make sure you
00:00:45 00:00:48 hit that subscribe button and that
00:00:46 00:00:50 notification bell so you're notified on
00:00:48 00:00:51 Monday Wednesday Fridays when we release
00:00:50 00:00:53 new content here on the channel but guys
00:00:51 00:00:55 without further ado let's start toking
00:00:53 00:00:57 about mr. dan Locke's video that he
00:00:55 00:00:59 released that yesterday I believe or the
00:00:57 00:01:01 other day toking about how to start an
00:00:59 00:01:02 e-commerce business and to be honest
00:01:01 00:01:05 with you I'm a damn log fan I actually
00:01:02 00:01:07 enjoy his content he said he's more
00:01:05 00:01:09 specializing in the high tiket sales
00:01:07 00:01:10 aspect of things so it was really
00:01:09 00:01:11 refreshing to see him come out with
00:01:10 00:01:13 compound how to build an e-commerce
00:01:11 00:01:14 business it was only a very short
00:01:13 00:01:16 five-minute video will link it down
00:01:14 00:01:18 below so you guys can check it out so I
00:01:16 00:01:19 feel like he didn't do it enough justike
00:01:18 00:01:21 so I wanted to do a quick little
00:01:19 00:01:24 response to expand on a few of the tips
00:01:21 00:01:26 that he gave during his video plus give
00:01:24 00:01:28 a few of my own to help make sure that
00:01:26 00:01:31 you are set up for success okay so the
00:01:28 00:01:33 very first thing that Dan toked about
00:01:31 00:01:36 with building an e-commerce business
00:01:33 00:01:37 business is conversion as king and I
00:01:36 00:01:40 honestly was so shocked when he said
00:01:37 00:01:42 this because this is so true conversion
00:01:40 00:01:44 is all that matters in your business a
00:01:42 00:01:46 lot of you spent so much time building
00:01:44 00:01:47 out these fancy Shopify stores or
00:01:46 00:01:50 WooCommerce so you spend all this money
00:01:47 00:01:52 on fancy themes and things only to find
00:01:50 00:01:54 out that your store perverts at one
00:01:52 00:01:55 point three three percent - okay now
00:01:54 00:01:57 these are numbers actually released by
00:01:55 00:01:59 Shopify that the average Shopify store
00:01:57 00:02:00 converts at one point three three
00:01:59 00:02:03 percent to give you guys some
00:02:00 00:02:04 perspective here that means let's say a
00:02:03 00:02:07 thousand people come to your site that
00:02:04 00:02:09 means one point three people out of that
00:02:07 00:02:11 hundred will actually end up buying from
00:02:09 00:02:12 you right that's a very difficult way to
00:02:11 00:02:13 scale a business
00:02:12 00:02:15 okay now how do you increase that
00:02:13 00:02:16 conversion rate right Dan in his video
00:02:15 00:02:18 actually gave a great suggestion that he
00:02:16 00:02:20 saw a lot of add to cards he saw a lot
00:02:18 00:02:22 of people getting to a checkout page but
00:02:20 00:02:24 people were leaving after that and to
00:02:22 00:02:26 add testimonials in there 100% that's
00:02:24 00:02:28 that's a great suggestion but I'm going
00:02:26 00:02:30 to tell you one step further to make
00:02:28 00:02:32 that actually work even better is to use
00:02:30 00:02:35 a sales funnel that toks about one
00:02:32 00:02:37 specific product okay one specific offer
00:02:35 00:02:39 to that specific niche that you're
00:02:37 00:02:41 targeting so for example let's say
00:02:39 00:02:43 you're selling to bass fishermen right
00:02:41 00:02:45 what do bass fishermen want to do what
00:02:43 00:02:49 is that end desire what's that result
00:02:45 00:02:50 that they truly want okay now because my
00:02:49 00:02:51 first seven figure business actually got
00:02:50 00:02:53 the click funnels two comma Club four
00:02:51 00:02:55 was in the fishing niche I know what
00:02:53 00:02:56 they want I really know what they want
00:02:55 00:02:57 they want to catch bigger fish right
00:02:56 00:02:59 obviously they want to beat their
00:02:57 00:03:00 personal records they want to show off
00:02:59 00:03:02 in front of their friends that they
00:03:00 00:03:05 they've caught their next personal
00:03:02 00:03:07 record fish they also want to show off
00:03:05 00:03:09 on Instagram their latest catch right
00:03:07 00:03:10 that's the true emotional desire that
00:03:09 00:03:12 those people want and why a lot of
00:03:10 00:03:13 people have a low conversion rate in
00:03:12 00:03:16 their storefronts is because they're
00:03:13 00:03:18 trying to appeal to too many desires and
00:03:16 00:03:20 emotions by thinking that they need a
00:03:18 00:03:22 million products right that couldn't be
00:03:20 00:03:25 further from the truth right the less
00:03:22 00:03:27 the better right if you have one funnel
00:03:25 00:03:30 piloting one specific offer highlighting
00:03:27 00:03:32 a solution to a very specific problem in
00:03:30 00:03:34 your niche that's the way to go that's
00:03:32 00:03:36 how you can win and continue to increase
00:03:34 00:03:37 that conversion rate to give you guys
00:03:36 00:03:39 some perspective when you do use
00:03:37 00:03:41 something called a sales funnel as
00:03:39 00:03:43 opposed to a as opposed to something
00:03:41 00:03:45 like a Shopify store where you're
00:03:43 00:03:47 creating all these distractions for your
00:03:45 00:03:49 customers right and just highlight that
00:03:47 00:03:51 one specific offer highlighting that one
00:03:49 00:03:53 specific huge benefit that they're gonna
00:03:51 00:03:55 get from your offer right that gives
00:03:53 00:03:58 your customer really that straight line
00:03:55 00:04:00 tunnel vision on that specific product
00:03:58 00:04:02 okay and that's where you can add into
00:04:00 00:04:05 testimonials reviews of other people
00:04:02 00:04:06 defining success using that specific
00:04:05 00:04:08 product and what that's gonna allow you
00:04:06 00:04:09 to do is actually increase your
00:04:08 00:04:11 conversion rate and to give you some
00:04:09 00:04:14 perspective a typical sales funnel
00:04:11 00:04:16 converts at 10 percent the minimum 10
00:04:14 00:04:17 percent that means 10 out of 100 people
00:04:16 00:04:19 will buy from you
00:04:17 00:04:22 right as compared to a Shopify store or
00:04:19 00:04:23 WooCommerce store where 1.3 percent
00:04:22 00:04:25 while give it 2 percent 2 percent
00:04:23 00:04:27 meaning 2 out of
00:04:25 00:04:29 hundred people buy from you right that's
00:04:27 00:04:30 no way to scale a business right you
00:04:29 00:04:33 need that conversion without conversion
00:04:30 00:04:34 your business will tank you always have
00:04:33 00:04:36 to think about how do we increase our
00:04:34 00:04:38 conversion rate to get more people into
00:04:36 00:04:39 our funnel okay now the next thing Dan
00:04:38 00:04:42 started toking about was another
00:04:39 00:04:44 interesting topic toking about his
00:04:42 00:04:46 content strategy for both organic
00:04:44 00:04:48 content as well as paid traffic right
00:04:46 00:04:50 this is something really really
00:04:48 00:04:51 important right a lot of people getting
00:04:50 00:04:53 into dropshipping ecommerce Shopify
00:04:51 00:04:55 sales funnels whatever online business
00:04:53 00:04:57 in general they think that they're only
00:04:55 00:04:59 gonna focus on paid advertising now
00:04:57 00:05:01 don't get me wrong I believe that if you
00:04:59 00:05:02 cannot convert on paid traffic you will
00:05:01 00:05:04 not you could you don't have a business
00:05:02 00:05:06 I believe Dan Kennedy said that and it's
00:05:04 00:05:08 100% fact you need to have to be able to
00:05:06 00:05:10 convert on paid traffic to have a
00:05:08 00:05:12 business because guess what your with
00:05:10 00:05:13 paid traffic you're essentially have an
00:05:12 00:05:15 unlimited audience that constantly be
00:05:13 00:05:17 coming into your funnel or your store
00:05:15 00:05:19 okay as opposed to an organic reach
00:05:17 00:05:21 where essentially you know what your it
00:05:19 00:05:23 grows much more slowly right paid
00:05:21 00:05:25 traffic really accelerates the growth of
00:05:23 00:05:27 your business now there has to be a good
00:05:25 00:05:28 synergy between the two now we've
00:05:27 00:05:30 mentioned this multiple times on this
00:05:28 00:05:32 channel right it to be passionate about
00:05:30 00:05:33 your niche to love what you do to start
00:05:32 00:05:36 a business that you actually care about
00:05:33 00:05:38 because guess what you're not going to
00:05:36 00:05:40 create social media posts on your
00:05:38 00:05:42 Instagram Facebook YouTube tik-tok
00:05:40 00:05:45 snapchat all these places if you don't
00:05:42 00:05:47 enjoy what you do right if you enjoy
00:05:45 00:05:49 what you do creating an organic content
00:05:47 00:05:50 on a daily basis even you know a few
00:05:49 00:05:52 times a week is better than nothing
00:05:50 00:05:54 right it's gonna allow you to start
00:05:52 00:05:56 building that audience there which then
00:05:54 00:05:58 creates that organic traffic for you
00:05:56 00:06:00 which you can then retarget with paid
00:05:58 00:06:02 advertising now that traffic right there
00:06:00 00:06:04 is much more warmed up it's a lot more
00:06:02 00:06:05 primed to actually buy from you
00:06:04 00:06:08 one thing to understand guys is that
00:06:05 00:06:09 that number I believe it was seven touch
00:06:08 00:06:11 points before somebody buys from you
00:06:09 00:06:13 it's going up every every single year I
00:06:11 00:06:14 believe the last time I believe somebody
00:06:13 00:06:17 actually does study on this it was like
00:06:14 00:06:19 21 right that means but consumers want
00:06:17 00:06:20 to get to know your brand they're
00:06:19 00:06:22 googling you they're looking at your
00:06:20 00:06:24 social media accounts they want to see
00:06:22 00:06:26 are other people using you right and not
00:06:24 00:06:29 just hey I just saw a Facebook ad let me
00:06:26 00:06:31 buy this right very important to have a
00:06:29 00:06:33 good content strategy for both or your
00:06:31 00:06:34 organic as well as good content that
00:06:33 00:06:36 you're putting out there on your
00:06:34 00:06:38 advertisement to bring people in
00:06:36 00:06:41 and then a sell them immediately after
00:06:38 00:06:43 that okay now the third thing that Dan
00:06:41 00:06:44 laughs toked about was inventory kills
00:06:43 00:06:46 this is so true
00:06:44 00:06:49 right I actually lost the business on
00:06:46 00:06:51 Amazon I lost $40,000 in wasted
00:06:49 00:06:53 inventory right dan said he had millions
00:06:51 00:06:56 of dollars in his ecommerce business I
00:06:53 00:06:57 was in an inventory now inventory kills
00:06:56 00:06:59 so I always encourage you guys to use a
00:06:57 00:07:01 drop shipping suppliers right
00:06:59 00:07:04 doesn't have to be Aliexpress but it has
00:07:01 00:07:06 to be a supplier that stores for you and
00:07:04 00:07:08 ships on demand for you so for example
00:07:06 00:07:10 there's companies out there in the
00:07:08 00:07:12 supplement space that will on demand
00:07:10 00:07:14 let's say it's just ship your products
00:07:12 00:07:16 right so you get an order and then your
00:07:14 00:07:17 supplier ships it directly to your
00:07:16 00:07:19 customer and then you just pay your
00:07:17 00:07:20 supplier at the end of the month or
00:07:19 00:07:23 however your agreement is worked out
00:07:20 00:07:24 okay that way you never have to store
00:07:23 00:07:26 inventory or in your own fulfillment
00:07:24 00:07:27 centers now as you scale your business I
00:07:26 00:07:29 do agree you shouldn't go into
00:07:27 00:07:31 fulfillment centers brand your own
00:07:29 00:07:32 products but you want to make sure that
00:07:31 00:07:35 you're limiting the amount of inventory
00:07:32 00:07:37 that you buy because again inventory you
00:07:35 00:07:39 can get stuck with and really you you
00:07:37 00:07:41 you can have waste a lot of money now
00:07:39 00:07:44 this goes back to that first point that
00:07:41 00:07:46 I made right focusing in on one specific
00:07:44 00:07:48 offer you do not need a lot of products
00:07:46 00:07:51 to grunts Evan and 8-figure business
00:07:48 00:07:52 okay you do not need a lot of products
00:07:51 00:07:54 to run a seven eight figure business
00:07:52 00:07:57 what you need is good compelling offers
00:07:54 00:08:00 around a handful of products now when
00:07:57 00:08:02 you do this right this will allow you to
00:08:00 00:08:04 not only not hold a lot of inventory but
00:08:02 00:08:06 it's also gonna allow you to obviously
00:08:04 00:08:07 maximize conversions and invest more of
00:08:06 00:08:10 your money into your paid advertising
00:08:07 00:08:12 organic strategies okay what a lot of
00:08:10 00:08:13 people get wrong in e-commerce is they
00:08:12 00:08:16 think that they need some winning
00:08:13 00:08:17 product some holy grail product that's
00:08:16 00:08:20 gonna make them rich that can't be
00:08:17 00:08:22 further from the truth yes the product
00:08:20 00:08:24 matters but what's more important is the
00:08:22 00:08:26 marketing and the offer that you create
00:08:24 00:08:28 around that product right guys you see
00:08:26 00:08:30 it time and time again new water bottle
00:08:28 00:08:32 companies coming out marketing to very
00:08:30 00:08:34 specific groups of people and those
00:08:32 00:08:35 people are buying water bottles ten
00:08:34 00:08:37 times the price of one that you can get
00:08:35 00:08:41 for a dollar when it's basically the
00:08:37 00:08:43 same exact thing right less is better in
00:08:41 00:08:44 this case with e-commerce right and this
00:08:43 00:08:45 is something I tell to all of our inner
00:08:44 00:08:48 circle people all of our e-commerce
00:08:45 00:08:48 Empire Academy students make sure you
00:08:48 00:08:51 hone in on
00:08:48 00:08:53 one specific offer first get it
00:08:51 00:08:55 converting at that 10% range then after
00:08:53 00:08:57 you validated the product using a drop
00:08:55 00:08:58 shipping model right and again your
00:08:57 00:09:00 supplier does it can be found in the
00:08:58 00:09:00 states I found one of our fishing
00:09:00 00:09:02 suppliers
00:09:00 00:09:05 he was basically four hours away from me
00:09:02 00:09:06 who did at my drop shipping for me you
00:09:05 00:09:08 can find these suppliers anywhere point
00:09:06 00:09:10 is you want to at least start getting to
00:09:08 00:09:11 that thousand roughly a thousand unit
00:09:10 00:09:14 per month mark where your valid aid that
00:09:11 00:09:16 you can sell then go and find suppliers
00:09:14 00:09:18 that can manufacture it with your brand
00:09:16 00:09:20 name and start creating that brand for
00:09:18 00:09:23 yourself okay now those are the three
00:09:20 00:09:25 types at Dan log at Dan lock suggestion
00:09:23 00:09:27 was conversion is king content and paid
00:09:25 00:09:29 advertising strategy and inventory kills
00:09:27 00:09:31 I want to give you guys one additional
00:09:29 00:09:33 tip that is crucial right and kind of
00:09:31 00:09:35 mix in a few always upsell your
00:09:33 00:09:37 customers increasing your average order
00:09:35 00:09:38 value is one of the most important
00:09:37 00:09:40 things to do in your online e-commerce
00:09:38 00:09:42 business if you don't increase the
00:09:40 00:09:44 average order value you're basically
00:09:42 00:09:47 going to be less than breaking even on
00:09:44 00:09:49 your product all right advertising costs
00:09:47 00:09:51 are only going up and up and up the way
00:09:49 00:09:52 to dilute those ad costs is to increase
00:09:51 00:09:54 the average cart value that means how
00:09:52 00:09:56 much money is somebody spending with you
00:09:54 00:09:58 an easy way to do this is using up cells
00:09:56 00:10:00 and down cells so if somebody comes in
00:09:58 00:10:02 and they bought fishing lures from you
00:10:00 00:10:03 offer them upsell saying hey do you want
00:10:02 00:10:05 the fishing rod you want a tackle box
00:10:03 00:10:08 you want some more fishing lures right
00:10:05 00:10:11 point is upsell them one or two times at
00:10:08 00:10:12 least to increase your average cart
00:10:11 00:10:14 value right you want to increase that
00:10:12 00:10:16 average order value which is gonna allow
00:10:14 00:10:17 you to as a business owner to make more
00:10:16 00:10:18 profits in your business so you can
00:10:17 00:10:20 reinvest that money back into your
00:10:18 00:10:21 business or actually pay yourself from
00:10:20 00:10:23 your business the second tip I want to
00:10:21 00:10:26 suggest that Dan Locke missed out on was
00:10:23 00:10:28 a lifetime value right lifetime value to
00:10:26 00:10:30 me is the most important metric in my
00:10:28 00:10:31 online businesses I don't care what your
00:10:30 00:10:33 online business is it can be or you
00:10:31 00:10:35 could be doing coaching consulting
00:10:33 00:10:37 ecommerce affiliate marketing whatever
00:10:35 00:10:39 you need to make sure that you're not
00:10:37 00:10:41 only selling your customers one time
00:10:39 00:10:43 right one of anything is a bad thing you
00:10:41 00:10:44 want to make sure that your customers
00:10:43 00:10:47 are continuing to buy from you on
00:10:44 00:10:49 autopilot on autopilot on a monthly
00:10:47 00:10:52 continued basis okay what this is gonna
00:10:49 00:10:54 allow you to do is have predictable
00:10:52 00:10:56 reoccurring revenue in your business now
00:10:54 00:10:58 the easiest way to do this is have some
00:10:56 00:11:00 sort of subscription box like bark box
00:10:58 00:11:02 or Dollar Shave Club where you send your
00:11:00 00:11:03 customers their product
00:11:02 00:11:06 they'll be buying anyway on a monthly
00:11:03 00:11:09 basis right very very easy now what you
00:11:06 00:11:11 can also do is set up a membership site
00:11:09 00:11:13 right a purely information based where
00:11:11 00:11:15 you set your customers they join your
00:11:13 00:11:16 monthly Club and they pay twenty nine
00:11:15 00:11:19 dollars a month and they get access to
00:11:16 00:11:21 information on a monthly basis that you
00:11:19 00:11:22 provide or you can even do a mixture of
00:11:21 00:11:24 them if you have any questions about
00:11:22 00:11:27 that or if you are currently thinking
00:11:24 00:11:28 about how to add how to add some sort of
00:11:27 00:11:30 monthly subscription continuity
00:11:28 00:11:31 recurring revenue in your business drop
00:11:30 00:11:33 me a comment down below in today's video
00:11:31 00:11:35 I actually answer all questions during
00:11:33 00:11:36 the first 30 minutes over these videos
00:11:35 00:11:38 going live I'd be more than happy to
00:11:36 00:11:40 help you out on your business and if
00:11:38 00:11:42 you're brand new to e-commerce you're
00:11:40 00:11:43 brand new to online business or you're
00:11:42 00:11:45 struggling to actually turn a profit in
00:11:43 00:11:47 your business make sure you check out
00:11:45 00:11:48 that seven figure master classes down
00:11:47 00:11:50 below I'm going to show you how to use a
00:11:48 00:11:52 sales funnel to increase your conversion
00:11:50 00:11:54 rate how to upsell your customers right
00:11:52 00:11:56 the right way as well as how to add that
00:11:54 00:11:57 monthly subscription into your business
00:11:56 00:11:59 that'll be the link down below in
00:11:57 00:12:00 today's video but as always have a
00:11:59 00:12:02 fantastik rest of your day and remember
00:12:00 00:12:04 your empire starts now
00:12:02 00:12:05 yo what's going on Empire builders in
00:12:04 00:12:08 today's video I'll be sharing with you
00:12:05 00:12:10 how to build your very first Shopify
00:12:08 00:12:12 sales funnel and if you don't know what
00:12:10 00:12:14 a sales funnel is I'm gonna show you how
00:12:12 00:12:16 to build it using click funnels why you
00:12:14 00:12:18 need one and also how I've generated
00:12:16 00:12:20 millions of dollars in sales using these
00:12:18 00:12:22 very simple sales funnels for my
00:12:20 00:12:22 business

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