REVEALING The 3 SECRETS To SCALING Your Ecommerce DROPSHIPPING Business SALES!
Published on: November 28 2022 by Peter Pru - Ecommerce Empire Builders
REVEALING The 3 SECRETS To SCALING Your Ecommerce DROPSHIPPING Business SALES!
Table of Contents About REVEALING The 3 SECRETS To SCALING Your Ecommerce DROPSHIPPING Business SALES!
REVEALING The 3 SECRETS To SCALING Your Ecommerce DROPSHIPPING Business SALES!
| startTime | durationTime | text |
| 00:00:08 | 00:00:14 | what's up Empire builders welcome back |
| 00:00:11 | 00:00:16 | to another episode today we're going to |
| 00:00:14 | 00:00:18 | tok about the three ways the only three |
| 00:00:16 | 00:00:21 | ways you can increase your business and |
| 00:00:18 | 00:00:23 | I got this concept from a genius marker |
| 00:00:21 | 00:00:28 | called Jay Abraham so make sure you go |
| 00:00:23 | 00:00:30 | follow him he is uh he's one of the best |
| 00:00:28 | 00:00:33 | marketers to ever live he has a bunch of |
| 00:00:30 | 00:00:35 | great books out highly recommend picking |
| 00:00:33 | 00:00:38 | those up but he toked about a concept |
| 00:00:35 | 00:00:40 | called well he toked about these three |
| 00:00:38 | 00:00:42 | ways that you can increase your business |
| 00:00:40 | 00:00:45 | and I think they pair very nicely in |
| 00:00:42 | 00:00:48 | e-commerce especially for those of you |
| 00:00:45 | 00:00:50 | looking to scale your businesses so I |
| 00:00:48 | 00:00:54 | wanted to tok about his three ways to |
| 00:00:50 | 00:00:58 | increase your the to scale your business |
| 00:00:54 | 00:01:00 | is through either one increasing the |
| 00:00:58 | 00:01:03 | amount of customers or buyers that you |
| 00:01:00 | 00:01:05 | know a business gets right increase the |
| 00:01:03 | 00:01:07 | frequency that your customers your |
| 00:01:05 | 00:01:10 | buyers actually buy from your store |
| 00:01:07 | 00:01:12 | right and then he also says the third |
| 00:01:10 | 00:01:16 | way to increase your and scale your |
| 00:01:12 | 00:01:19 | business is to increase your prices okay |
| 00:01:16 | 00:01:21 | so increase your prices so um I just did |
| 00:01:19 | 00:01:23 | some hypothetikal numbers right here for |
| 00:01:21 | 00:01:26 | instance say we have five hundred |
| 00:01:23 | 00:01:28 | customers right they buy from us on |
| 00:01:26 | 00:01:30 | average two times a year the average |
| 00:01:28 | 00:01:32 | cart value is twenty seven and ninety |
| 00:01:30 | 00:01:36 | nine when somebody purchases from us so |
| 00:01:32 | 00:01:40 | we can assume that our average buyer |
| 00:01:36 | 00:01:44 | spends roughly forty one ninety eight |
| 00:01:40 | 00:01:44 | per year actually that's wrong guys |
| 00:01:45 | 00:01:49 | actually no sorry that is right so our |
| 00:01:47 | 00:01:50 | average cart since they're buying from |
| 00:01:49 | 00:01:55 | us two times a year will be roughly |
| 00:01:50 | 00:01:58 | forty one 98 from repeat customers so |
| 00:01:55 | 00:02:00 | let me just italicize that but there's |
| 00:01:58 | 00:02:03 | different strategies obviously guys to |
| 00:02:00 | 00:02:06 | increase your customers right you know |
| 00:02:03 | 00:02:08 | obviously there's a |
| 00:02:06 | 00:02:10 | obviously running ads more ads running |
| 00:02:08 | 00:02:12 | influencers you know that's how you |
| 00:02:10 | 00:02:14 | start building up your customer base |
| 00:02:12 | 00:02:17 | right sending more emails to a cult your |
| 00:02:14 | 00:02:19 | - to your list of non buyers right |
| 00:02:17 | 00:02:21 | turning them into buyers those are all |
| 00:02:19 | 00:02:23 | ways to increase your customers right |
| 00:02:21 | 00:02:25 | you're usually having to pay for a |
| 00:02:23 | 00:02:27 | customer to come in to the door right |
| 00:02:25 | 00:02:29 | order they organically maybe find you |
| 00:02:27 | 00:02:32 | but that's hard to rely just completely |
| 00:02:29 | 00:02:34 | on organic frequency the waste increased |
| 00:02:32 | 00:02:38 | frequency really are you know having a |
| 00:02:34 | 00:02:41 | good referral system in place a referral |
| 00:02:38 | 00:02:42 | system of a bonus point systems let me |
| 00:02:41 | 00:02:47 | write these under directories so you |
| 00:02:42 | 00:02:49 | guys have it a referral system and |
| 00:02:47 | 00:02:50 | there's a bunch of you know referrals |
| 00:02:49 | 00:02:53 | listen up I don't want to go into like |
| 00:02:50 | 00:02:55 | the Nitty Gritty of it all of how to set |
| 00:02:53 | 00:03:04 | you know look the actual tik behind |
| 00:02:55 | 00:03:09 | this come on formatting there so |
| 00:03:04 | 00:03:11 | referral systems work great bonus point |
| 00:03:09 | 00:03:13 | systems are also awesome if you're on |
| 00:03:11 | 00:03:16 | Shopify bonus point systems are amazing |
| 00:03:13 | 00:03:18 | because you there's a free one and I |
| 00:03:16 | 00:03:23 | forget what it's called but basically |
| 00:03:18 | 00:03:25 | what a bonus point system is they they |
| 00:03:23 | 00:03:26 | every time they purchase something from |
| 00:03:25 | 00:03:29 | your sword they get reward aid it with |
| 00:03:26 | 00:03:30 | let's say you know 30 points 50 points |
| 00:03:29 | 00:03:32 | 100 points depending on how much they |
| 00:03:30 | 00:03:34 | spent they get you know points for and |
| 00:03:32 | 00:03:36 | then you can set up rules in this point |
| 00:03:34 | 00:03:38 | system where let's say hey and once you |
| 00:03:36 | 00:03:40 | get a thousand points you get a $20 |
| 00:03:38 | 00:03:43 | coupon you know 3000 points you get a |
| 00:03:40 | 00:03:45 | you know $50 gift card or whatever it is |
| 00:03:43 | 00:03:49 | but that gets people coming back and |
| 00:03:45 | 00:03:52 | buying from you more and more bonus |
| 00:03:49 | 00:03:54 | point system so just write that in there |
| 00:03:52 | 00:03:56 | and thirdly guys you can increase your |
| 00:03:54 | 00:03:59 | prices this is the one I kind of wanted |
| 00:03:56 | 00:04:02 | to tok about the most here and let me |
| 00:03:59 | 00:04:02 | just write you know paid advertising |
| 00:04:04 | 00:04:10 | paid advertising obviously there's other |
| 00:04:09 | 00:04:12 | ways guys you can joint venture |
| 00:04:10 | 00:04:14 | partnerships and stuff like that but |
| 00:04:12 | 00:04:20 | again I I want to stik with increasing |
| 00:04:14 | 00:04:22 | prices with a case study that we did so |
| 00:04:20 | 00:04:24 | increasing prices it's obvious as we |
| 00:04:22 | 00:04:26 | just increase you know our prices are |
| 00:04:24 | 00:04:27 | average car value is going to go up but |
| 00:04:26 | 00:04:29 | the problem you increase prices as you |
| 00:04:27 | 00:04:31 | might think is you'll have less |
| 00:04:29 | 00:04:34 | customers right so I want to tok about |
| 00:04:31 | 00:04:37 | what we did this was a long time ago |
| 00:04:34 | 00:04:39 | for one of our subscription businesses |
| 00:04:37 | 00:04:41 | also it's all done front-end click |
| 00:04:39 | 00:04:43 | funnels and then we have subscription on |
| 00:04:41 | 00:04:47 | the back end they put them through but |
| 00:04:43 | 00:04:55 | we were at the time right we're at the |
| 00:04:47 | 00:04:59 | time charging $14.99 per membership |
| 00:04:55 | 00:05:03 | right I just called that so we had 1,000 |
| 00:04:59 | 00:05:08 | users when we increase this so 1000 |
| 00:05:03 | 00:05:13 | times $14.99 right we have one thousand |
| 00:05:08 | 00:05:16 | fourteen nine nine zero per month in |
| 00:05:13 | 00:05:19 | revenue per month revenue all right |
| 00:05:16 | 00:05:21 | which is great right however you know |
| 00:05:19 | 00:05:22 | I'll never forget it this was actually |
| 00:05:21 | 00:05:24 | oh this happened a long time ago I've |
| 00:05:22 | 00:05:25 | read the book I forget what was it |
| 00:05:24 | 00:05:28 | called |
| 00:05:25 | 00:05:29 | yeah I forget what it was called by |
| 00:05:28 | 00:05:31 | Jamie Abraham and that's when I first |
| 00:05:29 | 00:05:34 | learned about this and I was like crap I |
| 00:05:31 | 00:05:37 | should increase my prices for for the |
| 00:05:34 | 00:05:39 | subscription for a monthly basis and in |
| 00:05:37 | 00:05:41 | the back of my mind I was like crap I'm |
| 00:05:39 | 00:05:45 | gonna lose a lot of people like I'm |
| 00:05:41 | 00:05:47 | gonna lose people if they if I increase |
| 00:05:45 | 00:05:49 | prices so I was really worried about |
| 00:05:47 | 00:05:51 | that I was like what if I increase |
| 00:05:49 | 00:05:53 | prices they're not they're all like |
| 00:05:51 | 00:05:54 | everybody's gonna leave but what they're |
| 00:05:53 | 00:05:58 | not gonna want to stay there I can I |
| 00:05:54 | 00:06:04 | want to pay these new prices so what I |
| 00:05:58 | 00:06:06 | did was I accounted for I think I just |
| 00:06:04 | 00:06:09 | bet that I just thought you know what |
| 00:06:06 | 00:06:12 | let's say worst-case scenario I lose 50% |
| 00:06:09 | 00:06:15 | of my subscribers there were my members |
| 00:06:12 | 00:06:16 | because they because they don't like the |
| 00:06:15 | 00:06:17 | increasing price so I was like planning |
| 00:06:16 | 00:06:18 | for the worst |
| 00:06:17 | 00:06:20 | put that never |
| 00:06:18 | 00:06:26 | happen so what I did was we increased |
| 00:06:20 | 00:06:32 | our membership to $24.99 per membership |
| 00:06:26 | 00:06:36 | big increase all right $10 more so we |
| 00:06:32 | 00:06:36 | were at 1,000 members right here just so |
| 00:06:36 | 00:06:40 | everybody knows |
| 00:06:42 | 00:06:55 | one thousand members and then right here |
| 00:06:50 | 00:07:00 | when we increase prices we lost about 20 |
| 00:06:55 | 00:07:02 | percent of our people right twenty |
| 00:07:00 | 00:07:04 | percent of our people left there like I |
| 00:07:02 | 00:07:06 | we don't want to pay this extra price |
| 00:07:04 | 00:07:10 | done and you might think Dan that's a |
| 00:07:06 | 00:07:14 | lot of people to lose right but guys it |
| 00:07:10 | 00:07:17 | actually wasn't right give me a second |
| 00:07:14 | 00:07:22 | time sorry I just getting a message here |
| 00:07:17 | 00:07:26 | sorry guys we lost 20 percent of people |
| 00:07:22 | 00:07:29 | so we only had 800 people stay with the |
| 00:07:26 | 00:07:31 | new membership so when I ran that math I |
| 00:07:29 | 00:07:33 | was like wow like that sucks that we |
| 00:07:31 | 00:07:37 | lost two on her people like that's a lot |
| 00:07:33 | 00:07:46 | of people to lose but guess what when |
| 00:07:37 | 00:07:46 | you do 800 times $24.99 we were making |
| 00:07:48 | 00:07:56 | her mom we're making close to 20,000 now |
| 00:07:51 | 00:07:58 | per month in revenue which is crazy |
| 00:07:56 | 00:08:00 | because we lost that many people right |
| 00:07:58 | 00:08:02 | we could have lost even more people and |
| 00:08:00 | 00:08:04 | we would have still broken even we could |
| 00:08:02 | 00:08:10 | have lost 50 percent Houmas let me find |
| 00:08:04 | 00:08:12 | out what that number is exactly so we we |
| 00:08:10 | 00:08:14 | would have had to literally lose over 50 |
| 00:08:12 | 00:08:16 | percent of our people and we would we |
| 00:08:14 | 00:08:20 | would have I think been at 12,000 so |
| 00:08:16 | 00:08:23 | still that's crazy that we would have |
| 00:08:20 | 00:08:24 | even have 60 per if we lost 40 percent |
| 00:08:23 | 00:08:27 | we would still be at the same amount and |
| 00:08:24 | 00:08:28 | we have less members which guys you |
| 00:08:27 | 00:08:30 | might think oh it's less less members |
| 00:08:28 | 00:08:32 | that's bad that's a bad thing well think |
| 00:08:30 | 00:08:35 | about it's actually not because now we |
| 00:08:32 | 00:08:38 | are we have to we buy less product |
| 00:08:35 | 00:08:40 | we're buying less products now which is |
| 00:08:38 | 00:08:42 | great for us right it's less product |
| 00:08:40 | 00:08:44 | cost but we're selling now for a higher |
| 00:08:42 | 00:08:45 | price and sending out to less people so |
| 00:08:44 | 00:08:50 | essentially we are making more money |
| 00:08:45 | 00:08:52 | right a lot more money as you can see |
| 00:08:50 | 00:08:53 | just by raising the price this was a |
| 00:08:52 | 00:08:56 | huge |
| 00:08:53 | 00:08:58 | huge thing when we did this guys a huge |
| 00:08:56 | 00:08:59 | realization that increasing your prices |
| 00:08:58 | 00:09:02 | isn't always a bad thing |
| 00:08:59 | 00:09:04 | guys you know like if you're starving |
| 00:09:02 | 00:09:07 | your business every business is starving |
| 00:09:04 | 00:09:10 | itself you need to do one of these three |
| 00:09:07 | 00:09:12 | things right to start being able to pay |
| 00:09:10 | 00:09:15 | yourself to start making some money in |
| 00:09:12 | 00:09:18 | your business right so at that time we |
| 00:09:15 | 00:09:19 | literally just let me zoom out a little |
| 00:09:18 | 00:09:22 | bit so we can get everything in frame |
| 00:09:19 | 00:09:23 | here I said hey you know what we're not |
| 00:09:22 | 00:09:25 | making as much money as I thought we |
| 00:09:23 | 00:09:28 | would be making in this business at the |
| 00:09:25 | 00:09:31 | $14.99 price point if we increase this |
| 00:09:28 | 00:09:34 | by $10 I know that's a lot for the arkin |
| 00:09:31 | 00:09:35 | you know our customers but we need to do |
| 00:09:34 | 00:09:37 | it we need to set this new standard it's |
| 00:09:35 | 00:09:40 | gonna give us enough money to pay |
| 00:09:37 | 00:09:42 | ourselves buy products you know innovate |
| 00:09:40 | 00:09:45 | if we want to and all that and that's |
| 00:09:42 | 00:09:46 | exactly what we did so I think guys |
| 00:09:45 | 00:09:50 | especially you in drop shipping |
| 00:09:46 | 00:09:51 | ecommerce whatever if you want to start |
| 00:09:50 | 00:09:53 | scaling your business you need to look |
| 00:09:51 | 00:09:55 | in one of these three categories a lot |
| 00:09:53 | 00:09:57 | of us are doing this right we're always |
| 00:09:55 | 00:09:59 | running paid ads creating new customers |
| 00:09:57 | 00:10:01 | right but our frequency might be a |
| 00:09:59 | 00:10:04 | little crappy so there's things we could |
| 00:10:01 | 00:10:07 | do like you know daily emails daily |
| 00:10:04 | 00:10:09 | promo emails right we're increasing the |
| 00:10:07 | 00:10:11 | frequency of our current customers |
| 00:10:09 | 00:10:13 | sending them daily emails of promotions |
| 00:10:11 | 00:10:15 | that we're doing you know the referral |
| 00:10:13 | 00:10:17 | system having a bonus system in place to |
| 00:10:15 | 00:10:19 | bring bad customers coming back from us |
| 00:10:17 | 00:10:22 | and keep them buying keep them engaged |
| 00:10:19 | 00:10:24 | right we're thirdly is increasing your |
| 00:10:22 | 00:10:26 | prices which is scary to do sometimes |
| 00:10:24 | 00:10:29 | guys but trust me it works out in the |
| 00:10:26 | 00:10:32 | end so I hope this video is helpful guys |
| 00:10:29 | 00:10:35 | please like comment and subscribe if you |
| 00:10:32 | 00:10:36 | found this stuff really cool and let me |
| 00:10:35 | 00:10:38 | know in the comments below which one you |
| 00:10:36 | 00:10:43 | are going to work on in your business |
| 00:10:38 | 00:10:43 | guys remember your empire starts now |
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