Yesterday I crossed the $100,000 mark on one of my Shopify stores.
Honestly can't believe I'm typing that.
Here's 10 lessons learned from my first wun hunnid grand online.
~ THREAD ~
Honestly can't believe I'm typing that.
Here's 10 lessons learned from my first wun hunnid grand online.
~ THREAD ~
1. Passion breeds impulse buys
Impulse buys are the name of the game with e-commerce. If they don't buy now, they likely never will. People who are passionate click the buy button like it's going out of style.
Impulse buys are the name of the game with e-commerce. If they don't buy now, they likely never will. People who are passionate click the buy button like it's going out of style.
2. Higher priced products = more profit
Obviously. But most people sell cheap products with shit margins. My AOV is over $50. That means I can afford to spend more to acquire a customer. It also means my margins are fantastic. This takes skill though.
Obviously. But most people sell cheap products with shit margins. My AOV is over $50. That means I can afford to spend more to acquire a customer. It also means my margins are fantastic. This takes skill though.
3. Facebook ads = 8th wonder of the world
90% of those sales came directly from Facebook ads. Getting the first 100 sales was the hardest. After that, you can create lookalike audiences. These are incredibly effective and require very little work.
90% of those sales came directly from Facebook ads. Getting the first 100 sales was the hardest. After that, you can create lookalike audiences. These are incredibly effective and require very little work.
4. You only need 1-2 winning products
~80% of those sales are from 2 products. You don't need an entire store of winners. Just 1 scaled up enough is plenty. 2 or 3 is better, but really it only takes one "home run."
~80% of those sales are from 2 products. You don't need an entire store of winners. Just 1 scaled up enough is plenty. 2 or 3 is better, but really it only takes one "home run."
5. People with money are the best to sell to
Another seemingly obvious thing. But you can't make a lot of $$ selling to people who don't have disposable income. My target audience makes 6 figures/year. They have the money to pay for my stuff. And pay for it they do.
Another seemingly obvious thing. But you can't make a lot of $$ selling to people who don't have disposable income. My target audience makes 6 figures/year. They have the money to pay for my stuff. And pay for it they do.
6. A tiny increase in conversion rate is huge
Over time I've been tweaking my website to maximize conversions. I started at barely over 1%. Now I hover between 3-4%. That means I'm making 3-4x as many sales without spending more on traffic.
Over time I've been tweaking my website to maximize conversions. I started at barely over 1%. Now I hover between 3-4%. That means I'm making 3-4x as many sales without spending more on traffic.
7. Products with <100 orders on AliExpress can be winners
Most people sell products with a lot of orders, which can work. But you know what works better? Selling (and scaling) good products before anyone else.
Most people sell products with a lot of orders, which can work. But you know what works better? Selling (and scaling) good products before anyone else.
8. Negotiating with suppliers is key
Once you've got a winner or two, you want to do everything you can to "optimize" the buying experience. I negotiated with my supplier to include a free item with some orders, and also warehouse products in the US to decrease shipping times.
Once you've got a winner or two, you want to do everything you can to "optimize" the buying experience. I negotiated with my supplier to include a free item with some orders, and also warehouse products in the US to decrease shipping times.
9. When you find something that works, go all in
Common sense. You try and try, mostly fail, but when you find something that works, you drop everything and focus all your effort there. This is how you scale.
Common sense. You try and try, mostly fail, but when you find something that works, you drop everything and focus all your effort there. This is how you scale.
10. None of this would be possible without my understanding of sales/marketing
E-commerce is 95% marketing. Everything else is easy-mode comparatively. If I didn't know what I know about copywriting/marketing, none of this would be possible.
E-commerce is 95% marketing. Everything else is easy-mode comparatively. If I didn't know what I know about copywriting/marketing, none of this would be possible.
11. If you want to learn about sales/marketing/copywriting, get on my email list
I talk about this stuff daily.
I get messages daily about how my email list has changed the way people think about marketing.
Get on here or keep missing out --> nateschmidt.io
I talk about this stuff daily.
I get messages daily about how my email list has changed the way people think about marketing.
Get on here or keep missing out --> nateschmidt.io
12. Please don't DM me asking me how I did it
I'll just tell you to get on my email list. Wish I had time to answer everyone's questions, but I don't. Email list is the next best thing.
I'll just tell you to get on my email list. Wish I had time to answer everyone's questions, but I don't. Email list is the next best thing.
13. Can’t believe I forgot this. Mentorship is YUGE.
I can’t thank @StartSellingSSS enough for what he’s done for me. He taught me dropshipping and it changed my life. I owe him everything. Highly recommend you get his course if this is something you’re interested in.
I can’t thank @StartSellingSSS enough for what he’s done for me. He taught me dropshipping and it changed my life. I owe him everything. Highly recommend you get his course if this is something you’re interested in.
