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Nate Schmidt

@SCHM7DT

Jul 12, 2021

The secret to success in e-commerce?

ADVANTAGE

i.e. Doing 1 or 2 key things BETTER than everyone else

There’s a ton of ways to do this

Let’s break down some examples ↓

OFFER

One of the simplest advantages is just having a better offer

Lower price, more value, better deal, etc. than competitors

If ppl are used to paying $50 for 1 and you can offer $40 for 2?

Hard to lose

NICHE MARKET

Getting extremely specific in who you sell to is a huge advantage because it removes 90% of your competition

A lot of companies sell phone cases

But how many sell extremely durable phone cases for day laborers who put their phone through hell everyday?

Read 7 tweets

Nate Schmidt

@SCHM7DT

Jul 7, 2021

PROFIT MARGINS IN E-COMMERCE

Margins are incredibly important in ecom and very few fully understand them

Here’s everything you need to know about e-commerce profit margins

THREAD

There’s 2 types of margins. Gross margin and net margin

Gross margin = margin on the product alone

Net margin = margin on everything (i.e. total profit)

The calculations

Gross margin = (Sale price - product cost) / sale price

Net margin = (Revenue - expenses) / revenue

Read 15 tweets

Nate Schmidt

@SCHM7DT

Jun 29, 2021

Coming up with STRONG marketing angles

This is one of the most important yet least understood skills in all of e-commerce…

Here’s how it works

THREAD

Marketing angle = the overarching theme behind your ad

The big idea, the pull, the sex appeal, the #1 reason someone should pay attention and buy your product

For example a while back P90X came up with the marketing angle “muscle confusion”

There’s no science behind it but it sounds sexy, it was new and exciting at the time, and it directly led to millions in revenue

Read 14 tweets

Nate Schmidt

@SCHM7DT

Jun 23, 2021

How I found my first $1,000,000+ e-commerce product

This is a simple formula anyone can follow

THREAD

Some of you might know my first big winner was Apple Watch straps

Not your typical "winning product"

But in 2018 it went on to generate me over $1.5M in sales

Here's how I found it ↓

It's a cold winter night, I'm working my pizza delivery job about to start closing the store

I walk up to the front and notice my co-worker just got a new Apple Watch

It caught my eye because he had a cool band for it that I'd never seen before

Read 16 tweets

Nate Schmidt

@SCHM7DT

Jun 17, 2021

THREAD: How to VALIDATE ideas

Before you start a business you need to figure out if your idea is actually good or not

This is the first and most crucial step in any business

Here’s how to do it ↓

Validating ideas = determining if anyone actually wants what you’re trying to sell (before spending months building out the entire business)

Think of it as a demand test

The goal is to get the most basic bare bones version of your idea in front of people who might want or need it…

In the LEAST amount of time, and while spending the LEAST amount of money…

So you can see if anyone is actually willing to buy it

Read 14 tweets

Nate Schmidt

@SCHM7DT

Jun 14, 2021

It’s not perfect, but following this weird “points” system is about the closest you can get to guaranteeing your success in business

How to make your success INEVITABLE

THREAD

People think success is a mystery. It’s not. Simply put success is the result of consistent effort compounded over time

This is (in my opinion) the single most important concept to understand if you want succeed in business

Because of this, our #1 priority should be putting in consistent effort on a daily basis over a long period of time

This is easier said than done however

So to make it easier, we gamify it

Here’s how it works

Read 15 tweets

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