Thread by @onwocheicollins

Part 2 of the thread

"36 Things I've Learned Building An eCommerce Business from $218 (=N=80k) Capital To More Than $3,000 Per Month In Sales."

I'm starting early because my mentor has a special thread coming up at my initial 8pm.

You can't miss either this thread or his own.

You can catch up part 1 of this thread.

To kickstart your eCom business, you have to have as much ammunition as you can.

And this thread (part 1 and 2) gives you boatloads for free.

Let's go!

Thread to part 1

https://twitter.com/onwocheicollins/status/1184924585747255296

Number 22 of what I learned:

When running ad, use the exact product you are selling especially when it has other variants (colour, size, etc).

This applies if you are not starting with the full range of colours, sizes.

It will save you a lot of headache and wasted ad money.

23. When you get the right ad for the right product delivered to the right audience, don't be afraid to keep it running month in month out.

All you need to do is manage your cashflow properly and you will be fine.

Don't turn of your ad for anything! Just make sure you have...

enough inventory.

24. Closely related to that, start scaling once you have the right product + profit combination.

25. Scaling means you are ready for bigger bucks 💰 You do that by increasing sales and profit by increasing ad spend. Where you were spending $10 before, you increase to $15.

I was scared shitless when I was about to start increasing ad spend. "What if they don't buy"

Nevermind that chicken voice in your head. Just monitor sales. It will increase. Make sure you can meet demand.

26. Automate.

automate as many processes as possible. For example, we have a chatbot that greets first time web visitors. It offers a code in exchange for emails. We build our list.

that bot also alerts us there's someone on the site who might need help.

visitors also chat

with us via the app.

It costs us $15 a month to keep the app running but it's worth it.

Another, example is automating emailing folks that abandoned their orders. But story for another day.

We move.

27. To win loyal customers who buy repeatedly and refer other people to your business, only sell products that deliver on the promise.

The more spot on to meeting their needs, the more loyal customers you get.

28. To create a good ad that pull in the visitors who turn into customers, you have to understand your product in and out.

Only then can you dangle the product's uniqueness before the prospect in an eye-catching ad.

You have a very short window to win their click & maybe a sale

29. Don't be greedy with your profit margin. Your goal should be building a brand not a fly-by-night business. Here today, gone tomorrow.

The great Claude Hopkins said "It is a well-known fact that the greatest profits are made on great volume at small profits"

Volume is key.

Some people want to make all the profit on one sale and when the customer realizes, this thing is not worth it, they start returning the product in droves.

Make your profit, just be reasonable with it.

Number 30:

Human beings are generally lazy. Make buying your product as easy as possible.

One extra hurdle (e.g. DM for price) is multiple lost sales.

Number 31 is related.

If you have a multiple page web store, set you landing page to the exact product you are advertising.

NEVER put your home page as your landing page from your ad. Unless you have your product only on your home page.

Anything else is guaranteed lost sale.

32. it's a good idea to have 2 lines of similar product at different price points.

Most people will never be able to afford certain prices. Best to capture those sales with a lower priced item.

4 more to go...

33. If your logistics can't deliver same day and the cost of delivery is higher than normal to certain areas, collect a deposit amount from buyer.

This is not America.

People wake up the following day and start wondering why they ordered your product.

If they haven't committed anything down, the next thing they will do is tell you they travelled or downright not pick up the item when it arrives.

You won't be able to do anything but curse and lick your wound and loss.

Protect your money.

In the US, even people who pay can demand Charge Backs and refunds.

let alone people who haven't paid anything.

34. I touched on this slightly in part 1 but here it is in better light;

Avoid starting your eCom businesses with products that involves sizes - e.g. shoes, clothes, etc.

The headache of return due to poor fit is too much for your small business to bear.

When a shoe doesn't size Angela who is size 28 and the shoe size says 28, what do you do?

Fight her and say you told her to measure her foot?

Too much bad blood, too much drama. Ditch it.

35. If you are intending to sell anything heavier than 1kg, make sure to price it properly.

That extra weight is going to show up in the cost per product which will push the selling price higher because you want to make a decent margin.

Heavier products are also more difficult

to handle.

So be conscious of this.

ECom is generally about products that weigh light and small in surface area.

Source products accordingly.

36. Finally, this is a very important one:

If we were still running ads based on just interest, our business would have closed or ads become too expensive.

As quickly as you can, transition from an interest-based audience to a look-alike based audience for your facebook ads

I'm no facebook expert, I just learned along the way and the results have been great.

If you can hire one, do so. They start the ad on your account, you can take care of it from there.

Russel Brunson said once he had never run a facebook ad once and his ClickFunnels product is

one of the fastest growing tech companies without VC funding.

So no shame in that. Do what you can and get others who can do what you can't.

There u have it: 36 things I've learned so far growing an eCom business to more than $3000 in sales every month.

There's more I can't effectively share on a thread. So join my list where I will be sharing top level secrets as soon as it opens.

go here: bit.ly/ecomsharks

I hope this thread has been insightful for you.

If so, do share and RT so more people with same interest can see it.

Don't forget the link to the list bit.ly/ecomsharks

Now, let's go and camp on @ronaldnzimora's timeline. He's got FB ad hot sauce!