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Ask Me Anything LIVE (business/ personal)

Introduction

Good evening and good morning! We are live across YouTube, Instagram, and Twitter. I’m here to answer your questions, assist you in skill-building, and help you grow your business profitability. Whether you’re starting out or already have an established business, this session aims to share my experiences from the last eight years in e-commerce, where I’ve made all possible mistakes and learned what’s working right now, as well as highlighting what to avoid, especially as we enter Q4.

The current Q4 has been quite inconsistent for many businesses, and I want to share the advice I wish someone had given me when I began my e-commerce journey. Before diving into your questions, please confirm in the chat by typing "1" if you can hear and see me clearly, so we can ensure that everything is running smoothly.

I've seen some great questions coming in already, and I’m excited to dive into those! Just to reiterate, today’s session is designed to address business-related inquiries—politics will not be on the agenda, but I’m ready to discuss e-commerce strategies, profitability improvement, Facebook ads, and other types of advertising.

Tips for Successful Custom Product Development

One of the first questions that came in was about developing improved versions of existing products, as opposed to creating something entirely new. I advised against venturing into crowdfunding platforms like Kickstarter or Indiegogo to create products from scratch, as they come with substantial risk. Instead, I recommend identifying a product that already has traction in the market, evaluating customer reviews on platforms like Amazon, and determining potential improvements to create a better version.

This strategy helps you differentiate yourself, gain a competitive edge, and maintain cost-efficiency without completely redesigning the product.

Selling in the EU from Canada

For those looking to sell in the EU while based in Canada, it is crucial to understand the country-specific payment preferences. Research the predominant payment methods utilized in your target country. For example, Germany favors Klarna, PayPal, and credit cards, while Sweden has different preferences.

Closing Fashion Deals

Regarding the fashion industry, particularly in clothing dropshipping, I’m not a huge fan of this niche given high return rates and varying customer expectations. However, if you have someone experienced guiding you, it could work.

Expanding Market Presence

If you’re considering transitioning your store to a niche brand, focus on one product line that drives sales—this is key for sustainable growth. I’ve seen clients successfully grow their sales from tens of thousands to millions by consolidating their efforts into a focused brand.

Success with Facebook Ads

Regarding Facebook ads, while there have been changes over the last six months, utilizing AI voices for ads continues to be effective. The competition grows as more advertisers join the platform, but if you develop unique selling propositions, there remains significant potential in the Facebook advertising space.

If you're scaling beyond $ 60 per average order value (AOV), make sure you have a clear understanding of your customer lifetime value (LTV) as you craft your pricing and advertising strategy.

Building a Profitable Customer Base

For businesses, coming up with irresistible offers is essential. Consider stacking value by offering bonuses, discounts on future purchases, or bundled products to enhance the appeal of your main product. Also, consider transitioning customers to subscription models for repeat purchases.

FAQs

Here are some frequently asked questions generated from this live session:

1. What is the best way to develop custom products? It's advisable to improve existing products instead of starting from scratch by identifying customer pain points and making minor modifications.

2. Can I sell in the EU while based in Canada? Yes, but you will need to research and adapt to the payment preferences of the specific country you're targeting.

3. Is closing fashion a sustainable niche for dropshipping? The clothing niche can be challenging due to high return rates, but with adequate guidance and a strong marketing strategy, it can work.

4. How can I increase my profitability on Facebook ads? Focus on crafting unique selling propositions and utilizing AI-generated content while managing ad spend based on your customer lifetime value.

5. How do I build a loyal customer base? Creating irresistible offers and considering subscription models can help boost customer retention and increase lifetime value.

Keywords

  • E-commerce
  • Custom Products
  • Dropshipping
  • Facebook Ads
  • Customer Lifetime Value
  • Subscription Models
  • Profitability

Feel free to reach out for help on Instagram if you have further questions or need resources related to launching your business or optimizing your e-commerce strategy. Thank you for joining the live session, and I look forward to connecting with you!

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