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- May 5, 2014
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Hey guys, here's an update.
General - I've got my first 3 sales. Was pretty cool seeing on my Shopify Orders the locations: Florida, Puerto Rico, and Utah. All from Influencer Instagram Marketing.
Remember, this is a monthly supply product where my plan is to get them to buy a monthly supply pack. And then afterwards, I get them to come back to sign up to a monthly subscription for recurring revenue.
Operations - Everything is set up on the supply chain side. Now, it's just me doing the marketing.
Marketing - I've attempted influencer marketing, but honestly the "individual influencers" on these influencer platforms are very expensive for a start up budget. Someone even charged me $600 for 1 post to his 106K followers (Keep in mind, only 1%-3% of those would engage/see with the post).
Instead, I've been choosing "general page influencers" (eg. a page that isn't an individual person, but a fan page for example like a bodybuilding page dedicated to Arnold S.).
Anyways, they haven't been so great.
I've invested $100 and only for 3 sales.
It's great that I have my first 3 sales, but I don't think a customer-acquistion-cost of $33.33 is good for a product that I net $15 profit on. I still need to count on them coming back to use the product again on a monthly basis, but a $33 customer acquisition cost implies I need them to buy at least 2-3 times again for me to get my marketing dollars back.
So I'll give Instagram influencer marketing one more go.. BUT I'm ALSO going to do Facebook Marketing again.
Also, I'm going to look into PPC marketing as well.
New Potential Biz Partner - I know a guy who runs his own successful social media/digital marketing service and he is also passionate about the same niche of my product. He is interested in hearing more to work with me on something in our niche and I wouldn't mind giving him a share of my business to go in this with him. Given he has the knowledge/passion for the niche and he's a digital marketing guy.
My product is the first of it's kind in the world and requires a savvy marketing execution to really make it go big.
He has made products go viral on Facebook before too.
This guy is based in Europe, while I'm based in Australia currently (Back to North America at the end of this year).
We could work well together, going to hear his feedback on being open to get on board as Im confident he is in.
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Conclusion
I feel a bit STUCK with Instagram Influencer Marketing due to it being expensive, full of lots of fake bots/followers on the cheaper general pages that I'm forced to work with due to affordability, etc.
Thus, I'll give Google PPC and Facebook Advertising a go.
All about testing right now to see what funnel works best to get my first 1,000 satisfied customers!
Hopefully, this potential new biz partner gets onboard and does his marketing magic as he's quite experienced/passionate about my product + niche.
Well, like I said two posts above, influence marketing a brand that doesn't exist is not going to work on Instagram in 2018. This is coming from someone with a multi million follower network on Instagram.
Sure, other brands may have done it, like you referenced above - but that was when the algorithm was different and influencer marketing was just getting started. And for a benchmark I pay roughly $350/mo for multiple posts from guys with 500k followers.
If you want to be successful with your brand using a reoccurring revenue model you need to build a funnel with 2 upsells and you need to drive POSITIVE ROI traffic from Facebook and Google. That's literally your business model man, don't send them to a store or a 3rd party. send them through a funnel... you can use Clickfunnels to do this. What I just stated isn't hard to do, it's actually been done over and over but you need to figure out how fast you can generate ads that convert before you run out of money - that's the challenge in what you're trying to do.
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