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EXECUTION Scaling eCommerce Chronicle - updating - own product, online shop, amazon - latest weekly profit: 700+

BlackMagician

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Extremely helpful and valuable thread. I plan to invent a product and market it through similar avenues to yours here. This stuff gets my blood pumping, I love it and want to learn as much as possible before I have the ability to move forward with one of my product ideas.
Why not learn after you launch your product ideas?
 

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Strm

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Hey!

I agree with others, I love this thread as well. Currently working on my products as well and I always love to dive right in. Your thread is very inspiring and it is great to see your progress! Keep us posted! :fistbump:
 
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liero1

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Oct 17, 2019
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Thanks for the feedback will keep this going

Quite a few going to launch as well which is fantastic, maybe just drop your experiences here wherever relevant.

Had a few thoughts while commuting - if you are launching, podcasts are a MUST listen! Brilliant shows out there, very educational, I learned so much and I consider myself a digital marketing expert with ten years experience in corporate, agency and own ventures! Listen to all the good eCommerce podcasts.

Then try to learn as much as you need to do the activity professionally. It needs to be spot on, at the same level an agency would do it for you for big bucks but obviously you can't or don't want to pay that and do it yourself. Don't do any activity half hearted or you are just like any other guy out there in your niche who thinks some cool insta posts will nail it. Example , I been diving into email strategies the last days, listened and read a LOT and been building my strategy, next step building all the automated email templates, etc. Same for paid social, you need a full a-z strategy, don't just put ads out there. Same for Google, do PPC but do it smart or you going to burn money quickly. Have customer service nailed, I answer EVERY message and read every comment to be able to react straight away.
 

bbar97

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Why not learn after you launch your product ideas?
Well I'm just fresh out of college and I figured I should get a job for a while so I can gain some experience in the working world as well as pay off my loans. I have about $7,500 in loans which isn't too much, but I definitely think I should pay them off before I start with any capital intensive venture. In the meantime though, I figured learning was the best thing I could do. I also have a very small toy capsule vending machine business (only 1 machine currently, I still need to force myself to go locate more places to put my other 3 machines). I also have a blog that I kind of just work on for fun right now, but I only have a couple posts on there.

Thanks for the feedback will keep this going

Quite a few going to launch as well which is fantastic, maybe just drop your experiences here wherever relevant.

Had a few thoughts while commuting - if you are launching, podcasts are a MUST listen! Brilliant shows out there, very educational, I learned so much and I consider myself a digital marketing expert with ten years experience in corporate, agency and own ventures! Listen to all the good eCommerce podcasts.

Then try to learn as much as you need to do the activity professionally. It needs to be spot on, at the same level an agency would do it for you for big bucks but obviously you can't or don't want to pay that and do it yourself. Don't do any activity half hearted or you are just like any other guy out there in your niche who thinks some cool insta posts will nail it. Example , I been diving into email strategies the last days, listened and read a LOT and been building my strategy, next step building all the automated email templates, etc. Same for paid social, you need a full a-z strategy, don't just put ads out there. Same for Google, do PPC but do it smart or you going to burn money quickly. Have customer service nailed, I answer EVERY message and read every comment to be able to react straight away.

I'm actually in the marketing world as well, but I'm not quite at 10 years of experience yet haha.
I chose to go into marketing because I figured it would allow me to learn the most valuable skills and information necessary to be successful at owning a business. I'm at a very small company which I think is good because it allows me to wear a bunch of different hats and learn as much as possible in different areas. I'm actually enjoying it so far, especially managing Google Ads campaigns.
 
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liero1

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Oct 17, 2019
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Week 9

Probably forget some stuff as it was so busy but here we go

first full week with marketing again, sales picked up, but the thing with digital is, that it takes a bit of time and data to be as efficient as before, so CPA is higher to start with and comes down, e.g. same budget will slowly bring in more sales per day.

Digital campaign budget daily at the moment around 120 per day.

Added xmas themed copy to paid social campaigns.
Added some more custom audiences.
Video campaign doing really well, trying to get some more videos done (not cheap).
Loads of customer chats/emails/messages, this can't be forgotten when you think about time you need running an ecommerce business.
Set up automated email crm marketing, an onboarding process for every new customer. Using mailchimp which is pretty great and connects to everything. So a customer will get a welcome email a few days after purchase (not saley!) and a check in email with review question again a few days later. Additionally I have weekly offer emails going out.
Testing some facebook messenger strategies and signed up to manychat - not getting anywhere as of yet but will keep growing that list as well.

Month to date profit margin at 43% which is fantastic. And somehow over the last days I had a pretty constant stream of sales. Not like before where there might have been a crazy evening with loads of sales, now the app goes CASHING pretty much a few times every hour. It feels like slowly all marketing channels work together and benefit each other (attribution).

A crazy busy weekend as well, over a thousand pound revenue from saturday and sunday alone..

This is brings me to a problem I wish I would have - fulfillment! It is crazy busy, every weeknight I sit until 11pm and longer, after a 9 to 5 and family duties. I NEED to find an outsourcing option soon. Maybe even moving away from home business to an office at some point, but that won't work on the side.. So not sure yet what to do. I need assembling and fulfilling outsourcing basically.

Another thing to keep in mind is (mental) health and sleep - but more to that another time zzz..

Biggest order yet from China incoming next week.. Which also means overall still not making the big bucks, as those orders are prepaid and the profit shown here slowly eats away the costs and soon I should be seeing the bank balance creeping up - with at the moment around 200 a day net profit that should happen soon.

28668

Week 9 , +1445 P&L
 

JWM

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Oh and if anyone reads this who is Australian - would love to chat. Will be trying to launch in Australia with one friend being there for one or two years for travelling/working (but not being Australian we are not sure how to proceed and would love a partner on the ground who could also take this forward beyond that time potentially )
Nice post, good to see the progress you've made. I am from Australia and would be happy to chat to you about your business and your plans to expand into the Australian market. Feel free to send me a direct message.
 

sweetlif3

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Had a few thoughts while commuting - if you are launching, podcasts are a MUST listen! Brilliant shows out there, very educational, I learned so much and I consider myself a digital marketing expert with ten years experience in corporate, agency and own ventures! Listen to all the good eCommerce podcasts
What are some of the good podcasts you recommend?

Thanks for doing this thread by the way . Love reading execution threads! As MJ says, ideas are f-ing worthless -- it's all about the execution.

Looking forward to seeing how you do over the holiday gifting season with things pumping at full speed.
 

Icecreamchild

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Nov 13, 2019
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I would always recommend personal visits to suppliers. They respect customers who make that effort, and this is a good start to developing Guanxi. That terms basically means relationship, and that can result in far better service, and more cooperativeness in general.

Before going to China, as I explain in Ch. 10.2 of my book, you should do serious preparation. If you have my book, read that chapter again. It will help you avoid blunders and even getting lost in a Chinese city.

Walter
Is this an advertisement?
 
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liero1

Contributor
Oct 17, 2019
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What are some of the good podcasts you recommend?

Thanks for doing this thread by the way . Love reading execution threads! As MJ says, ideas are f-ing worthless -- it's all about the execution.

Looking forward to seeing how you do over the holiday gifting season with things pumping at full speed.
Thanks!
just a starter -
The Unofficial Shopify Podcast (gold)
ecommerce uncensored
ecommer influence
shopify masters
messenger mastermind
 
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liero1

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Oct 17, 2019
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Week 9 , +1445 P&L
Week 10
- really just trying to keep BAU running after and before work, plus family duties - so kind of busy, mainly due to the fulfillment as mentioned enough times now.
- Weekly email and the overall onboarding email strategy seems to work well - it also reduced certain customer questions - it's a good way to avoid those emails asking about some basic how stuff works.
- Creatives all now with xmas theme.
- Thinking about black friday - do or not do, maybe only for my email list a secret deal. Main reason to keep it low is low stock levels once again - new delivery takes longer than anticipated.
- despite real nice daily profits (well for me and my little shop anyways) the cash flow doesn't look TOO good but thats mainly because: pre payment of supplies (have a 5 month supply coming in), Amazon's payments take at least 10 days to come through (while other customer payments normally come straight away, at least on paypal).
- except the BF deal and maybe some xmas posts I will just try to keep everything running until I am off for xmas and then go strong into 2020!
- Amazon a bit tricky to track at the moment, but it looks profitable as well and sales picked up since doing paid campaigns (product slowly moves up the bestseller pages and is now on page three which obv. doesn't help anyone but page 2 and 1 are getting closer..

about +348 P&L Amazon Week 10
Week 10, +1407 P&L online
 

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jon11

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Nov 3, 2019
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good stuff. I'm in australia as well would be interested in hearing more.

Cheers
Jon
 
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liero1

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Oct 17, 2019
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Don't know how to change the title of this thread, but it could do with a new weekly click bait figure haha ->

Week 11
- re-designed the abandoned cart email series which lifted return conversion to 9.2% from 6.5%.
- After some consideration I finally went with a black friday and CM offer. Advertised through email and on homepage, nothing on other advertising. I figured if I get the same traffic but then convert them better through the offer it will still be worth it, and it really was!
- Panicked a little the days before BF as traffic cost really went up, just due to higher advertiser activity everywhere, everyone was paying much more to get those impressions.
- maintained usual ad spend through the week.
- Amazon: steady flow of sales, averaging £100 a day revenue. Profit margin is about 40% on it, so about £280 AMZ P&L for the week, maybe more, can't be asked to go through the complicated payout reports at the moment.
- Friday then actually was the record to day to date, almost broke 1k revenue! Then another revenue record on Sunday funny enough, again ALMOST broke 1k. But that is a milestone to be had I guess.
- Healthy profits on those days as I didn't increase spend. Obvs if you want a compelling offer you get less margin as you discount heavily.
- Fulfillment madness, sitting until midnight most nights and local post office actually couldn't process the whole bag of packages and had to resume the next day.
- products arrived, air mail, should last me 4 months. Next order sea freight!! Air is just so expensive but I would have lost more if I waited on a sea shipment.
- cash flow slowly better but really the effect of this profit should be seen soon - balances in different payment providers slowly building up (1k in shopify, 2k in paypal, about 1k in AMZ which takes FOREVER to actually pay out, 30 days!..).
- I expect a slow down now until Christmas but let's see what happens - this journey has just begun!

Week 9 , +1,445 P&L
Week 10, +1,407 P&L online
(+350 AMZ)
Week 11, +2,321 P&L online (+280 AMZ)

Online:
28971

AMZ:
28972
 

uroz

Contributor
Dec 2, 2016
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MoveValue any tips on how you did it? Just started out in the sport(cycling) souvenir niche.
liero (good game also btw) - keep the posts coming, very informative. rooting for you also.
 
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liero1

Contributor
Oct 17, 2019
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This is false, I haven’t paid for traffic and get organic views and sales.
Well yea its possible but quite unlikely (at least in scale) for a new shop owner. Depending how competitive the products are, it will be very hard to get on SEO straight away. Also hard to get your social content any reach without paying. So, well done you! :)
 

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