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eCommerece Guide – How to Make Your First Million Dollars

For the final part of the three part eCommerece Guide series I have on Eric from beardbrand to talk about how to make your first million with an eCommerece store.  This episode is information packed, and a must listen to for anyone that is thinking of starting an online store.  A few themes are repeated throughout the episode but one of the biggest ones for me is outsource whatever you aren’t good at or don’t want to do.

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Notes:

  • A story about Eric
    • Beardbrand is a mens grooming company that focuses on beard care
    • They totally bootstrapped the business, no outside investment
    • They focused on the brand
  • Social Media
    • They have grown because of social media
    • Youtube, tumblr and their blog have been huge
    • Reddit to is a community many people don’t think about utilizing
    • Create content that your customers find helpful
  • Facebook Tips
    • Facebook, doesn’t run their business very well…in the end they want to make money and they don’t have your best interest in mind necessarily
    • But Facebook is still very valuable
    • Comments on your products and your page is something you should be constantly interacting with
    • Eric would answer all the people that would comment, but as they have grown he has of course had to hire more people with all the comments
  • Instagram
    • Instgram and tumblr they use a similar strategy, they use it to show what an urban beardsmen is
    • They do not add a bunch of call to actions
  • Blog
    • They use a strategy of trying to provide as much value as possible, which means that 80% of the content is in no way selling anything
    • And the 20% of the content that does feature products, they make sure and keep it as useful to the customers as possible
    • They hired an editor to help with the blog, and have had a few other writers as well
    • Posts Monday, Wednesay and Friday
  • Youtube
    • They try to once again give as much good content as possible
    • They have added more talent to the channel
    • They are building it to be a whole company rather then just about Eric
    • He recommends just starting out putting up videos, just get content up there
    • His videos have been a progression
    • He uses a simple setup, and he has been completely self taught
    • The quality of your videos should reflect where your company is really at
    • He posts every Thursday, and the guest talent gets posted on tuesday
  • Best Marketing Tips
    •  Shark tank of course, redditt, and youtube
    • They were also featured in a bunch of magazines, some where a reach out on the part of their PR company and the others they kind of came to them and wanted to hear their story
  • Site Design
    • Redditt helped them figure out how to improve the website
    • They did a redesign pretty early on
    • They want to hire a full time web guy right now
    • They do some split testing but not as much as they would like
    • They use shopify and love it, they also use a responsive template
    • He did have one store before this, built it on Magento
  • Email Marketing
    • They use the strategy of providing as much good content as possible to their email subscribers
    • They don’t push their customers to buy things, and he thinks people respect that and relate to that
    • Email marketing isn’t one of their top priorities
    • Make sure you send out content that is relatable to your audience
    • The content doesn’t always have to be specific to your brand, but it should be specific to your audience
    • Originally he sent out emails about once a month, but now he sends them out once a week or once every other week
  • Scaling
    • They only do the things that they love and our passionate about
    • They partner up with other companies and outsource that
    • Make sure you get a company that can scale with you
    • Some hiccups along the way have been the balance between keeping too much inventory and being out of stock
    • Keeping track of inventory seems to be a problem for all small businesses
    • They use a lot of independent contractors
  • Last bits of advice
    • Make sure you stick with what you are good at
    • They believe in Freedom, Trust, and Hunger.
    • It takes love and persistence to grow your business
    • A little bit of faith, a little bit of risk and commitment to the bigger picture.

 

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