Are you focusing on one Key Performance Indicator at a time to not muddy the water you’re marketing in?
Are you making the mistake of ‘channel chasing’ and trying to spread your product and marketing across a host of social media platforms just for the sake of it?
In other words, are you moving from one platform to the next to solve a problem, instead of addressing your positioning?
The best product won’t save bad marketing. And bad marketing won’t save the best product. We can start there.
No tool is going to fix the problem of having a product no one wants to buy.
So, how are you achieving proof of concept in the most efficient, cost-effective way possible? If you can sell organically, you get immediate feedback and validation.
As the Lifetime Value of a customer becomes paramount, and as we grow tired of buying crappy products that don’t last off drop shipping sites with poor lead times and bad reviews, it’s more important than ever to nail down the e-commerce basics before falling for all the Shopify Tool ads that tell you it’s as easy as a ‘drag and drop’ to become an online millionaire.
Scott’s pragmatic advice will ensure you don’t go quitting your day job just yet, as the fundamentals of growing your business online are established in this, the first of a series of many interviews with TDM’s merchant master.
Scott Cunningham is the Founder of Merchant Mastery, producing $150 million in sales for Shopify stores last year alone. He is also TDM’s e-commerce master and head of their e-commerce certification. In today’s chat with host Mark de Grasse, they are clearing up some of e-commerce’s biggest misconceptions.
Scott Cunningham is the Founder of Merchant Mastery.
He is also the Founder and CEO of Social Lite, a Shopify Partner sales and marketing agency that has helped hundreds of Shopify merchants around the globe scale their revenue with Facebook Ads, Google Ads, email marketing, and Conversion Rate Optimization (CRO).
KEY TAKEAWAYS:
02:30 What are some of the biggest misconceptions about e-commerce?
05:45 Understanding Proof of Concept
09:25 The importance of focusing on one KPI at a time
11:45 Unpacking ROAS (Return On Advertising Spend)
15:40 Appreciating the lifetime value of the customer
17:55 Are you ‘channel chasing’?
23:30 What budget misconceptions do people have about e-commerce?
26:00 Getting product validation early on, as cheaply as possible
31:05 Product misconceptions: how are you presenting your product to the world?
36:19 The trend of high-value products, marketing, and increased client retention
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CONNECT WITH SCOTT CUNNINGHAM:
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