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#Customer value drop shipping vs affiliate marketing
primetargetmart · 2 months
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Which is Better for Customers: Drop shipping or Affiliate Marketing?
Cost Difference: Drop shipping vs Affiliate Marketing for Customers?
Spot Cheaper Online Purchases Affiliate Products vs. Drop shipping? Affiliate Links vs. Drop shipping: Which Offers Better Value for Customers? Maximizing Savings: Choose Between Drop shipping & Affiliate Products? Smart Shopping: Understanding Affiliate & Drop shipping Pricing Models?
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Drop shipping or Affiliate Marketing?
Affiliate Marketing: The Customer Advantage
Cost Savings: Buying through affiliate links is often more cost-effective for customers. Affiliate marketers earn a commission from the retailer, which means the price you pay remains the same as if you bought directly from the retailer, or sometimes even lower due to special promotions and discounts offered by affiliates. For example, purchasing a book through an affiliate link on a review blog might include a discount code or special offer not available elsewhere.
Trust and Reliability: Affiliate marketing usually involves established and well-known retailers like Amazon, Walmart, or Best Buy. These companies have robust customer service, return policies, and warranties. When you buy through an affiliate link, you can trust that you’re purchasing from a reputable source with reliable customer support. For instance, buying electronics through an affiliate link on a tech blog ensures you get the product from a trusted retailer with excellent after-sales service.
Exclusive Offers: Affiliate marketers often provide exclusive deals to their audience. These special promotions can lead to significant savings. For example, an affiliate marketer might offer a limited-time discount on fitness equipment through a partnership with the retailer, providing additional value to customers.
Dropshipping: The Customer Advantage
Unique Products: Dropshipping stores often offer unique, niche, or custom products that are not available in traditional retail stores. If you’re looking for a personalized gift, a unique home decor item, or a specialty gadget, dropshipping stores can be a treasure trove of unique finds. For example, a dropshipping store specializing in custom-printed apparel can offer unique designs tailored to your preferences.
Direct Interaction with Sellers: Dropshipping stores typically allow for more direct interaction with sellers, which can lead to personalized customer service. Sellers may offer customization options, special requests, or tailored recommendations. For instance, a dropshipping store selling handcrafted jewelry might offer custom engraving services, providing a personal touch to your purchase.
Supporting Small Businesses: By purchasing from dropshipping stores, you often support small businesses and independent entrepreneurs. This can lead to a more satisfying shopping experience, knowing your purchase helps a small business grow. For example, buying handmade crafts from a dropshipping store supports artisans directly, rather than large corporations.
Which is Better for Customers?
For Cost and Reliability: Affiliate marketing generally offers better value and reliability for customers. The cost savings from discounts and the assurance of buying from established retailers with strong customer service make affiliate purchases a safe and economical choice.
For Unique and Personalized Products: Dropshipping is the better option if you’re looking for unique or personalized items. The variety of niche products and the ability to directly interact with sellers for custom requests make dropshipping ideal for finding special items that stand out.
Conclusion: Both dropshipping and affiliate marketing have their merits, and the best option depends on what you value most as a customer. If you prioritize cost savings, reliability, and access to exclusive deals, affiliate marketing is the way to go. However, if you seek unique, personalized products and enjoy supporting small businesses, dropshipping offers a distinct advantage.
Ultimately, understanding the benefits of each method allows you to make informed decisions and enjoy the best of both worlds in your online shopping journey. Whether you’re buying through an affiliate link or a dropshipping store, you can find great value and satisfaction by leveraging the strengths of each approach.
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Affiliate Marketing Vs. Drop Shipping
What is the best way to promote a product and at the same time get the most out of it? When considering overseas slope and an easy way to reach out our potential clients and customers all at once, we must think of technology and online marketing. If so, what is the biggest benefit of it? Traditional marketing or selling had to do with holding countless inventory items and that required both a huge effort and a costly budget to increase selling force. Would it not be amazing to sell a product without us buying it? Definitely, two of the most powerful ways of promoting and making profits are Affiliate Marketing and Drop Shipping. However, I personally think that Drop Shipping is the best method. For instance, when considering Affiliate Marketing, the one who sets up the commission margin is the manufacturer. They will have to pay you the commission, which are usually low. The way to make profits is to sell high volumes of a product, or sell high ticket items such as technology, camera equipments, gym machines, etc. On the other hand, Drop Shipping is based on how much commission you think you can make based on your added value.
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sema1234posts · 4 years
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How to start ecom business
The web based business industry is detonating. Physical stores that briefly shut may never open again.
Shopping on the web used to be a comfort and an extravagance, presently – it's a need. The web based business organizations that I work with can't keep enough items loaded. Web based business has been developing for some time, and the numbers beneath don't represent the new occasions prompting an expansion in online business deals.
Worldwide Retail Ecommerce Sales
I've been in retail since 2005, I've opened actual stores, I've dispatched beneficial sites and I've promoted little and enormous brands on the web. The measure of interest in online business right currently is exceptional.
A great deal of people need to realize how to begin an internet business. On the off chance that you will likely make a speedy buck – that is everything you'll do, the objective should be a versatile, beneficial business that endures. You must have a drawn out vision for building a resource that carries genuine incentive to the market.
The most effective method to Start An Ecommerce Business (Step-By-Step)
Examination Ecommerce Business Models
Start Ecommerce Niche Research
Approve Target Market and Product Ideas
Register Your Ecommerce Business and Brand Name
Finish Your Ecommerce Business Plan
Make Your Online Store
Pull in Customers To Your Ecommerce Website
Online retail is a thriving business. Be that as it may, I've seen an excessive number of online business organizations battle to get footing. It's taken me years to master everything remembered for this page. Go through the data here to set your online business store, ensure yourself legitimately, get your funds all together, market and sell your item, and begin fabricating your store.
There's nothing additionally remunerating beginning a business from nothing and watching it develop. You develop it and nobody can take it from you.
Building an internet business takes more than picking a brand name, composing item postings, and beginning to sell items on the web. Indeed, even the best business thoughts can flounder in the event that you're not driving enough traffic to your site. Lean toward a bit by bit video course? Look at Ecommerce Business Blueprint. Not certain how the online business functions? Look at our web based business 101 article.
Stage 1: Research Ecommerce Business Models
Online Business Models
Starting your exploration is the primary basic advance. Try not to work off of a hunch. Developing any online business is a venture. Treat it accordingly.
There is certainly not a solitary business structure that works for everybody. Administration based business, programming, advanced item deals, and actual items are only a glimpse of something larger. If you want to do digital marketing course singapore, try Leapvista.
Before you can settle on what to sell on the web, you need to comprehend the diverse plans of action accessible.
It's not advanced science, however it impacts your business structure.
This is something I'll help you sort out in my Ecommerce Business Blueprint course.
On the off chance that you need to make money without contacting your item or contributing intensely toward the beginning, outsourcing or print on interest is a savvy decision.
On the off chance that you like having your own stockroom brimming with treats, you're contributing more straightforward and working with a wholesaling or warehousing (retail) model. Have a business thought for the ideal item thought or a most loved item you wish you could sell under your image? Investigate white marking and assembling.
And afterward there are memberships, where you cautiously minister a bunch of items or a solitary item to be conveyed at customary spans to your clients.
The internet business plan of action that pulls in me the most is a solitary item classification that you supplement with member promoting. You can handle the substance promoting and marking on an engaged item and center the remainder of your energy on driving deals by adapting traffic.
Assets On Ecommerce Business Models
I enthusiastically suggest that you take as much time as necessary and gain proficiency with the diverse plans of action and analyze them intellectually. At that point choose which one best lines up with your assets and promoting qualities. Additionally, consider where would you like to sell. Would you like to begin your own online store on Shopify or would you like to sell on Amazon? Obviously, you can do both, however promoting will be extraordinary.
5 Types of Ecommerce Business Models That Work Right Now
149 Legit Ways to Make Money Online
99 Online Business Ideas For Beginners
The Best 20 Online Marketplace Options for Selling Products
Upsides and downsides of Selling on Amazon, Etsy Vs Your Own Site
Instructions to Create a Non-Sketchy Amazon Affiliate Store To Launch A Private Brand
Instructions to Start a Clothing Line (Tips From 13 Fashion Pros)
Stage 2: Start Ecommerce Niche Research
Web based business Market Research
It torments me when individuals email me their internet business webpage and it's loaded up with several items, many classes, and no genuine core interest.
Except if you have a gigantic financial plan, you can't be the following Best Buy or Amazon. You need to specialty down to run a beneficial web based business store.
Picking your specialty is the main advance in starting your online business. Start this cycle by distinguishing fruitful organizations previously working in this space.
Ensure that the zone is serious – a nonattendance of rivalry generally demonstrates that there's no market, all things considered.
Try not to pick an excessively packed specialty, be that as it may, and skip anything overwhelmed by significant brands. In case you're experiencing difficulty with this, drill down further on what you need to do – the more explicit you are, the less rivalry you are probably going to confront.
Specialty ing down likewise gives you the advantage of having a ton of "shoulder" specialties, identified with what you do, yet not indistinguishable. You can cooperate with entrepreneurs in those specialties to cross-advance, become (or obtain) a subsidiary, and develop your client base.
Pick an item classification with at least 1000 catchphrases and spotlight on a specialty that does well in web-based media, where distributers in the region are associates on Amazon. On the off chance that you can catch a couple of associate advertising openings, you won't need to stress over delivery as much item, yet you can even now make a benefit.
Assets On Niche Research
The most effective method to Find Your Niche Online Without Costly Newbie Mistakes
What To Sell Online: 21 Product Ideas That Drive Ecommerce Sales
10 Ways To Figure Out What To Sell On Amazon and Profit
125+ Print on Demand Products To Drop Ship
12 Best Options for Your Amazon Research
100+ Simple Things To Make And Sell Online
Step by step instructions to Start a Content-First eCommerce Site
Stage 3: Validate Target Market And Product Ideas
Item Market Fit
Since you've recognized a specialty and plan of action, you may be enticed to begin chasing for items to sell.
Don't. Before you consider item thoughts, consider personas. You can't anticipate that individuals should purchase your item in the event that you don't have the foggiest idea who you're offering to.
Who right? What does the store speak to? Who are your optimal clients? You need to extend a reliable brand picture (an excursion that begins with your image name). A natural seed organization that began selling ordinary compost wouldn't keep going long.
Luckily, Facebook makes it generally simple for us to discover your intended interest group on the web. In particular, know precisely the number of individuals you can target. You can bore down to get exceptionally engaged numbers and nitty gritty socioeconomics.
Facebook Audience Size Example
I consider it a "targetable objective crowd" – its somewhat of an amusing term, however you'd be shocked to realize that most business visionaries have no clue about the number of individuals are in their intended interest group on the web. In the event that you need a brand focusing on in-your-face marathon runners that additionally appreciate mountain trekking, you may need to go somewhat more extensive. You can't construct a business if your intended interest group is just 100K individuals.
Your store persona needs to coordinate the desire for your clients and the items you sell.
Snap TO TWEET
Whenever you've recognized the picture you need to extend and the client you are taking into account, it's an ideal opportunity to think of item thoughts. I recommend beginning with one – you'll contribute less toward the beginning, and on the off chance that you need to offer more you can try things out with member showcasing.
In the case of a natural seed organization, you could discover mainstream natural items on Amazon and make substance to send traffic to those offshoot items. In the case of something bursts into flames, you can think about making your own image of that item. In case you're not 100% sure what to sell, you can utilize subsidiary advertising to approve your thought.
Before you put resources into the item, however, assess it cautiously. Regardless of whether you pick an outsourcing model, you need to test it cautiously and figure out the item yourself so you can recognize any possible issues and get ready client support contents to respond to basic inquiries.
A piece of approving your thought is to decide the reasonability of it. Will you providers that meet your valuing? What occurs if your provider falls through is there a reinforcement alternative?
Assets On Validating Product/Market Fit
21 Product Research Tips To Uncover Legit Ecommerce Market Opportunities
The Complete Guide To Finding The Best Private Label Manufacturers
3 Keys To Analyze The Profitability Of Your Product
Stage 4: Register Your Ecommerce Business and Brand Name
Structure Your Ecommerce Business
On the off chance that you need to begin an effective business, you need a brand that associates with your persona. Distinguishing your persona makes constructing an internet business brand simpler. You may stay away from girlie tones and pictures on the off chance that you are offering items to corporate money managers keen on carrying on with a maintainable life.
However, before you set up your store and get into the low down of building a brand – there are some essential advances you'll have to take.
Register Your Business.
Pick a business name and register your organization. There are legitimate insurances and tax cuts for joining, so don't skip it.
Pick Your Store's Name
The name of your site and the legitimate name of your business don't should be indistinguishable, however keeping them steady has its ben
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fidamatrimoni · 4 years
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WHAT COURSES DO DIGITAL MARKETING INSTITUTE IN GURGAON OFFER?
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99 digital academy, Digital marketing institute in Gurgaon offers one of the maximum good sized course in Gurgaon and Delhi. our institute specializes in simplest guides related to digital advertising and marketing. this virtual advertising route is created in this sort of way that pupil receives the whole know-how of virtual marketing like how virtual marketing is put into effect while we are launching services or products.
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Module 1: Introduction to Digital Marketing Course About Digital Marketing Digital Marketing, Digital Marketing vs Traditional Marketing Digital Marketing Process & Penetration Targeted Traffic for your Product or Service Module 2: Website Planning & Creation using WordPress Introduction Different Types of Website Understanding Website terminology and purchasing domain name Get a hosting What is Name server & How To Change Name-server in domain panel How to Install WordPress How to Create domain email accounts WordPress themes Create pages and post in wordpress What are Categories vs tags Create Menus in WordPress How to Customize Themes WordPress Plugins Overview , Analysis, Installation How To Write Content Integrate Payment gateway and website security Website Planning Module 3: Email Marketing Introduction and Signup To Third Party Email Servers MailChimp Dive Deep in MailChimp Creating and publishing Normal website form Creating and publishing Pop-ups on our Website How to Increase Open Rates of Emails How to increase click rates of emails Change email id, hide contact address, new subscribers notification Make all Forms as Single Opt-in How to create Newsletter How to create Auto responder Module 4: Lead Generation through Digital Marketing Campaigns How to Design Landing Pages Design Landing Page using MailChimp A/B Testing and publishing landing page Module 5: Google Adwords (Search Engine Marketing) Adwords Overview Adwords Search Campaign Setup and Analysis Adwords Ad Extension Optimize the Search engine campaign Display Campaign Re-marketing Module 6: Google Analytics Google Analytics Overview Off Site Analytics Setup Google Analytics Link Google Analytics with Google Adwords, Google Website,etc Audience Analysis Google Analytics Acquisition Google Analytics Behavior Google Analytics Conversion Module 7: Search Engine Optimization (SEO) Search Engine Working SEO Introduction Keyword research– parameters Get Keyword Idea list from Google Adwords Shortlist Keywords on basis of Relevance, Monthly searches Finding parameters Google trends & Monetary Value Sort keyword on basis of 5 parameters Final Selection of keywords On page Introduction On page HTML Tags On page Meta Tag On page SchemaTag On page Content On page Keyword Placement On page Text Formats On page Image SEO On page Links On page social media tags On page site accessibility Module 8: Advance Link Building Tips to Get Links for Your Website Tier Link Building How to Create Use PBN (Private Blog Network) Module 9: Google My Business Overview How to add in Google My Business Tips for Ranking High on Google My Business Module 10: Google Webmaster Overview How to add website in Google Webmaster How to manage Google Webmaster Account Why it is necessary to link Google Webmaster Account with Google Analytics Module 11: Facebook Marketing Introduction and setup of Facebook page Tips to create engaging post How to Engage Facebook fans Advertise on Facebook or Facebook Ads Module 12: LinkedIn Marketing Overview, Profile building and Pulse posting LinkedIn Groups Company Pages Building and Strategy LinkedIn Ads Details LinkedIn Ads Creation Practically Module 13: Twitter Marketing Twitter Overview and Working Module 14: Youtube Marketing & Making money from youtube ads Why Youtube To Be Includes In Your Marketing Strategy? How To Plan Youtube Marketing Strategy What “watch Time” Is Golden How To Get The Subscriber Advantage Tools Needed For Making Youtube Videos How To Setup Youtube Account & Optimization It How To Research Keywords For Youtube Videos How To Structure Youtube Video To Get Maximum Impact Seo For Youtube Videos How To Create Amazing Youtube Thumbnails How To Add Youtube Annotations & Cards How To Promote Youtube Videos For Free Whats In Youtube Analytics How to Monetize Youtube Videos Youtube Ads Module 15: Online Display Advertising Online Display Advertising Module 16: Content Marketing Content Marketing
Module 17: Quora Marketing What is Quora How to use Quora to build your Brand. How to get free traffic from Quora. Module 18: Mobile Marketing Mobile Marketing Overview , Mobile vs app Building Mobile App using ANDROMO Buy Mobile App and Publishing it on Google Play Store Mobile Advertising using ad words SMS Marketing Module 19: Affiliate Marketing Overview of Affiliate Marketing Types of Affiliate Marketing How to start your own Amazon Affiliate Business. Module 20: Drop Shipping Overview of Drop Shipping Business How to find products for your drop shipping business How to market products to sell them in India or Worldwide. Module 21: E-Commerce Website What is e-Commerce Websites How to use Woo-Commerce for a WordPress Website Shopify Vs Woo-commerce Websites. Module 22: Online Reputation Management What is Online Reputation Management How to build your Brand Reputation Online. How to handle negative feedback of your customers online.
Module 23: Advance Digital Marketing Strategy Advance Digital Marketing Strategy How to plan & divide your digital marketing strategy in Phases.
Module 24: Conclusion
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brisbane-now-blog · 5 years
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Wix, Shopify, Weebly & SquareSpace Compared
Wix, Shopify, Weebly & SquareSpace Compared
Ok today we are going to talk about a comparison between Wix, Weebly, Shopify and Squarespace. This is a decision a lot of people working on e-commerce projects are going to face. What do you do when you're starting up? So, let's look at the four of them! 
I mean these days many businesses want something simple. You want to concentrate on their core business and not worry too much about the technical IT world. That's a decent way of looking at things! You want to do what you're good at and keep the techy stuff to the tech heads! 
If you choose Wix, Weebly, Shopify or Squarespace - you're just paying a small monthly fee. All the technical back end things are going to be taken care of. These are the four main players in the space of hosted e-commerce. 
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Firstly, I’d just like to start by saying I'm not affiliated to any of these providers. I didn't want to just base my opinion on anecdotes or stories I heard from friends or whatever. I want to actually do some testing and get some real database my opinion on and I'm sure you've tried Googling! 
I'm sure you've tried Googling a “Wix VS Squarespace” blog. Or, with “Shopify vs. Wix” or “should I choose Wix” and you come across a lot of affiliate blogs. These guys have no intention of providing you a real answer. All they want to do is get you to the point where you feel informed and you ready to buy. So, when you buy you buy them from their affiliate link. On those blog so you never going to get a real and unbiased look. It's a real problem on the internet these days we go when we look at all these blogs. They are just full with affiliate links! They don't give you an objective comparison! They make all sorts of superficial comments, like Stars or marks out of 5. They are practically useless when it comes to making an informed comparison.
The first aspect we should look at it is the actual market. Let's not mess around here! This is a massive, massive market! Web hosting is a 136 billion dollar market in 2019! 
It's massive and when you combine Squarespace, Wix, Weebly and Shopify? These guys control 4% of the market. So, I mean you talk about 5 billion dollars between these guys! 
Squarespace is the biggest at 1.7% of the market. Wix is 1%, Weebly 0.5 and Shopify the smallest at 0.5%. Let's not get too hung up on that 0.5% number! 0.5% of 136 billion dollars is still hundreds of millions of dollars! So, it is a massive corporation! All of these companies have been around for several years now. So, you can be pretty sure that they are all very stable brands. All very good brands at this point in 2019. So, you don't have to worry about them being small, little tech startups. They aren't just going to blow over in the next couple years! They will they will be around for a long time! So, any choice you make you will probably be ok.
The three most important things are: server speed, reliability and price. These are the basic things that everyone has to provide. Your website has to be online as much as possible!  It needs to be fast! So, let's look at the speed first. Let's look at server response time!
server response time 
So, what do we mean when we talk about server response time? This is the time it takes from when you click on a link to when that page starts loading in the browser. This is an important thing because if you're taking more than two or three seconds to respond? Then a lot of people are just going to close that TAB in their browser! They will forget about you forever! So, these providers need to be very fast. 
When you look at the market leaders like Amazon on eBay?  Depending on where you are in the world, you looking at one or two or three tenths of a second! That page will start loading FAST! So you want to be in that range! The average is going to be around 0.7 seconds for the industry. An average web host will start loading and 0.7 seconds. So, let's get to the point who is quicker! 
Wix is quicker! 0.35 seconds! So, on average in our testing with we were testing them for 3 months. Averaged out over 3 months is 0.35 seconds! Wix is very fast! Very close to the industry best. I mean they're up there with the eBay's and Amazons! Very quick! 
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Shopify was not far behind. A little bit slower at 0.49 seconds. Half a second...  Shopify is still very respectable. These are the two ahead of the industry. In terms of their server response time. 
Squarespace was bang on average at 0.78 seconds. Still pretty decent, nothing flashy. Weebly, still close to averages well 0.87 seconds. A little bit slower than average but still decent. I think we can see all these guys are pretty good when it comes to their servers. They're massive hosting companies and they know what they're doing. They're all coming in under 1 seconds. So speed shouldn't be a massive problem. Though, when you are in the ecommerce world every 10th to of a second is equal to money. What I mean I mean we're living in a world where people want everything in an instant! If it feels a little bit laggy it makes your brand look a little bit slower!
Even half a second of lag is going to cost you 5% of your page views. It's going to cost you 3 or 4% of your sales! So, think even a small a small company doing only $1,000 of revenue. That’s a part-time side business. If you lose 3%? if you lose 4%? You've lost $30 or $40. That's the entire hosting fee for your month! 
You can see obviously the $10 or $20 you might save? It's going to add up in the long run. So, if you're serious about your project you go with something high quality! So, we can, in conclusion definitely recommend Wix! We can definitely recommend Shopify. Those guys are on it when it comes to the technical speed of their service.
We have to note that we did this over 3 months. We were basing it on data from all around the world. We had servers in North America, South America, Asia, Europe, and Australia. So, my numbers are based on the average of all those things. If you're close to North America and all your customers are there? You're going to have faster results. If you're on the edge of the internet? like in New Zealand South America, or in the Pacific Islands? It's going to be slower.
Reliability
Reliability is another factor that you need to consider when making a selection. We just assume a website is online 24/7 365. 0% down time? Is that realistic? It's not realistic! Even big brands like Nike when they come out with a hot new item they get flooded with requests they go down! Ticket websites? A massive new show is advertised for sale? They get flooded and experience downtime. 
You might have 0% downtime until you have achieved some level of viral success. Then suddenly your cheap web host can't handle the traffic and you'll go down! So, let's get to the point! Which of these web hosts actually had downtime? I mean, you're going to be surprised! 
All of these web servers are very reliable! Weebly & Squarespace had little bit of downtime. Wix and Shopify had no downtime. We logged it for 3 months and after three months Weebly had 38 minutes of downtime. Squarespace had 22 minutes. I mean that those aren't big numbers. 38 minutes is still 99.91% up! Which is what the industry standard is. Squarespace was at 99.95% still very good! Note that it might not even be Squarespace fault. There are all kinds of possible network problems on the Internet. It's a complicated place! so they're all pretty good. Wix and Shopify were outstanding though. They were outstanding at 99.99! That’s 4 nines! Basically zero downtime! That's great when we're in a world where even some massive place like Facebook and can crash. For an entire morning! Facebook experienced several hours of downtime. 
So, just watch out for those catastrophic events. They can happen. They usually don't, but when I do? Your 3 month period can turn into 99.8% if you had her a random event like that.
Price
The next factor we're going to talk about is price. I mean they are all in that sort of $18 to $29 range. They're all pretty similar they shouldn't be massive costs to work. However, to a hobbyist people just starting out? Those few dollars a month they can be important! Like groceries and bills that you need to pay! 
We're not going to go for the cheapest Wix plan because it doesn't have shopping. You've got to go up to the basics business option, which would have ecommerce. That's the $18 a month option. The nice thing that Wix has is it doesn't have a transaction fee when you make a sale. So, just look at those things as well! Because as you grow those fees are they going to outstrip what your actual subscription is. Things like Shopify they do have a little fee on each sale. They can add up! They can eat into your margin! We're talking about an industry where if you're advertising on Facebook? Or if you're advertising on Google? Then your margins are going to be slim! We can be operating on those 10% to 20% margins. If you lose 3% or 4% percent of your money on fees? Then a product that was viable become unviable. Or even it could become a loss maker, if it wasn't for those fees! So just be careful of that! 
Weebly in Squarespace they don't offer any features that we don't have with Wix. They cost a bit more too - Weebly at $25. Squarespace at $26. We wouldn't recommend them on value.
 Wix gives you all this for $18! So, I think for the simple end of town we are going to recommended Wix. Then, if you want to get into the more technical side of e-commerce? If you want drop shipping or Amazon or eBay type things? Then Shopify has the better integration with other ecommerce platforms. So, just make sure you check! If you're already working with some e-commerce and you need a good integration? Just check that your choice has the features you need. 
Shopify definitely has the higher functionality in that space. If you're already working with somebody and you need a good integration? Just check that your solution has the features you need. 
Shopify definitely has the higher functionality in that space. 
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If you're a simple crafts or home business? Then Wix or any of them will do a good job! Wix is cheaper! So, if you're a home business? Or, you're a simple business model that produces and ships its own items? Then just go with Wix! I think that's an easier way of doing it.
Conclusion
So, in conclusion which one do we recommend? I think in the end we recommend Wix for simple things. We recommend Shopify for advanced ecommerce solutions. The other two Weebly, and Squarespace? They were there still decent I mean if you're familiar with them and you're doing well with them? There's no reason to change! They're still good! If you're starting up with something simple and don't intend to do anything fancy. If don't intend to do drop shipping or Amazon and you want to keep it as a simple e-commerce business? Then go with Wix! If you think you're going to go into something more complicated in the future? Then Shopify is the one you want.
A nice thing to note here is that Wix has free web hosting. So, you can actually try it and you don't have to spend a thing. You could go to Wix right now set up a website! You'll have little ads on it but it'll be free. You can get familiar, you can learn it, and you make a well informed decision. I mean if you take anything from this article, it's try it yourself! Go ahead and try it! The best thing to do is to experience it for yourself. 
Shopify also has 14 days free. You should be able to set up a store in the first one or two days and get some experience. I mean, go hard for those 14 days and try your best! See if it works for you! 
Definitely try those two!
Another thing we have to mention is the obvious option is to use none of these! There are always open source ways of doing everything! WordPress is still much larger than any of those for and it's free! If you've got web hosting already and you're comfortable with WordPress already? Then there's no need to jump on the bandwagon. Any of features of these are ecommerce solutions you'll be able to do yourself in WordPress. 
Though, if you're not a website Guru? Then look at those four hosted Solutions. They include tech support, and all your hosting back end stuff is covered. You don't have anything to worry about! All you have to do is run your company without worrying about the tech stuff. So, I think that's enough! I think we've covered it! 
Our conclusion is - if it's simple then Wix! If it's complicated then Shopify! If you're a Guru? You don't have to choose any of them! You can build it yourself! 
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topicprinter · 5 years
Link
See my original post at https://www.reddit.com/r/Entrepreneur/comments/doancs/is_dropshipping_actually_dead_or_just/I've worked on software for the last 6 years. Doing some research a few weeks ago I learned that eCommerce businesses typically a) make more money than software companies, and b) find profitability faster. source: https://www.julian.com/guide/growth/introSo I decided to go on a bit of an adventure. I became interested in eCommerce, either for the sake of learning about eCommerce software and how I can profit on the software side, or maybe even running my own online store. Here's what I've learned.Drop Shipping Is 95% Scams, 5% LegitShopify, Oberlo, Spocket, et. al are selling this pipe dream that people can find random Chinese crap and make a killing marking it up for their country's market, all from the comfort of their couch! And to get started all you have to do is get a $30/month shopify store, a $15/month subscription to "premium" drop-ship products, and whatever else can be upsold.I wonder how many people are out there right now spending upwards of $50/month on eCommerce software that makes them nothing, vs how many people are actually breaking even. If I had to guess I'd say 99% of people on the basic Shopify subscription haven't made a dollar.The worst part is Shopify is worth no more than $5/month. I've started making on online store with Wordpress and WooCommerce. I'm spending $5/month on Digital Ocean and $12/year for my domain name on Google domains. There is so much open source software out there it kills me to see intrepid upstarts wasting their money on convenience solutions.So Where Does a Drop Shipper Add Value?I believe according to my subjective research that there are at least two ways for a dropshipper to add value. Create a brand that people love (obviously you have to be a creative person with a bit of a following for this to work), or add knowledge about the product that helps consumers find the product they need.My selected niche is the latter. Products I'm intending to carry almost always come with MAP (Minimum advertised price), which sets a price-floor across the industry. I can only compete on price by offering select discounts to specific customers, anything else will get me blacklisted, so everyone competes on knowledge and advertising, with knowledge being more powerful: will this product fit my boat? will it last 5 years? Does it have X function with Y conditions, etc.Wayfair is a prime example of this. They add tremendous value with features and filters that let me select the perfect product that fits my home, plumbing fixture, electrical appliance, etc. (I've used Wayfair helping my dad upgrade fittings at his property.List of Free ShitNeed a sweet vector logo? Inkscape is an open source alternative to Adobe Illustrator that makes beautiful vector art, and it doesn't cost anything. It takes probably 5 - 10 hours of tutorials to get well up to speed on everything, then the world is your oyster. Infinite free logos that are as good as your imagination. https://inkscape.org/What about Photoshop? Well if you want a free version, try GIMP https://www.gimp.org/. GIMP is an open source image manipulation program for raster images (the counterpart to vector). Here you can make great advertisements, remove backgrounds from products, make textures etc. Again, you gotta put the work in but its free.Build a site totally free. When I was building my site I didn't pay anything for hosting. Here's how: I built the site locally on my laptop, and only published it when I needed it to be public to the rest of the world. I followed this guide (I am not affiliated) https://webdesignerwall.com/tutorials/installing-wordpress-locally then I followed this guide to install WooCommerce (also not affiliated) https://docs.woocommerce.com/document/installing-uninstalling-woocommerce/ then when you're ready, you can migrate your site to your server with this free (and not affiliated) plugin https://wordpress.org/plugins/all-in-one-wp-migration/Hope you all found this interesting, or useful, or at least hopefully it didn't actively piss you off.
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philipfloyd · 6 years
Text
Google Analytics Insights – The Best Tips for Your Business Success
You know how important online presence is to any business and how valuable it is to deliver performance. But how well do you understand your users’ path and what makes them engaged? How often has it happened to you to find out specific things about your traffic and make correlations but didn’t know the steps for filtering your data?
  Understanding your Google Analytics results can be hard and tricky, but Google Analytics Insights is the everyday solution. It’s like training for the race and come home with the medals.
    The great side of GA insights is the personalized list of marketing tips and tricks you get based on the activity of your business. It uses a machine learning algorithm, named Analytics Intelligence, which makes it easier for the business owner to discover what’s important in the pile of data and then take meaningful action. And the best thing of all is that you can ask questions and get directions.
  Understand Year over Year Growth of Average Order Value
Know What Users Are Interested in Purchasing Right Now
Keep Your Loyal Users Engaged
Find Any Anomalies for Your Website
Find the Landing Pages with the Worst Ecommerce Conversion Rate
Track the Revenue Trend for Your Products/Services
  Google Analytics Insights offers great guidelines for your website. For starters, you can select some questions from a standard list to get some directions. Straight form the Insights go to list of questions regarding users, traffic trends, content analysis, users behavior, product performance and technical performance.
    Creating great campaigns and improving your digital marketing results is mandatory for success, that’s why you should keep an eye on Google reports for insights.
    1. Year over Year Growth of Average Order Value
  For e-commerce websites, Average Order Value (AOV) is one of the most important metrics that should be tracked. It a metric that measures the total average of all the transactions made by a customer each time they place an order on the website, within a specific period of time.
  AOV is determined by measuring sales per order, not sales per customer. Although one customer may come back multiple times to make a purchase, each order would be counted separately in the AOV.
  Keeping track of Average Order Value would help business owners to be aware of key business decisions such as advertising spend, store layout, and product pricing. Google  
  To find out the year over year growth of AOV you need to go to insights. You can access it from all the google analytics dashboards; it doesn’t matter where you are.
    Then, you can search for “year over year growth of Average Order Value” or go to Conversions » Ecommerce » Overview. There you can see something similar to the next graphic.
    You can see if your AOV has increased or suffered a drop. In the first case, a higher AOV will increase your ecommerce store’s profitability. In the last case, it means that this year’s orders (according to the graphic, it is 2018) are fewer than the ones from the previous year (2017).
  You can increase the AOV by a few improvements/tricks in your selling process, such as:
Offer free shipping. There are lots of websites that offer free shipping with regard to the period of shipment.
Offer limited free shipping for a specific order value. For example, chose a free shipping value of $25 or $30 depending on what type of products you sell. If you’re selling luxury products, unfortunately that doesn’t apply.
Offer additional products right in the card after the customer placed a product. If you give recommendations based on what the customer ordered, you might encourage additional spending
Give coupons to loyal customers to inspire them to make purchases.
Start a loyalty program. You can create fidelity cards with points and for each purchase, the customer can collect points.
  The beautiful side of this Overview panel form Analytics is the Marketing section, where you can see what campaigns are performing in terms of transactions, revenue, and AOV. You can see here what online marketing strategy (promotion, coupon codes, affiliation) works best:
    2. Know What Users Are Interested in Purchasing Right Now
  If you want to know who is interested in buying right now from the whole list of leads, then In-Market Segments is the choice you should make. In-Market Segments reflect the users who are interested in a product and close to converting. They can help you decide what to promote or how to remarket.
  Simply click on Insights and search for “Know what users are interested in purchasing right now” and you’ll see a similar report for your website:
    In the screenshot above, you can see the In-Market Segments for Aug 1, 2018-Aug 31, 2018. And if you look at the number, you can see that they have grown significantly over the past month. By clicking on Go to Reports from your Google Analytics Account, you will be redirected to Audience » Interests » In-Market Segments.
  Here you can create segments and keep track of what you’re interested in. This way you have an easy management and a clear sight of who is more active and who needs a little help. You can see Google Analytics data regarding behavior, e-commerce conversions or goals completition.
    Based on the results above you can use remarketing, and focus your lower-funnel marketing (e.g., promotions, discounts, product bundles) on these users. For example, create audiences with conditions like “In-Market Segment exactly matches Financial Services/Investment Services”. You can then use these audiences in AdWords, DoubleClick Bid Manager, or DoubleClick Search remarketing campaigns.
  If you want to create audiences, you have to go to your Admin panel » Property » » Audience Definitions » Audiences.
    After you select Audiences, you can set up the steps for Remarketing and create your first audience.
    3. Keep Your Loyal Users Engaged
  Loyal customers are hard to achieve and once you gained their hearts you must keep their engagement rate high. If you want to see the percentage of loyal users, you can search for “How loyal were your users from September?” in the GA insights section.
  On the site we analyzed we could see that the loyality rate was 5.87% in September compared to August.
    To follow up on these numbers, you can see the exact number or users if you go to Audience » Behaviour » New vs. Returning and select the last 28 days or check the monthly trend of users over the last 12 months.
  You can always compare these results with the previous year and for that you have to look at the year over year growth of users. For the analyzed site, we have an increase of 4.11%.
    In case there was a decrease there are some things to consider, such as adding new site features, product strategies, or marketing activities.
  4. Find Any Anomalies for Your Website
  If you think something strange happened to your users or your website, you can search to see if there were any anomalies in users, sessions, impressions, transactions and more. Google uses a specific model –  Bayesian state space-time series model – to forecast values that stand out beyond the normal trend in the time series data:
  Analytics Intelligence Anomaly Detection is a statistical technique to identify “outliers” in time-series data for a given dimension value or metric. Google  
  Go to Google Analytics Insights and search for “Any anomalies in the number of users last week?” and your question will be answered. For the website we analyzed we can see there is nothing abnormal regarding users.
    There are two types of anomalies presented in Google Analytics:
for sites that experience a spike;
for sites that had a drop in sales or some metrics perform poorly.
  In case you find anomalies in your account that signal some negative performance, then you should look at the results and the period of time. As you can see in the screenshot below, Google detected 1 anomaly in the time series analyzed marked with a red dot. It identified it as an anomaly because it wasn’t accurate regarding historical data.
  Source: medium.com
  You probably know about Google Analytics alerts. You could find them at Customization » Custom Alerts » Manage Custom Alerts » New Alert. And you could add alerts to keep an eye on the problems that appear. For example, you can have an alert in case your transactions dropped to a specific value.
      5. Find the Landing Pages with the Worst Ecommerce Conversion Rate
  Finding pages that don’t bring any commercial benefits can be hard to spot and Analytics insights has the information on that. For the site we used on this analysis we received some recommendation of what needs to be improved and one of them was the poor landing pages in terms of ecommerce conversion rate.
  We saw that some of your top landing pages performed >25% worse on ecommerce conversion rate this month.
    Over the time period analyzed, the overall ecommerce conversion rate of the site was 0.57%, according to the Google Analytics results. Tracking this type of data helps you see the conversion rate and the directions for improving it. For keeping the numbers high you have to keep the content relevant for the type of traffic you have for those pages. You need to answer the following questions:
  If there have been changes in the traffic sources to these pages, have you made sure the content is relevant to that traffic?
If you changed the content on these pages, did you notice a change in user behavior?
  To see the type of traffic you have for your pages, go to Behaviour » Site Content » Landing Pages. Here chose the secondary dimension: Traffic Type.
    6. Track the Revenue Trend for Your Products/Services
  Once you understand the popularity of certain products and discover what’s accounting for your highest ROI, your business will grow.
  Tracking the revenue trend for your products can be really helpful in understanding what’s working and what products didn’t bring so much revenue. If you search for “Trend of Product Revenue by Product” you’ll see a chart similar to the one below:
    As you can see in the picture above there is a spike in revenue. This chart is very efficient in discovering which products are most effective. So in our case, we should look at the product that had a drastic increase and go further in discovering what we did that day or during the previous days.
  I performed the search once more to see if this spike appeared again in the last 3 months by going to Conversions » Ecommerce » Product Performance. And it seems it happened again in October so it wasn’t just a one-time thing, but still the spike is pretty high comparing to the normal growth of the website.
    Conclusion
  Google Analytics Insights is the online guide that helps you see the missing opportunities, the lacking performance, the anomalies and get recommendations and straight answers to your questions with direct reference to the reports and graphs. Following the above actionable insights we talked about, and looking through the customized reports will give you the chance to improve your Google analytics data, increase sales and perform conversion rate optimization
  It is very easy to use. You can ask questions or look for specific metrics and dimensions and Google Intelligence will give you directions to the analytics reports. You’ll get recommendations and see what you should do to improve the metrics and the parts of your website that aren’t performing so well in the sales funnel.
    The post Google Analytics Insights – The Best Tips for Your Business Success appeared first on SEO Blog | cognitiveSEO Blog on SEO Tactics & Strategies.
from Marketing https://cognitiveseo.com/blog/20593/google-analytics-insights/ via http://www.rssmix.com/
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krisggordon · 6 years
Text
Google Analytics Insights – The Best Tips for Your Business Success
You know how important online presence is to any business and how valuable it is to deliver performance. But how well do you understand your users’ path and what makes them engaged? How often has it happened to you to find out specific things about your traffic and make correlations but didn’t know the steps for filtering your data?
  Understanding your Google Analytics results can be hard and tricky, but Google Analytics Insights is the everyday solution. It’s like training for the race and come home with the medals.
    The great side of GA insights is the personalized list of marketing tips and tricks you get based on the activity of your business. It uses a machine learning algorithm, named Analytics Intelligence, which makes it easier for the business owner to discover what’s important in the pile of data and then take meaningful action. And the best thing of all is that you can ask questions and get directions.
  Understand Year over Year Growth of Average Order Value
Know What Users Are Interested in Purchasing Right Now
Keep Your Loyal Users Engaged
Find Any Anomalies for Your Website
Find the Landing Pages with the Worst Ecommerce Conversion Rate
Track the Revenue Trend for Your Products/Services
  Google Analytics Insights offers great guidelines for your website. For starters, you can select some questions from a standard list to get some directions. Straight form the Insights go to list of questions regarding users, traffic trends, content analysis, users behavior, product performance and technical performance.
    Creating great campaigns and improving your digital marketing results is mandatory for success, that’s why you should keep an eye on Google reports for insights.
    1. Year over Year Growth of Average Order Value
  For e-commerce websites, Average Order Value (AOV) is one of the most important metrics that should be tracked. It a metric that measures the total average of all the transactions made by a customer each time they place an order on the website, within a specific period of time.
  AOV is determined by measuring sales per order, not sales per customer. Although one customer may come back multiple times to make a purchase, each order would be counted separately in the AOV.
  Keeping track of Average Order Value would help business owners to be aware of key business decisions such as advertising spend, store layout, and product pricing. Google  
  To find out the year over year growth of AOV you need to go to insights. You can access it from all the google analytics dashboards; it doesn’t matter where you are.
    Then, you can search for “year over year growth of Average Order Value” or go to Conversions » Ecommerce » Overview. There you can see something similar to the next graphic.
    You can see if your AOV has increased or suffered a drop. In the first case, a higher AOV will increase your ecommerce store’s profitability. In the last case, it means that this year’s orders (according to the graphic, it is 2018) are fewer than the ones from the previous year (2017).
  You can increase the AOV by a few improvements/tricks in your selling process, such as:
Offer free shipping. There are lots of websites that offer free shipping with regard to the period of shipment.
Offer limited free shipping for a specific order value. For example, chose a free shipping value of $25 or $30 depending on what type of products you sell. If you’re selling luxury products, unfortunately that doesn’t apply.
Offer additional products right in the card after the customer placed a product. If you give recommendations based on what the customer ordered, you might encourage additional spending
Give coupons to loyal customers to inspire them to make purchases.
Start a loyalty program. You can create fidelity cards with points and for each purchase, the customer can collect points.
  The beautiful side of this Overview panel form Analytics is the Marketing section, where you can see what campaigns are performing in terms of transactions, revenue, and AOV. You can see here what online marketing strategy (promotion, coupon codes, affiliation) works best:
    2. Know What Users Are Interested in Purchasing Right Now
  If you want to know who is interested in buying right now from the whole list of leads, then In-Market Segments is the choice you should make. In-Market Segments reflect the users who are interested in a product and close to converting. They can help you decide what to promote or how to remarket.
  Simply click on Insights and search for “Know what users are interested in purchasing right now” and you’ll see a similar report for your website:
    In the screenshot above, you can see the In-Market Segments for Aug 1, 2018-Aug 31, 2018. And if you look at the number, you can see that they have grown significantly over the past month. By clicking on Go to Reports from your Google Analytics Account, you will be redirected to Audience » Interests » In-Market Segments.
  Here you can create segments and keep track of what you’re interested in. This way you have an easy management and a clear sight of who is more active and who needs a little help. You can see Google Analytics data regarding behavior, e-commerce conversions or goals completition.
    Based on the results above you can use remarketing, and focus your lower-funnel marketing (e.g., promotions, discounts, product bundles) on these users. For example, create audiences with conditions like “In-Market Segment exactly matches Financial Services/Investment Services”. You can then use these audiences in AdWords, DoubleClick Bid Manager, or DoubleClick Search remarketing campaigns.
  If you want to create audiences, you have to go to your Admin panel » Property » » Audience Definitions » Audiences.
    After you select Audiences, you can set up the steps for Remarketing and create your first audience.
    3. Keep Your Loyal Users Engaged
  Loyal customers are hard to achieve and once you gained their hearts you must keep their engagement rate high. If you want to see the percentage of loyal users, you can search for “How loyal were your users from September?” in the GA insights section.
  On the site we analyzed we could see that the loyality rate was 5.87% in September compared to August.
    To follow up on these numbers, you can see the exact number or users if you go to Audience » Behaviour » New vs. Returning and select the last 28 days or check the monthly trend of users over the last 12 months.
  You can always compare these results with the previous year and for that you have to look at the year over year growth of users. For the analyzed site, we have an increase of 4.11%.
    In case there was a decrease there are some things to consider, such as adding new site features, product strategies, or marketing activities.
  4. Find Any Anomalies for Your Website
  If you think something strange happened to your users or your website, you can search to see if there were any anomalies in users, sessions, impressions, transactions and more. Google uses a specific model –  Bayesian state space-time series model – to forecast values that stand out beyond the normal trend in the time series data:
  Analytics Intelligence Anomaly Detection is a statistical technique to identify “outliers” in time-series data for a given dimension value or metric. Google  
  Go to Google Analytics Insights and search for “Any anomalies in the number of users last week?” and your question will be answered. For the website we analyzed we can see there is nothing abnormal regarding users.
    There are two types of anomalies presented in Google Analytics:
for sites that experience a spike;
for sites that had a drop in sales or some metrics perform poorly.
  In case you find anomalies in your account that signal some negative performance, then you should look at the results and the period of time. As you can see in the screenshot below, Google detected 1 anomaly in the time series analyzed marked with a red dot. It identified it as an anomaly because it wasn’t accurate regarding historical data.
  Source: medium.com
  You probably know about Google Analytics alerts. You could find them at Customization » Custom Alerts » Manage Custom Alerts » New Alert. And you could add alerts to keep an eye on the problems that appear. For example, you can have an alert in case your transactions dropped to a specific value.
      5. Find the Landing Pages with the Worst Ecommerce Conversion Rate
  Finding pages that don’t bring any commercial benefits can be hard to spot and Analytics insights has the information on that. For the site we used on this analysis we received some recommendation of what needs to be improved and one of them was the poor landing pages in terms of ecommerce conversion rate.
  We saw that some of your top landing pages performed >25% worse on ecommerce conversion rate this month.
    Over the time period analyzed, the overall ecommerce conversion rate of the site was 0.57%, according to the Google Analytics results. Tracking this type of data helps you see the conversion rate and the directions for improving it. For keeping the numbers high you have to keep the content relevant for the type of traffic you have for those pages. You need to answer the following questions:
  If there have been changes in the traffic sources to these pages, have you made sure the content is relevant to that traffic?
If you changed the content on these pages, did you notice a change in user behavior?
  To see the type of traffic you have for your pages, go to Behaviour » Site Content » Landing Pages. Here chose the secondary dimension: Traffic Type.
    6. Track the Revenue Trend for Your Products/Services
  Once you understand the popularity of certain products and discover what’s accounting for your highest ROI, your business will grow.
  Tracking the revenue trend for your products can be really helpful in understanding what’s working and what products didn’t bring so much revenue. If you search for “Trend of Product Revenue by Product” you’ll see a chart similar to the one below:
    As you can see in the picture above there is a spike in revenue. This chart is very efficient in discovering which products are most effective. So in our case, we should look at the product that had a drastic increase and go further in discovering what we did that day or during the previous days.
  I performed the search once more to see if this spike appeared again in the last 3 months by going to Conversions » Ecommerce » Product Performance. And it seems it happened again in October so it wasn’t just a one-time thing, but still the spike is pretty high comparing to the normal growth of the website.
    Conclusion
  Google Analytics Insights is the online guide that helps you see the missing opportunities, the lacking performance, the anomalies and get recommendations and straight answers to your questions with direct reference to the reports and graphs. Following the above actionable insights we talked about, and looking through the customized reports will give you the chance to improve your Google analytics data, increase sales and perform conversion rate optimization
  It is very easy to use. You can ask questions or look for specific metrics and dimensions and Google Intelligence will give you directions to the analytics reports. You’ll get recommendations and see what you should do to improve the metrics and the parts of your website that aren’t performing so well in the sales funnel.
    The post Google Analytics Insights – The Best Tips for Your Business Success appeared first on SEO Blog | cognitiveSEO Blog on SEO Tactics & Strategies.
from Marketing https://cognitiveseo.com/blog/20593/google-analytics-insights/ via http://www.rssmix.com/
0 notes
topicprinter · 6 years
Link
Hey Reddit!I’ve taken some time to put together a comprehensive guide covering the costs involved when starting an Amazon FBA private label business. I’ve made a video on this topic and you can watch that here. However you can find a breakdown of the entire video below if you’d prefer to read it instead.Often I’ve found a bunch of Amazon “gurus” underestimate the costs involved in starting an FBA business in order for you to leave enough room in your budget to buy their courses. That way you haven’t really factored in all the costs if you intend on buying a course as well. I’m not selling my course on this post, I’m not even linking to it so you know I’m not screwing you around.I am working on making more legitimately useful posts/videos like this so please let me know what helped you or what you would like to see more of in the comments. Also, if you have any questions pop those below too.Happy selling!Sheldon EvansProduct CostThe first cost involved which is also one of the biggest costs is the product manufacturing. You’re going to having to drop a load of cash here as this is the base of your entire business, without a product you have nothing to sell. I often talk about the types of products you should be selling in order to maximise you profit and guarantee sales.Has to be lightweight (Under 2lbs)Physically small - to minimise shipping costsSells for between $20 and $50 on AmazonDecide on want VS need productsLow number of ratings (less than 75) and high sales velocity on Amazon (at least 7-10 units per day)Easy to replicate and differentiate from competitorsAssuming we’re sticking to the criteria outlined above, your cost of product could be anywhere from $0.10 to $10 per unit. I prefer to stay in the lower range to maximise ROI. So let’s say $2 per unit for this example. I recommend at the very least 400-500 units initially. That gives you enough inventory to do giveaways to launch your product and rank on Amazon as well make sales without running out of stock before you can get a second shipment in.That leaves us with $2 x 400 units = $800 ShippingShipping costs can vary greatly depending on how you decide to send your inventory (Air vs Sea) as well as the size and weight of your shipment. However from my experience, if I stick to the product criteria above my shipping costs are always about 60-80% of my initial product manufacturing cost which includes the declared value of our shipment as well as the courier/shipping fees. So for the sake of this example we’ll leave it in the middle at 70%.If so if our initial product cost was $800.70% x $800 = $560 Product Research ToolsThis should actually be the first place you start but as I said I want you to know where the bulk of your investment will come from first. Reason being that without this you’re really going to struggle with even finding a good product to sell let alone manufacture. There are a ton of research tools out there and in the past I would’ve said use whichever one you prefer but over time there have been a few that have emerged which clearly beat the competition.I currently use Viral Launch’s Product Discovery tool because it has proven to be the most accurate when it comes to estimating revenue, profit and sales velocity from tests on my own products. They are also becoming a one-stop sort of location for pretty much every tool you’ll need for a successful Amazon business from selecting a product, doing keyword research on it, calculating returns and even launching your product with the help of their huge network of deal seekers by doing product giveaways.They have a few different packages at the time of writing this ranging from $29 for their beginner package all the way to $99 for the pro version. I’d recommend getting the “Intermediate” package as that has everything you’d need to start off with, both their product discovery tool and Market Intelligence which is their chrome extension for validating and researching product ideas on Amazon by showing you sales velocity, reviews etc.The Intermediate package is $59 however you can get it for 50% off if you look for a discount code. You can find one on my YouTube videos if you don't feel like searching around. (Full disclosure, I will get a small affiliate commission).That leaves us with $29.50 Amazon Seller AccountNow this is a no brainer because without this you can’t sell anything on Amazon. There are two types of accounts you can have on Amazon, and Individual Seller’s account and a Professional Account. We’re going to need a Pro account in order to create listings and hold more inventory.The Pro account is $39.99 monthly but don’t stress too much about this just yet. Go ahead and register your account and link up your bank account. It doesn’t matter how long you have your account for as long as you don’t use it, Amazon will be happy to refund you this fee. When I first registered my account it took me two months before I started using it, I contacted their support through their online chat system and asked for a refund as I haven’t been using the account. They obliged and refunded me 2 months worth of fees and you can do the same. If they refuse, disconnect and open a new ticket, maybe you just got someone from support in a bad mood.So a Professional Amazon Account= $39.99 Logo And BrandingThis cost could be optional if you feel you can design a professional logo and packaging yourself however I’d save myself the trouble/effort and just get it done on Fiverr. Fiverr is a site where you can find someone to do a specific job for 5 bucks. In recent years they’ve changed the service slightly and now freelancers can charge more although you can still find tons of great deals for a “fiverr”.Most gurus will say that you don’t need custom packaging design but I will argue against that and say that it’s a must. It gives you another way to differentiate your product and you can position yourself as the premium option amongst your competitors so you don’t come across as just another generic knock-off.Let’s assume you’re getting a custom logo and packaging designed.= $40 UPC BarcodeEvery product needs a UPC code or Universal Product Code in order for it to be identified once it gets to Amazon. You only need one UPC per LISTING, not for each individual item which a lot of people have asked in Facebook groups and on my videos.There are rumours that you need GS-1 registered barcodes and that cheap barcodes no longer work on Amazon. This can significantly raise your cost investment as GS-1 barcodes can be anywhere from $250 upwards per barcode. At the time of writing these rumours are false! I still use barcodes from a list of 10,000 that I bought on eBay years ago for $5.So we’re gonna go with $5 for this. However I have seen some people say that this is not the true cost as you’ll also need to pay for your supplier to print and stick a barcode on each of your products and that can be up to $0.20 per item so here’s a little tip, above I mentioned having custom packaging designed, so what you’ll so is send your barcode to your packaging designer and ask them to include the barcode in the design. Now when you have the package printed at the supplier the barcode is already on the product. Kaboom!That brings us to a total of $1474.49 or $1500.This is essentially your final cost unless you decide to factor in the following optional costs into it as well. Optional CostsProduct PhotographySome people will say that these costs are not optional at all and there’s no other way around it however that’s not the case in my experiences. In 2 years of selling on Amazon I have not once paid for photography of my products, I just do it myself. Some of you know I also have a successful photography based Youtube channel so if you’d like to learn how to take better photos for your Amazon listings, check out some of my tutorials.If you’d prefer to do it yourself and couldn’t be bothered with taking the time to do it, then again I’d suggest heading on over to Fiverr and having someone on there take professional photos for you.This can be anywhere from around $15 to $100 per product depending on who you decide to go with. It’s relatively simple, either you can manually create a fulfilment order from within your Amazon account and have it sent to your photographer, have them buy it from Amazon and then refund them through PayPal 😉 (this is against Amazon’s T’s and C’s if you ask them to leave a positive review so be careful), or you can have your supplier send one sample directly to your photographer.Let’s assume we’re getting 5 photos taken and edited for our listing here.= $100 Inspection ServiceAgain, this could be considered an optional not-so-optional cost and the reason being is that it really depends on who your supplier is and what product it is that you’re going to be selling. If you have a supplier that is well-vetted and has a solid track record, this won’t be so much of an issue as you know what you’re getting from the start. Also, if the product that you’re selling is relatively simple to manufacture and there’s not much that can go wrong then you’re fine skipping this. If you’re selling electronics or fragile goods, you’re probably better off having them inspected before you have the shipment sent out to Amazon’s warehouses.Inspection services range anywhere from $100 to $300 (I wouldn’t recommend paying more than this unless you’re ordering a massive quantity because then you’re just getting ripped off). So let’s add another $100 onto our initial cost and we’re left with a grand total of $1674.49 or $1700. Now as I said in the beginning of this post, this cost can vary depending on what your initial product cost is and how much you’re willing to invest. The more you invest the more you can expect to make back in terms of profit.I really hope this info help you decide on whether or not the FBA model is for you. If it did or if you have any questions, drop them down below and I’ll see you soon!
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topicprinter · 7 years
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Warning: this is a huge post at over 3000 words. Let me know if you find it helpful!It seems these days that everyone is running their own ecommerce shop. You can set up your store, find products to sell and start running ads all within an afternoon. Easy right? Maybe.However, while starting a store might be easier than ever, growing an ecommerce shop beyond 7 figures in revenue isn't.That is a frustrating, tiring and never ending fight. To do this, you need to figure out what works AND what you’re able to scale through many, many experiments.Luckily, there’s a “secret weapon” that you can bring to this fight to give you an edge. The name of this secret weapon? Google Analytics.You’re likely familiar with how Google Analytics can help you understand your marketing traffic but it can do much more than that.You can actually track all of your ecommerce metrics like total orders, average order value and ecommerce conversion rate all within Google Analytics. You could even track what users are doing before they purchase something like how many of them view a product but don’t add it to their carts.This gives you a 360 view of your ecommerce business alongside your marketing data. From here, you can start digging to find the best customer segments that will let you grow to 7 figures and beyond.In this post, I want to give you a comprehensive overview of “ecommerce tracking” in Google Analytics, show you how you could use all of this data to grow your revenue and help your company get started even if you have no analytics experience.Why You Should Use Google Analytics to Track Your Ecommerce DataThis is the question that always comes up when I tell companies to send their ecommerce data to Google Analytics.Most of these companies are already getting high-level metrics from their ecommerce software (Shopify, Woocommerce, etc) such as total orders and average order value so why should they go through all the trouble to get Google Analytics setup?The answer: segmentation.As the saying goes:“Averages Lie But Segments Don’t” - Avinash KaushikA metric like average order value is useful but if you want to improve it, you need the ability to dig deeper (i.e. segment) in what is behind that metric. Let me give you an example of what I mean.Let’s imagine that your average order value is $50. This is the average from all the orders within a specific time period.How would you go about increasing this metric to $60?Perhaps you’re thinking in tactics already. Upselling customers in more locations, offering discounted add-on items, etc but these tactics could be even more powerful if you offered them to the right customer segments.To find the right customer segments, you need data.While the average order value is $50, some orders will be worth $20 while other orders will be worth $100. This second group is the one that becomes interesting to us.What do people buy in an order of $100? $150? $200?You can then use this information to craft a tactic that will help you increase the average order value. Instead of your tactics being random, you’ll be able to focus on the customers who are already purchasing more than the average.This is what good analytics can tell you. It can show you the different segments that you should focus on.I had a client once that contacted me to help them clean up their Google Analytics data. Their data had serious issues which explain why they weren’t doing anything with it. They were spending serious money on advertising ($500,000+ per month) and yet, they had no visibility into the different customer segments that were buying their products.They would simply look at high-level numbers like “this is how much we spent” and “this is how much we made” and as long as things look positive, everything was good. A part of me was impressed with this simple but dangerous approach. However, any wrong move or change could cost them a lot of money (as it did on several occasions).We ended up sending all of their ecommerce data to Google Analytics which instantly let them see exactly what marketing channels were driving sales.They were also able to see the performance of their landing pages and figure out how to improve them to get more users to checkout.They used all of these insights to double their monthly revenue from $1 million to $2 million within 30 days, a 104.27% improvement.Common Questions that Google Analytics Can Help You AnswerOnce you got your data inside Google Analytics, we can now combine it with your marketing data to ask effective analytics questions such as:What are the marketing channels driving the most orders?Which of my users are purchasing my products? e.g. returning vs new, male vs female, etcWhat is the conversion rate of my site? Can I be alerted if it drops?Where are users getting stuck before purchasing (funnel analysis)?Are users adding my products to the cart? Are they removing any products?I’ll also walk you through the most useful reports in a section down below.What’s the Difference Between Standard and Enhanced Ecommerce Tracking?Google Analytics offers two types of ecommerce tracking: standard and enhanced.Standard will give you basic data like the number of orders, conversion rate, average order value, and most popular products. You’ll be able to combine this data with the rest of the Google Analytics data like marketing channels, location, demographics, etc.Standard is great for any ecommerce store that is just getting started with Google Analytics. It will give you most of the reports that matter in the beginning and it will let you segment that data to find useful insights.Enhanced gives you everything that Standard does but they also let you track your checkout funnel, when users add or remove products from their cart, when users view a product (impressions), etc. Enhanced gives you a more granular look at how your users are interacting with your products BEFORE they complete a purchase.You can also always upgrade from Standard to Enhanced later on in the future. I would recommend that you start with Standard and get familiar with the data before diving into Enhanced.One thing to remember is that you can’t use both of them at the same time. That is, you can’t send basic order data using the Standard Javascript library and then send the checkout funnel data using the Enhanced Javascript library.I have personally made this mistake in the past. We instantly saw issues like orders being dropped, the conversion rate tanked and overall, the data integrity suffered. It’s a mistake that I won’t be making again.So if you’re using Standard and you want to get some of the reports that Enhanced gives you, you need to convert ALL of your Standard code (transactions, transaction items, etc) into the equivalent Enhanced format.How Do I Set Up Ecommerce Tracking? Do I Need a Developer?Setting up ecommerce tracking will depend on your ecommerce software. If you’re on a popular platform like Shopify, then you likely only need to enable a few settings and your ecommerce software will do the rest.If you’re running on custom software then you will need a developer to help you implement all this. There are two options here which I will tackle below.For those on popular ecommerce platforms, here are some links that will help you get this setup:ShopifyWooCommerce + WordPressMagentoDrupalCS CartIf you don’t see your software listed above, try googling “YOUR SOFTWARE NAME google analytics ecommerce tracking”.For those on custom software, you have two options. Option 1 is done using the analytics.js Javascript library and option 2 is done through Google Tag Manager.I’ll provide you with instructions for both but my recommendation is that you use Google Tag Manager to send ecommerce data from your website. The setup might take a little longer but it will be easier to maintain and upgrade later on.Instructions for sending ecommerce data through Google Tag Manager:1) All of the transaction information needs to be passed on to the dataLayer. This is a Javascript object that Google Tag Manager is able to access.2) You then need to create a tag (Universal Analytics) using the “Transaction” type. This tag will automatically look for the info from the dataLayer.3) Finally, you need to figure out how to trigger the “Transaction” tag. The easiest way is to fire it on the thank you page after a user purchases something. You then need to make sure that they dataLayer information from step 1 is loaded during this page.Instructions for sending ecommerce data through Javascript (analytics.js):This option requires 3 steps which look like this:1) You start by loading the loading the ecommerce plugin using this command:ga('require', 'ecommerce'); Make sure to fire this command after the Google Analytics tracker has loaded so after this line:ga('create', 'UA-XXXXXXXX-1', 'auto'); 2) Now that we loaded the ecommerce plugin, we create a transaction. A transaction is an order for a specific user. Users can have multiple transactions i.e. multiple orders. The code looks like this:ga('ecommerce:addTransaction', { 'id': '1234', // Transaction ID. Required. 'affiliation': 'Acme Clothing', // Affiliation or store name. 'revenue': '11.99', // Grand Total. 'shipping': '5', // Shipping. 'tax': '1.29' // Tax. }); Note that each transaction needs a unique ID. This usually comes from your shopping cart or your database.3) Once we have our transaction, we can add all the items that are found in this order. We can do that by using this code:ga('ecommerce:addItem', { 'id': '1234', // Transaction ID. Required. 'name': 'Fluffy Pink Bunnies', // Product name. Required. 'sku': 'DD23444', // SKU/code. 'category': 'Party Toys', // Category or variation. 'price': '11.99', // Unit price. 'quantity': '1' // Quantity. }); The ID here matches the ID of the transaction we created since this is what Google Analytics uses to keep track of things. You would fire this code for every item inside an order but with different information for each item.4) Once you are done building your transaction and adding items, we can send it to Google Analytics. We do that by firing this command:ga('ecommerce:send'); Ideally, you should fire these commands after a user successfully completes their purchase.Enabling ecommerce tracking in your Google Analytics ViewYou need to enable ecommerce tracking on specific views. You start by switching the status to ON and then clicking “Next Step”.You will see a few options like “Related Products” and funnel steps. This is part of the Enhanced Ecommerce within Google Analytics which requires extra setup. If you use a popular shopping cart, this might already be setup for you.What Reports Should I Be Looking at as an Ecommerce Store?This is the fun part. We got some data and now we want to start digging into the right reports. I’ll cover the 5 most useful reports that you need to be using from day 1. I also made note if that report is available through Standard or Enhanced Ecommerce.Basic Ecommerce Overview (Standard and Enhanced)This is report will give you all the high-level metrics such as the number of transactions, average order value, total revenue and ecommerce conversion rate.You can then compare two metrics in the trend line chart. I find it useful to compare revenue and ecommerce conversion rate or ecommerce conversion rate and transactions. This lets me know if any increase in revenue is due to a better conversion rate (good) or simply more traffic (more transactions = more revenue).Product Performance (Standard and Enhanced)These reports lets you see how individual products perform and what are your most popular products by revenue, sales, etc.In this report, you should be looking for items that are popular or starting to become popular. While your top 5 products might always be the same, products 6-10 might be always changing. You could create marketing campaigns around these kinds of products and get more users.Sales Performance (Standard and Enhanced)This report shows you individual sales/transactions and it appears to be a straightforward report.The power of this report comes from segmentation through the “Secondary Dimension” feature. You could add other metrics and dimensions like country or device category (mobile, tablet or desktop) to find popular segments for orders.Checkout Behavior (Enhanced Only)This is your classic funnel report which we saw earlier in this post. We can see where users are dropping off in our funnels and what areas we need to fix.By default, you’re seeing all of your users but you can drill down by using the “Advanced Segments” feature of Google Analytics. You could then isolate a specific customer segment like mobile users, female users or even complex segments like users from Texas who are using Chrome and are between 45-55 years old.Marketing Channels & Ecommerce Transactions (Standard and Enhanced)This report shows your traffic sources against ecommerce transactions. Which traffic source is converting at the highest rate? Which traffic source is making you the most money? You could combine this report to optimize your Facebook Ads for exampleCommon Problems with Ecommerce Tracking and How to Fix ThemIt’s common to see errors as companies try to track their ecommerce data inside Google Analytics. Let’s look at some of the most common ones and how to fix them.Discrepancies in Data Between Google Analytics and Your Ecommerce SoftwareMinor discrepancies in data between Google Analytics and your ecommerce software is fine. How minor? 5% or less. If you’re seeing more than 5%, then you got some technical issues that need to be addressed. Moving your analytics tracking to Google Tag Manager will help you solve a lot of issues.What About Refund Data?You can actually send refund data to Google Analytics from your backend. As long as you use the same transaction ID (which is your order ID), Google Analytics will be able to store it. Once again, Tag Manager should make this pretty easy (are you seeing a pattern yet?).Watch Out for TimezonesI hate time zones. I have lost track of the number of clients who looked at data inside Google Analytics and then compared it to their ecommerce software and say “Google Analytics is inaccurate. What’s wrong?”.In a lot of cases, time zones were the issue. You can switch that time zone that Google Analytics uses but your ecommerce software might be stuck in UTC (Universal Timezone). Keep that in mind when you’re comparing two data sources and get them on the same time zone if possible.Hope that helps!P.S. I also recorded 8 videos that walk you through how to get this setup and the 5 reports that you should be looking at. You can get those videos from this blog post.
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topicprinter · 7 years
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MJ Demarco: Unscripted Top 5Animated Book SummaryMJ Demarco the author of ‘the millionaire fastlane’ has got a new book called ‘unscripted’, and these are my top takeaways, so let’s fucking get into it.The Script:The script is the modern day Matrix. It is a system that has been formed to keep you in the position that you are in, it’s modern day slavery. In the 1999 movie ‘The Matrix’ Neo realises that many of the inhabitants of the earth have been living in a ‘dream world’, a virtual reality that has been fed to humans by a parasitic machine race. The virtual reality distracting them from the discomforting truth. Our script is the socially conditioned narrative that we have been indoctrinated into since childhood. It consists of fallacies such as:• To succeed in life you need to go to school, get good grades and receive your college degree.• People that create wealth for themselves are in the position that they are in because of luck• Rich people are usually shady• Retirement happens at age 65 after working hard for a good company• Compound interest is the key to riches• You should do what you love• Starting a business is risky and you should put your money in a 401k or bank to be safeThese fallacies are preached by seeders, all in an effort to create you into an M.O.D.E.L Citizen Mediocre, Obedient, Dependent, Entertained and LifelessDo What You Love MythIn the pursuit of financial independence we are often bombarded with the advice of ‘Do what you love’, the basic premise being that if you do what you love, you will never work a day in your life. The problem with this notion is that doing what you love pays no attention to what the market needs, it instead focuses on your own selfish desires. Just because you love going to the gym doesn’t mean being a personal trainer or starting the thousandth YouTube fitness channel is going to make you rich. Just because you love playing Call of Duty, doesn’t mean that you should make the millionth YouTube Gamer Vlog channel.The market does not revolve around what you love, the market is selfish and only cares about what it NEEDS. A similar concept was talked about in the E-Myth Revisited. Just because you know how to do something, doesn’t mean you should revolve your business around that thing. The skills needed to make your famous apple pie recipes and the skills needed to run an apple pie business are two completely different things.Do what you love is a myth that is propagated by many of the Gurus. Understand that there is a difference between ‘do what you love’ and putting love into your work. You don’t have to enjoy cleaning up your backyard, but you can put love into the work making sure the job is done with integrity. A good entrepreneur always puts love into their work, they don't necessarily limit themselves to doing only things that they love.The Gurus and the compound interest mythHow many gurus have you heard giving the same old advice about the power of compound interest, the power of the stock market, and the importance of cutting coupons? This advice is repeated over and over ad nauseam in just about every finance book. These gurus offer you advice about investing in mutual funds, and other investment as a way to get rich fast! Promising incredible returns! One problem tho… These gurus do not follow their own advice.The truth of the matter is that these investment vehicles do not usually create explosive growth unless you are dealing with large volumes, compound interest works well when you already have a large principle to work with not pennies. These gurus make their money from the books they sell, and the expensive seminars /retreats they run. They are not making their fortune from the stock market; they are making their fortunes charging clients thousands of dollars to learn about the stock market.The market can’t be predicted, but the gurus would have you believe that you can beat it! The secret can be yours once you sign up to their email list, and buy their new DVD course. They won’t tell you about inflation rates, or the threat of financial recessions, no way! That shit will scare you away, instead, they tell you the same story about how if you bought stock in Coke back in the early 1900s you would be able to enjoy your millions right now! Yes at age 100 and something, you can finally ball like Dan Bilzerian.Value CheatsThere is a new breed of entrepreneurs that have plagued the market. This new breed is in it only to make a quick buck by any means necessary. These fakepreneurs are the ones that try and cheat value. Entrepreneurship is fundamentally based on providing value and solving problems. These entrepreneurs will try provide the least amount of value while trying to receive the most amount of money possible. These are the guys that run affiliate links to dodgy products all through their blog pages. The same guys spam the Kindle store with crappy copy paste ebooks that try upsell you on their VIP course.Value cheats often follow trends, as soon as the trend dies they die and have to find a new way to earn money. These value cheats jump from, blogging to kindle, shopify, drop shipping, and to whatever new trend is popping. Ultimately value cheats don’t stay in business for too long, you can only cheat value for too long before having to face to consequences.Entrepreneurs offer real value in exchange for monitory gains. They offer value by solving problems. Problems are often solved in one of two ways; innovation of a new product or system or improvements on an existing product or system.Uber was incredibly successful because it made improvements on a problem that existed (the taxi industry). For years people complained about how cabs were often unreliable and too expensive, but no one did anything about it. Uber is disrupting the industry because of the improvements it made on customer experience. They are the typical example of a successful entrepreneurship venture.Innovation is creating something entirely new often marketing it in a blue ocean in which you can create a monopoly (check out 'blue ocean strategy' for more on this). A good example of entrepreneurship innovation is the streaming services that are now gaining huge popularity such as, Spotify and Apple Music. It is far easier to improve an existing problem over creating something entirely new. Do not value cheat if you want to be successful.The Process Vs The EventEntrepreneurship largely consists of many processes that go unheard by the masses. The Script would have us believe that things happen due to sudden events;• The actor gets the blockbuster role• Some college kids invent the biggest social media site• The YouTuber becomes a millionaireWhat the script does not highlight is the process that underlies these events. The actors 100s of auditions and embarrassing rejections are ignored. The college kids ten thousand hours of programming and many failed attempts are ignored. The YouTubers hundreds of failed videos and sleepless nights editing are ignored.Entrepreneurship is a game of process; it is not a glamorous event as depicted by the SCRIPT. It is instead a life in the trenches. Entrepreneurship is not easy, you must be willing to constantly work on your vision, all while embracing the fact that you might not get rewarded instantly. There is no instant gratification in entrepreneurship, it is a long game.Most people won’t be successful entrepreneurs because it requires you to go against your human nature. It required you to be formless like water as Bruce Lee said. There are no clear cut blueprints. There are no simple steps to follow, only actions and feedback. Human nature is lazy, which is a quality that entrepreneurs can not ever embrace.This shit isn’t for everybody. Ok guys those are my top five takes from the book! I suggest you guys go and buy it.There is a lot more content in the actual book that has been emitted in this summary. Otherwise, I would go on for days.
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topicprinter · 7 years
Link
MJ Demarco: Unscripted Top 5Animated Book SummaryMJ Demarco the author of ‘the millionaire fastlane’ has got a new book called ‘unscripted’, and these are my top takeaways, so let’s fucking get into it.The Script:The script is the modern day Matrix. It is a system that has been formed to keep you in the position that you are in, it’s modern day slavery. In the 1999 movie ‘The Matrix’ Neo realises that many of the inhabitants of the earth have been living in a ‘dream world’, a virtual reality that has been fed to humans by a parasitic machine race. The virtual reality distracting them from the discomforting truth. Our script is the socially conditioned narrative that we have been indoctrinated into since childhood. It consists of fallacies such as:• To succeed in life you need to go to school, get good grades and receive your college degree.• People that create wealth for themselves are in the position that they are in because of luck• Rich people are usually shady• Retirement happens at age 65 after working hard for a good company• Compound interest is the key to riches• You should do what you love• Starting a business is risky and you should put your money in a 401k or bank to be safeThese fallacies are preached by seeders, all in an effort to create you into an M.O.D.E.L Citizen Mediocre, Obedient, Dependent, Entertained and LifelessDo What You Love MythIn the pursuit of financial independence we are often bombarded with the advice of ‘Do what you love’, the basic premise being that if you do what you love, you will never work a day in your life. The problem with this notion is that doing what you love pays no attention to what the market needs, it instead focuses on your own selfish desires. Just because you love going to the gym doesn’t mean being a personal trainer or starting the thousandth YouTube fitness channel is going to make you rich. Just because you love playing Call of Duty, doesn’t mean that you should make the millionth YouTube Gamer Vlog channel.The market does not revolve around what you love, the market is selfish and only cares about what it NEEDS. A similar concept was talked about in the E-Myth Revisited. Just because you know how to do something, doesn’t mean you should revolve your business around that thing. The skills needed to make your famous apple pie recipes and the skills needed to run an apple pie business are two completely different things.Do what you love is a myth that is propagated by many of the Gurus. Understand that there is a difference between ‘do what you love’ and putting love into your work. You don’t have to enjoy cleaning up your backyard, but you can put love into the work making sure the job is done with integrity. A good entrepreneur always puts love into their work, they don't necessarily limit themselves to doing only things that they love.The Gurus and the compound interest mythHow many gurus have you heard giving the same old advice about the power of compound interest, the power of the stock market, and the importance of cutting coupons? This advice is repeated over and over ad nauseam in just about every finance book. These gurus offer you advice about investing in mutual funds, and other investment as a way to get rich fast! Promising incredible returns! One problem tho… These gurus do not follow their own advice.The truth of the matter is that these investment vehicles do not usually create explosive growth unless you are dealing with large volumes, compound interest works well when you already have a large principle to work with not pennies. These gurus make their money from the books they sell, and the expensive seminars /retreats they run. They are not making their fortune from the stock market; they are making their fortunes charging clients thousands of dollars to learn about the stock market.The market can’t be predicted, but the gurus would have you believe that you can beat it! The secret can be yours once you sign up to their email list, and buy their new DVD course. They won’t tell you about inflation rates, or the threat of financial recessions, no way! That shit will scare you away, instead, they tell you the same story about how if you bought stock in Coke back in the early 1900s you would be able to enjoy your millions right now! Yes at age 100 and something, you can finally ball like Dan Bilzerian.Value CheatsThere is a new breed of entrepreneurs that have plagued the market. This new breed is in it only to make a quick buck by any means necessary. These fakepreneurs are the ones that try and cheat value. Entrepreneurship is fundamentally based on providing value and solving problems. These entrepreneurs will try provide the least amount of value while trying to receive the most amount of money possible. These are the guys that run affiliate links to dodgy products all through their blog pages. The same guys spam the Kindle store with crappy copy paste ebooks that try upsell you on their VIP course.Value cheats often follow trends, as soon as the trend dies they die and have to find a new way to earn money. These value cheats jump from, blogging to kindle, shopify, drop shipping, and to whatever new trend is popping. Ultimately value cheats don’t stay in business for too long, you can only cheat value for too long before having to face to consequences.Entrepreneurs offer real value in exchange for monitory gains. They offer value by solving problems. Problems are often solved in one of two ways; innovation of a new product or system or improvements on an existing product or system.Uber was incredibly successful because it made improvements on a problem that existed (the taxi industry). For years people complained about how cabs were often unreliable and too expensive, but no one did anything about it. Uber is disrupting the industry because of the improvements it made on customer experience. They are the typical example of a successful entrepreneurship venture.Innovation is creating something entirely new often marketing it in a blue ocean in which you can create a monopoly (check out 'blue ocean strategy' for more on this). A good example of entrepreneurship innovation is the streaming services that are now gaining huge popularity such as, Spotify and Apple Music. It is far easier to improve an existing problem over creating something entirely new. Do not value cheat if you want to be successful.The Process Vs The EventEntrepreneurship largely consists of many processes that go unheard by the masses. The Script would have us believe that things happen due to sudden events;• The actor gets the blockbuster role• Some college kids invent the biggest social media site• The YouTuber becomes a millionaireWhat the script does not highlight is the process that underlies these events. The actors 100s of auditions and embarrassing rejections are ignored. The college kids ten thousand hours of programming and many failed attempts are ignored. The YouTubers hundreds of failed videos and sleepless nights editing are ignored.Entrepreneurship is a game of process; it is not a glamorous event as depicted by the SCRIPT. It is instead a life in the trenches. Entrepreneurship is not easy, you must be willing to constantly work on your vision, all while embracing the fact that you might not get rewarded instantly. There is no instant gratification in entrepreneurship, it is a long game.Most people won’t be successful entrepreneurs because it requires you to go against your human nature. It required you to be formless like water as Bruce Lee said. There are no clear cut blueprints. There are no simple steps to follow, only actions and feedback. Human nature is lazy, which is a quality that entrepreneurs can not ever embrace.This shit isn’t for everybody. Ok guys those are my top five takes from the book! I suggest you guys go and buy it.There is a lot more content in the actual book that has been emitted in this summary. Otherwise, I would go on for days.
0 notes