Firing The Man

Pat is the co-founder and President of AstroidX, an Amazon Partnered Agency that helps its clients dominate its pay-per-click advertising. Over the 5-years, Ken and I have worked with Pat and his team with great results and service. In this episode, he talks about how to approach Amazon advertising this holiday using the correct seasonal strategies. He also shares how you could determine if your campaign is successful through figures and the right strategies to apply for new launches.

[00:01 - 08:02] Opening Segment

• Welcoming Pat to the show
•  Pat shares his story and how he founded AstroidX
• Dancing on the street he fell in love with marketing and he started his entrepreneurial journey

[05:45 - 21:01] What’s the landscape look like for Amazon PPC 2022

• Amazon’s ad platform is growing quickly compared to its competitors
• Basic ad units are still effective 
• You can get up to 80% of the benefit of the ad platform by using sponsored products and sponsored brands correctly
• To mitigate the risk you have to have enough preparation for the big events like Black Friday, Christmas sale
• Having tons of sales doesn’t mean you’ve been profitable. Pat shares how you could check your numbers
• Want some Amazon refunds? Check out GETIDA
  • Promo code: FTM400
• Ad campaigns have come a long way allowing you to manage them well with the right strategy

[21:02 - 31:06] Spend Your Dollar Wisely on Ad Spend

• Pat’s advice on how to adjust your budget to align with the seasonal trends
  • As long as the spending makes sense and is profitable, then keep it on
• You can still ride the holiday traffic without paying holiday premiums on your keywords
• Avoid overwhelming and overspending using a keyword strategy
• Put effort and money into product development by listening to what the people are saying including their complaints
• The higher the click-through rate, the better the reviews
• A decent ad spend when a product is up and rolling should be 20 to 30% of the MSRP for mature products and 50 - 60% in the beginning 

[31:07 - 32:19] Closing Segment

• Tune in to part two of the conversations next episode!

Quotes:

“The better product you have. The higher the click-through rate is.” - Pat Lum

 “Just because it got you a ton of sales doesn't mean that it performed in a profitable manner.” - Pat Lum

 “The better the product is like just for the end customer, the easier everything else is going to be.” - Pat Lum

Connect with Pat Lum

Website:  https://www.asteroidx.com

YouTube: https://www.youtube.com/channel/UC8rW9p6w1RtG8FTQv6WF3jQ

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Adam is the Founder and CEO of Retention.com (formerly Getemails) which he's bootstrapped to 14m ARR in 2 ½ years with six people. Retention.com is an identity resolution service that can identify one-third of your anonymous website traffic so you can market to those potential customers. Yes, read that sentence again, it’s magical. Before Retention, Adam was the founder/CEO of Robly Email Marketing, which was bootstrapped and he exited for 8 figures to private equity in 2020.

This is part two of the episode with Adam Robinson. In the previous episode, he talks about revolutionary ways to get quality email addresses and the legalities behind them. Now, we continue the conversation on email marketing for e-commerce. 

[00:01 - 11:41] How retention.com Could Help with Your E-Commerce Business

• It allows you to put the pixel and integrate it into your email service provider from your website
• Retargeted people through email are often what converts
• Here’s how Adam calculates the ROI of an email address
• The best way to own an audience without paying for media access is to contact it over and over again

[11:42 - 18:07] Make The Most Out of Your List

• Instead of comparing your conversions, CTR, etc. to the industry, convert it to what you’re doing currently
• You can see real results in ideally 60 days as it takes a while for the audience to warm up and repeat purchase
• You are leaving money on the table if you do not:
  • Set up an abandoned cart and add an SMS collection/message
  • Product abandonment setup
• Want some Amazon refunds? Check out GETIDA
• Promo code: FTM400

[18:08 - 30:30] Closing Segment

• The importance of having a lean, cashflow-positive business
• Adam shares his experience of setting up a good SAaS business and how it is different from venture capital
• Who are the perfect customers for Retention.com
• The Fire Round
• Check out Adam’s recommended books

Quotes:

“When you see the results, scale it up. And if you don't cancel it.” - Adam Robinson

“The real results come after doing it for a long time.” - Adam Robinson

“Until you have it, you shouldn't do anything else other than try to get it done.” - Adam Robinson

Resources Mentioned:

www.ycombinator.com

The Four Steps to the Epiphany by Steve Blank

GETIDA

Connect with Adam

Website: www.retention.com

Instagram: https://www.instagram.com/adamlanerobinson/

LinkedIn: https://www.linkedin.com/in/adam-robinson-64409348

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Adam is the Founder and CEO of Retention.com (formerly Getemails) which he's bootstrapped to 14m ARR in 2 ½ years with six people. Retention.com is an identity resolution service that has the ability to identify one-third of your anonymous website traffic so you can market to those potential customers. Yes, read that sentence again, it’s magical. Prior to Retention, Adam was the founder/CEO of Robly Email Marketing, which was bootstrapped and he exited for 8 figures to private equity in 2020.

This is a two-part episode where Adam talks us through a revolutionary way to get quality email addresses and the legalities behind them. Let’s get started.

[00:01 - 08:02] Opening Segment

• Welcoming Adam to the show
• Ismael’s background and career
• Adam’s background and how he got into email marketing
• He shares the story of his entrepreneurial mistakes during his start-up

[08:03 - 10:17] Ways to Blow Up Your Business

• Poach customer information from a marketing company
• Too many competitors in a saturated market
• Having a long contact list but are considered poor leads

[10:18 - 16:19] The Beginning of Success

• Defined what Mailchimp isn’t doing then offered that service
• Adam leveraged Customer Identity to start his business
• Big players are prohibited from selling customer data making it a great business opportunity for small players
• Want some Amazon refunds? Check out GETIDA
  • Promo code: FTM400

[16:20 - 27:01] How Is Email Spam Legal in The US?

• If your business fails, you come back stronger and more experienced
• Adam talks about Retention.com
  • Hashed email is an email address that has been encrypted in a way that a human being cannot unencrypt it
  • This is legal because of the CAN-SPAM Act of 2003
• Here’s how you can filter dead email addresses and nurture an email list that is active and non-spam 
• What matters in email is not whether you opt-in or opt out but the engagement
• 
  

[27:02 - 28:09] Closing Segment

• Tune in to part two of the conversations next episode!

Quotes:

“If you don't have a profitable email program then paying any price for a lead is not it's going to be worse for you.” - Adam Robinson

“You have no idea how lost you are until you're so far in it.” - Adam Robinson

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Connect with Adam

Website: www.retention.com

Instagram: https://www.instagram.com/adamlanerobinson/

LinkedIn: https://www.linkedin.com/in/adam-robinson-64409348

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Ismael is the Executive Chairman of FE International, the market leader in the sale of SaaS, E-commerce, and Content businesses. Over the past decade, Wrixen has overseen 1000+ successful acquisitions totaling more than half a billion dollars in value. Wrixen was also a (NACVA) 2018 40 Under 40 Award winner. Wrixen’s previous background was in large-cap M&A investment banking, where he executed several high-profile public deals, namely in the technology sector.

Founded in 2010, FE International is known for its extensive network of pre-qualified international investors. With headquarters in New York and regional offices in Miami, San Francisco, and London, FE is an international company serving clients worldwide. It was named one of The Americas’ Fastest Growing Companies in 2021 and 2020 by The Financial Times and is also a two-time U.S. Inc. 5000 company.

[00:01 - 11:35] Opening Segment

• Welcoming Ismael back to the show
• 2022 Midyear report from FE International
  • www.firingtheman.com/FE2022
• Are people still buying businesses?

[11:36 - 18:54] The Current State of the Market

• Deals are taking longer to close due to the amount of due diligence required and the limited availability of capital
• Mitigating the effects of COVID on the market
• Businesses are being valued using four different models, which take into account past events and trends
• Want some Amazon refunds? Check out GETIDA
  • Promo code: FTM400

[18:55 - 26:03] The Best Businesses to Market Are Resilient

• Buyers are more focused on customer acquisition costs and diversifying their sales channels than ever before
• Businesses that have successfully made a pivot into diversifying their sales channels and using profitable advertising are more likely to attract buyers and receive higher multiples
• The Education funds: risk vs. reward

[26:04 - 39:06] Aggregators Facing Earnout Issues

• Aggregators are becoming less relevant as private equity and institutional capital step back in
• Aggregators often buy businesses quickly and without doing due diligence, which can lead to earnout issues
• Brands are focusing on the long-term trend of moving towards pop platforms or Shopify-based businesses

[38:24 - 44:19] Closing Segment

• Who is a good fit for FE International to help out?
• The Fire Round
• Final words

Quotes:

"You don't wanna be buying a business where the economy can take a bit of a pause or a downturn and suddenly you're buying a business at X and you have to sell it to Y.” - Ismael Wrixen

"I think the market is still very strong. I think that's the thing we try to get across and not just us saying that you know we're putting data behind that in terms of how much buyer demand there is out there." - Ismael Wrixen

------------------------------------------------------------------------------------------

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The concept that manufacturing elsewhere but in the United States is cheaper is a common fallacy.

On today’s episode, we have the privilege to interview Jason Azevedo. Jason has had his heart in business development since an early age, starting a very successful apparel company that grew from humble garage beginnings to annual gross billings of over a million dollars at age 15. By 18 Jason was doing millions in business with Starbucks, Nike, Disney, Marvel, Volkswagen, Audi, Lucas films, Dodgers, and countless NBA teams.

[00:01 - 06:05] Opening Segment 

• The advantage of starting a business at a young age 
• Jason’s focus when starting is to build a plant that could take care of people

[06:06 - 13:16] Understanding Manufacturing 

• Low-cost labor was the primary driver of manufacturing products 
• Efficient automation in American manufacturing 
• The best people to be in your team are a balance of those whom you’ve built through influence and an experienced workforce

[13:17 - 29:48] Everything You Need to Know Before Getting Started

• Covid helped Americans realize that manufacturing in America is feasible and cost-efficient
• Products that are labeled as American made is perceived to have premium quality
• The concept of building near the raw material is obsolete
• Want some Amazon refunds? Check out GETIDA
  • Promo code: FTM400

[29:49 - 38:13] Get your Product Made in the USA

• How to start manufacturing
  • Hard work and fighting internal belief systems  
  • The importance of sharing information
• You could promote that your product is manufactured in the USA by starting domestically
• Americans care more about the impact of the purchase they make rather than just knowing it’s American made
• SBA helps with the export of American-made products

[38:14 - 50:34] Closing Segment 

• Jason’s advice to people who are getting into manufacturing:
  • Read The Toyota Way
  • Saying you don’t know how to do it
• Jason talks about MRCA

Quotes  

“It's very often that the same product stays the same for any significant period. There are constant adjustments that you make.” - Jason Azevedo

“When American buys an American product, often, they're holding on to the belief and the love of what that means to the community of the US. Not just, hey, it's an American-made product. ” - Jason Azevedo

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US Department of Commerce

Small Business Administration

The Toyota Way

 The Great Gatsby

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Getting sued is one of the business owners' worst nightmares, making it a must to learn to protect yourself and your business to avoid this scenario.

David and Ken share their experience getting sued, the challenges they have to face as business owners and how they have settled by avoiding the trial, and all the headaches that come with a lawsuit.

[00:01 - 11:42] Opening Segment 

• Ken and David recall the time they were sued one of their great service providers
• They spent 200 hours sorting things out when they could have been used for income-generating activities

[11:43 - 23:50] A Training to Become Better Businessmen

• Seek legal advice to determine the validity of the lawsuit
• Make decisions not based on emotions but a logical business perspective
  • When you start looking at things that way, that’s when you can pivot to a better path
• Ken and David decided to self-represent considering these:
  • High professional fees
  • The impact on business exposure
  • How much is the overall cost going to be
  • No one knows the case better than the duo
• Understanding the other person’s perspective: The lawsuit is an inconvenience to both parties
• Settling things out and avoiding trial
• Want some Amazon refunds? Check out GETIDA
  • Promo code: FTM400

[23:51 - 29:21] Lessons Learned from The Lawsuit

• A phone call is convenient but email is preferred as it’s documented and can be presented as evidence in court
• Always aim for a prompt communication
• Compare several service providers' offerings with a track record of success
• Being sued means your business is providing value and the other party thinks it’s worth it
• Separate your emotions from what’s best for the business

[29:22 - 32:24] Closing Segment 

• Ken and David’s advice on business owners who have been sued
• Final words
• Connect with the duo!

Quotes  

“I would say that getting sued can happen to anybody. And it kind of goes along with operating a business. That is telling your business to create value. And there are people that want to go after that value. I think it's just part of doing business.”

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If you’re looking to promote your business through PPC advertising, you will need to decide whether you will manage your PPC campaigns or hire a professional to do it.

David and Ken share their experience in hiring ad agencies and in-house managers. They will also deep dive into the importance of understanding PPC as a business owner, and what you need to know when partnering with agencies.

[00:01 - 15:05] Opening Segment 

• What is Pay Per Click
• Ken and David share their experience on their PPC journey

[07:07 - 19:37] Self-Managed PPC

• Don't worry about getting locked in. Try as many agencies as you like until you find one that’s suited to your need
• Why it's important to have a good understanding of PPC and its principles
• Creating a meaningful Pros and Cons list
• The three things you need to be good at when self-managing PPC
• Self-managed PPC is time-consuming as you grow and scale
• Want some Amazon refunds? Check out GETIDA
  • Promo code: FTM400

[19:38 - 30:25] Working with Ad Agency

• Account managers handle multiple accounts that they miss some of the special instructions
• On agency pricing
• Maintaining ad agency-client relationship
• The difference in the compensation model of in-house and Ad agency
• Why PPC and SEO always work better together

[30:25 - 33:16] Closing Segment 

• Ken’s advice to business owners: Don’t be afraid to pivot in your business 
• Have an implementation plan
• Connect with the duo!

Quotes  

“It doesn't hurt to try. You can't be afraid to try something new, give it six months.”

“For us to scale properly, we need a good value for our money. And we also need a good impact on our business from the time spent on the PPC.”

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Helium 10

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The Digital Nomad lifestyle is on the rise and many more workers are predicted to work remotely in the coming years.

David and Ken talk about the first time they were introduced to the digital nomad world and share tips and tricks for you to get started. Whether you’re an employee wanting to work remotely full-time or an entrepreneur who’d like to continue business without having to be physically present, you can learn a thing or two from this episode.

[00:01 - 07:06] Opening Segment 

•  What is a digital nomad?
• David and Ken share their story of becoming digital nomads
  • Allows flexibility of schedule

[07:07 - 17:42] Tips for Working While You Travel

•  Prepare your equipment
  • Have a solid laptop
  • Always have a backup
• Noise-canceling headphones
• Powerbank 
• Always be aware of your timezone
  • You can set your Google Calendar to your local timezone
• A business partner and well-functioning team with Standard Operating Procedures (SOP)
• Want some Amazon refunds? Check out GETIDA
  • Promo code: FTM400

[16:08 - 23:21] Reward Yourself for Your Hardwork

• Ken & David recalls the first trips they took when they fired the man for the first time
• David finally achieved one of his lifelong dreams of owning his own boat
• Ken purchased a Tesla as his gift to himself upon firing the man

[23:22 - 26:04] Closing Segment 

• The perks of using The Chase Inc Business preferred (link below)
• Connect with the Duo!

Quotes  

“If you are an entrepreneur and you think to yourself, if I leave, the wheels are gonna fall off then you need to develop better SOPs and invest in your team.”

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Chase Ink Preferred Credit Card

Bose QuietComfort

Book  

GETIDA

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If you’ve been selling on Amazon or eBay, chances are you already have a working strategy in place. But if you are venturing into Walmart Marketplace, the same strategy might not work for you.

In this episode, Carrie Miller talks about the exact strategies that made her succeed in Walmart Marketplace, even when her products are at a higher price; from effective keyword strategy to paid advertising.

Carrie Miller is a Senior Brand Evangelist from Helium10 and Walmart.com expert. Carrie has been in the e-commerce industry since 2016 and has worked at both of the e-commerce software goliaths – Jungle Scout and Helium10. 

[00:01 - 07:06] Opening Segment 

• From a struggling sales job to a Walmart Marketplace expert
• What makes Walmart different from other platforms
  • Less competition and more exclusivity

[07:07 - 17:42] Getting Started with Walmart Marketplace

• Selling on Walmart vs Amazon
• Walmart Rich Media Strategy
• Importing reviews from Shopify to Walmart
• Walmart's PPC Advertising strategy can help drive more sales

[17:43 - 27:59] Walmart vs. Amazon: A comparison of Keywords Strategy

• Want some Amazon refunds? Check out GETIDA
  • Promo code: FTM400
• Finding the best keyword for your listing using Helium 10
• Neglecting Spanish keywords? Here’s how you could use it to your advantage
• Get your products listed on Walmart.com! Carrie shares the step-by-step process

[28:00 - 35:41] Helium 10 for Walmart

• Use product variation to list more about your products
• How Helium 10 Helps Walmart.com Marketplace Sellers
• David shares with Carrie his wishlist to be included in Helium 10

[35:42 - 41:46] Closing Segment 

• The Fire Round
• Connect with Carrie

Quotes 

 “That's kind of my strategy, if it has demand on Amazon, I'm certain that it's going to have demand on Walmart.” - Carrie Miller

“Well, that's [giving up] going to separate the people who are going to get on it and those who aren't, because then once you give up, they're giving up that opportunity. [to succeed]” - Carrie Miller

Connect with Carrie Miller at https://www.helium10.com/author/carrie-miller and join the Helium 10 Facebook group at www.facebook.com/groups/Helium10Users to know more!

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Resources Mentioned

Helium 10

Book 

The Count of Monte Cristo

GETIDA

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The competition on Amazon and other e-commerce platforms has dramatically increased but so is the online shopping demand.

In this episode, Amazon expert Ashley Kinkead shares the strategies she used to grow her Amazon store to a million-dollar store. Ashley Kinkead the host of the top 1% ranked Private Label Mastery podcast, is a coach and master trainer. She's inspired and equipped thousands of business owners around the world with the skills and strategies they need to build full-time online empires from the ground up.  

[00:01 - 06:09] Opening Segment 

•  From being a public school teacher to being a multi-stream income Amazon entrepreneur
• Ashley on wishing he’d fired the man sooner

[06:10 - 11:58] Amazon FBA in 2022

• Is Amazon FBA Still Worth It in 2022?
  • You need to put in more time and effort 
  • Think long-term
• The biggest challenges for new entrepreneurs
• The common misconceptions about selling on Amazon
• Product selection: Make decisions based on data

[11:59 - 19:46] Running a Successful Business 

• The top 3 you should focus on for your Amazon FBA business
• The first key positions and roles you need to hire
• Want some Amazon refunds? Check out GETIDA
  • Promo code: FTM400
• Ashley talks about her product launch strategy
• Know the conversion rates of your products
• How to secure profitability each month

[19:47 - 25:56] The Strategies Behind Amazon Success

• Want a higher conversion rate? Make your product expensive
• Familiarize yourself with split testing
• Determine the right pricing strategy
• The big changes in Amazon in 2022

[25:57 - 25:58] Closing Segment 

• What is Private Label Mastery
• The Fire Round
• Connect with Ashley

Quotes 

Start thinking about those couple of key hires that you can bring in and your business starts making money. It's the key to growth. You can't do everything yourself as one person for very long.” - Ashley Kinkead

“Don't be afraid to like lose money at the beginning and a PPC campaign. You can capture that data and then take that data and put it into making your campaign more profitable.” - Ashley Kinkead

Connect with Ashley Kinkead at www.ashleykinkead.com Want to create full-time income through Amazon FBA? Visit https://www.amzprivatelabelmastery.com

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Resources Mentioned

Book 

The Slight Edge

The Five Dysfunctions of a Team: A Leadership Fable

Software

Cash Cow Pro 

GETIDA

Email us --> [email protected]

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