#87 Daniel Budai from Budai Media: 3 More Tools to Scale Your E-Commerce
We’re building quite the e-commerce toolbox here!
For episode 87 of The Ecom Show, our CEO and podcast host Daniel Budai takes a look at:
✔️ 3 More Tools to Scale Your E-Commerce
✔️ Entrepreneurship
✔️ Advice from Dan Kennedy and Tim Ferriss
Let’s dive straight in.
3 More Tools to Scale Your E-Commerce
VideoWise
If you want to keep up with the rise of social commerce, VideoWiseshould be your go-to software tool.
VideoWise allows e-commerce owners to connect their Shopify store with TikTok, Instagram, Facebook, and other social media channels to add product review videos and other forms of user-generated content (UGC).
E-commerce owners are also free to upload videos from their libraries.
VideoWise significantly increases conversion rates for e-commerce stores on both desktop and mobile. On average, if you have 250,000 website visitors, VideoWise increases your revenue by $20,000. That’s almost 10¢ per visitor.
As for pricing, they only charge $49 per month and 2% of direct video sales. A direct video sale is when a customer converts within your product video. If they watch the video and buy your product elsewhere, this does not constitute a direct sale.
Their analytical tools are also top-notch. On your analytics page, you can see the number of views for each video, average watch times, direct sales, and more.
The Founder and CEO of VideoWise, Claudiu Cioba prides himself on being transparent about conversion. Take a look at what he has to say about honest attribution models in episode #74 of The Ecom Show: How to Use Video on Your Shopify Store Without Slowing Site Speed.
VideoWise is an excellent tool for increasing conversions, engagement, and harnessing UGC without slowing down your website.
Daniel highly recommends checking it out.
FreeCashFlow.io Daniel cannot emphasize enough the importance of having a good accountant for your e-commerce, or even any business.
If your e-commerce is in the US, Daniel recommends checking out FreeCashFlow.io. FreeCashFlow.io are absolute experts on bookkeeping and tax planning. Here are just a couple of examples of how you can save money with proper tax planning:
Startup Cost Deduction This startup cost allows US entrepreneurs to claim a deduction of up to $5000 for any business cost up until the point their business is created.
This includes product research, travel, and work with lawyers and accountants. You just need to keep your receipts and documentation.
Home Office Deduction
There are two ways you can claim a tax deduction from running your business at home.
The first way is the Simplified Calculated Method in which the highest deduction available is $1500.
The second method is more complicated but lucrative: The Actual Expenses Method.
The actual expense method takes the square footage of your office space as a percentage of your total home. Your tax deduction can then cover whatever cost is included in that percentage. That includes rent, mortgage, or even repair maintenance. The biggest deduction FreeCashFlow.io has claimed for their client using this method is $14,000.
For more tax advice, check out Daniel’s podcast episode with the Co-Founder of FreeCashFlow.io: Tax Planning and Deductions All E-Commerce Owners Should Know About.
OptinMonster
Daniel is a huge fan of OptinMonster. When he began his email marketing career in 2018, OptinMonster was the first pop up tool he ever used. And he’s still using it today!
Despite testing many pop up tools over the years, (Privy, Klaviyo’s pop up feature, OptiMonk), OptinMonster always comes out on top.
OptinMonster stands out with its multiple customization options. Including lightbox pop ups, floating bars, scroll boxes, exit-intent pop ups, and more.
With its integration with Google Analytics, on-site retargeting and personalization, lead segmentation, exit-intent technology, purchase history, and advanced traffic redirection, OptinMonster is a great tool to use if you want to increase your conversions without spamming your visitors. Returning visitors, for example, will see a different pop up to new visitors. This provides a more personalized and optimized experience for your customers.
At Budai Media, we see pop up conversion rates as high as 10 - 20% using OptinMonster.
Check out our case study: Over $1.2 Million Generated Using Klaviyo Email Marketing to see how you can use OptinMonster pop ups to generate revenue for your store.
Some Thoughts on Entrepreneurship
Last week, Daniel asked his LinkedIn, Facebook, Twitter, and Instagram followers a question:
How many years ago did you launch your business?
Over 100 people responded, many with their own stories to tell. Entrepreneurship is not always easy in the beginning. But once you gain some traction and success, looking back to your humble beginnings can be a beautiful thing.
Daniel’s question put him in contact with some people he hasn’t spoken to in years. When you look for it, there is a thriving community of business owners ready and willing to help each other out.
Reflections from Dan Kennedy and Tim Ferriss
“The company that can spend the most to acquire a customer wins.”
- Dan Kennedy
Dan Kennedy is an absolute legend in direct response marketing, but Daniel believes that there’s more to acquiring customers than money. If you understand the buyer persona better than your competitors, you can still win. Even if you have less money.
Gymshark, for example, began in 2013 as a relatively tiny competitor to other sports brands such as Nike, Adidas, and Puma. Its Founder and CEO, Ben Francis, identified a niche that his competitors had failed to fit. In other words, he sought to serve his buyer persona. While Gymshark is not as huge as Nike just yet, it grew exponentially over a few short years, valuing at over $1.45 billion in 2022. It’s safe to say that Gymshark hasn’t been suffocated by its competition.
“What we fear doing most is usually what we most need to do.”
Now, this is something Daniel agrees with! Take a moment to think about your deepest fears. That’s the first step in addressing them.
Daniel’s biggest fears are deep water and heights. And guess what he has planned? Deep diving, sky diving, and mountain climbing!
Feeling the fear and doing it anyway is not only a huge confidence boost, it trains you to power through difficult situations.
If you liked this episode of The Ecom Show, please feel free to leave any comments you have on our YouTube channel, contact Daniel on LinkedIn, or check out another episode!
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