Nicks Strategy (as presented at Bali Mastermind video)

(apologies for lack of organized outline format)

Be moving imperfectly towards perfection. Just get started.

Having a road map, a Formula / workflow / Process - is ESSENTIAL.
NOTHING should be random and as long as you stick to your system, success will
come because it's a virtuous circle.
You can only improve. Well, unless you get caught by your emotions (fear, over-
excitement, temporary faith and so on).
Analyze the various page flows and follow the formula/funnel:

1. Ad to product page - start here. If youre not getting clicks, then your ad sucks
2. If you're getting clicks, but no add to carts, than your product page sucks
3. To your Cart
4. To your checkout
5. If you're getting clicks and add to carts but no purchases, then your checkout
page might suck
6. To your purchase
So with the above flow analyzed, unless you get started, you're not going to know
how to perfect the process.
In the above example, the more you analyze and perfect the formula, the more your
conversion rates increase. Nicks went to .5% to 1% to 2% to 3.5%. All by analyzing
and ajusting.
The Strategy as presenting in the Bali video is broken into 4 parts.

Part 1 - Working on your foundation

This is the process Nick broke down in Dropshipping Academy and Custom Merch
Academy
-Start there - make sure you have followed video modules to a T
The Foundation includes everything within those courses (facebook page, etc)
Within the foundation stage, youre building a theme or a story to your
business.
Even if its a deal site, theres still a story there. I.e. we source products from
all around the world to find you the best deals
A cool story for X site could be: Everyones got their own unique identity, their
own story. We facilitate people to customize their own Story as it relates to X....
something along those lines (my own input, not Nicks).
Setup the minimum conversion points on your site - not too gimmicky
Trust badges, pages should look solid and complete, clean image, product
description, related items, footer
 FAQ, contact page, easily identifiable shipping policy and return policy
These are the thing people want to see so they know they can trust your store.

Part 2 - The Plan
Structure your site. 3 main components/sales avenues. From there you can focus in
on the components/niches within the site that are making you the most money.
1. Example for a general store concept: Family, Travel, Military
-Break down those 3 main niches into 3 subcategories
1. Example: Military: veterans, gun rights, military women
2. Example: Family: parents, children, grandparents
3. Example: Travel: digital nomads, beach-goers, outdoors
-within the sub niches/categories, look for 3 - 5 winning/hot products and start testing
1. You can start testing across the board - or - focus on one particular niche.
Whatever you choose, the goal is to test enough products to sift through the 80/20
rule to find winners.
Using micro ad set theory
-When you're researching a certain niche for products, go to Amazon, Pinterest,
Google Trends to find what is potentially hot.
You shouldnt have to cycle through the above more than twice before you find a
winning product you can scale effectively and profitably.
How are you Testing? -Test Quickly and save money using Nicks Micro Theory
You need to have a judgement framework for how you ascertain winners to scale

Part 3 Execution - How Are You Testing?

-Leave emotion out of it when testing products. Stick to the data only.
-Kill ads quickly if theyre not working

Part 4 Constant Evaluation

Review: daily, weekly and monthly basis
Example:
Some of the big guys will start off with one ad set per day.
Example: you spend $30 a day on a product...
-$30 a day several products at a time.
- decide within that $30 what could be a winner.
-youre looking for purchases within that first $30 and specifically more than 1
purchase
Say that $30 will get you a $10 average CPM (3000 impressions)
-out of that, 3000 impressions, and several of them are going to visit
-Now if 3000 people have seen your store and several of them have come in and
walked around, looked at your product and you havent sold a single one, its
probably not a good product. Even if you had a couple of sales after $30 and it wasnt
profitable, move on.
- If you were profitable, then you probably have something you can scale.
-Nick mentioned that if you dont have a sale in first $20, then probably kill it.
-This is specifically in reference to WC ads. If it was a PPE ad, Nick would have killed
it sooner.
80/20 rule. 8 products you test out of 10 will fail.

The Feedback loop - How quickly youre receiving the information from when you
start to test
Example: you test 10 products a day at $30 ad spend on each product.
-Now lets say 8 of them are failures. So thats $240 you spend in one day on
products that didnt do anything (8 products x $30 per ad)
-Now lets say 1 products hits and makes you around $1000 over the next week or
so.
-The other products hits as well and makes $3000 over the next few weeks.

-These are very reasonable numbers

-if youre operating on a 30% profit margin; 30% of 4k is $1200
** Nick has moved onto a $10 per day - per product system.
-Its a quicker feedback loop than $5 per day.
Nick is testing at $10 a day per product for 3 days. However, if he doesnt have a sale
by $20 he will kill the ad.
You need to figure out beforehand what your CPP needs to be.
-If youre sourcing an item for $10 and selling it for $20, than you have a $10 margin.
-So youre cost per Purchase needs to be around $5 to make it work, otherwise its
probably not worth it.
-Unless you think you can push really high volume.

Impressions
If 1000 people saw your product and nobody is clicking, then either your product
sucks or youre targeting the wrong audience.
That being said, Nick doesnt even look /judge based off of his CPM

CPC(Link)
-If you spend $5-$10 on an ad and dont have a single click, then kill the ad.
-link clicks should be happening right out of the gate, within the first dollar or two
spent

Purchases
As a side note, they guy in the mastermind group who was running $30 per day said
that within that $30 spend, he wants to see 3-5 purchases.
-Nick said if hes not getting a link click within the first $20 spent, something is wrong.
-Maybe try finding a new ad image or changing ad copy or audience

- or of course killing it
Nick said that optimizing for purchases right out of the gate is pretty good way to go
now, due to fb optimizing/updating Pixel