The Ecommerce Influence Podcast: Advanced Acquisition And Retention Strategies For Fast-growing Online Brands

Warren Buffett once said that, in business, he looks for "economic castles protected by unbreachable moats." If the Oracle of Omaha was considering buying your ecommerce store, would he see an "unbreachable moat" surrounding your business? Here are the 8 essential elements for an "unbreachable moat" in ecommerce so that you can create one to help you sell your site at maximum price. In the previous two episodes, Jock Purtle of Digital Exits taught us how to value your ecommerce business and then how to sell it for max value. He mentioned various ways to sale-proof your business (the moat), how to raise its real and perceived value, and then how to sell it. In this episode we pull everything all together and help you build your moat based on Jock's recommendations AND from what we see our top 7-8 figure clients doing to build their unbreachable moat. This is episode is part three in a 3-part series about valuing and selling an ecommerce store. Part one is “How To Determine What Your Ecommerce Business Is Worth

If you listened to last week's episode about how to value an ecommerce business then you're ready to find out what you need to do to sell your ecommerce store for maximum value. Just like any other large sale there is a right and a wrong way to sell, and you definitely don't want to be leaving money on the table when it comes to selling your business. We've had a few ecommerce companies come to us recently about selling their business. They've come to us with questions about determining value and how to sell it for maximum value, but we didn't' know how to answer their questions. Because of our lack of expertise we brought Jock Purtle of Digital Exits onto to the show. He'll not only explain to us how to determine a store's value but then he'll explain to us how sell it for maximum value. This is episode is part one in a 3-part series about valuing and selling an ecommerce store. Part one is "How To Determine What Your Ecommerce Business Is Worth", part two is "How To Sell Your Ecommerce Store For Maximum Val

Have you ever wondered what your ecommerce business is worth? Do you know the right valuation criteria and process to make sure you don't undervalue your store, or price too high? No worries, everything you need to know is right here in this post and episode. We've had a few ecommerce companies come to us recently about selling their business. They've come to us with questions about determining value and how to sell it for max price, but we didn't' know how to answer their questions. Because of our lack of expertise we brought Jock Purtle of Digital Exits onto to the show.He'll not only explain to us how to determine a store's value but then he'll explain to us how sell it for maximum value. This is episode is part one in a 3-part series about valuing and selling an ecommerce store. Part one is "How To Determine What Your Ecommerce Business Is Worth", part two is "How To Sell Your Ecommerce Store For Maximum Price", and part three is "How To Prepare Your Ecommerce Business To Sell At Maximum Value" Key Takeaw

The most successful ecommerce business owners understand the characteristics of abundance & scarcity thinking, and they know how to only think in terms of abundance. Our largest and best clients use abundance thinking to lead them to more success, joy and fulfillment, while the others with scarcity thinking tend to have more failure, fear and discontent. We’re talking about this today because it’s something we’ve been purposefully focusing on to help us maintain excitement, energy and joy while we build our business. Plus, research has recently shown us that a person’s success is directly related to his or her mindset. We now know that much of your success hinges on whether you believe that “there is always more where that came from” or “there will never be enough”...and the variations of them, i.e. abilities can be developed vs. fixed. We’re going to discuss the characteristics of each kind of thinking, what we see most often in our top ecommerce clients, and then how you can apply it to yourself as you

Overachievers typically work just as much and just as hard as super-achievers but, unfortunately, they usually achieve much less. The question is, do you know the single element that separates you from the other? Last week's guest, Taylor Pearson, is someone we consider a super-achiever and he knows what it takes become one. After reading 188 books on entrepreneurship he was able to identify the one single element that separates the best from the rest, and he's explained what that single element is, why it's mandatory, and the simple two-step process to mastering it. This episode is a reading of his blog post. Key Takeaways from the Show The single element to becoming a super-achiever Understanding and implementing The Buffet Principle How to micro the macro (and what that means, exactly) The simple 2-step process the most effective individuals use to become super-achievers The difference between FOMO and JOMO and which one you should be Links / Resources Episode 55 Taylor's Blog Post Subscribe & Revi

It's another in-depth fireside chat where we discuss the mindset you need to adopt about productivity and the how this mindset will help you do more with less. Taylor Pearson, as he says it, is a “systems-obsessed entrepreneur, marketer, and philosopher” who has spent a lot of time helping companies during the growth phase by showing them what they should be focusing and what they should stop doing Taylor says that he was “built to trudge” and he'll share some of his best ideas on how anyone can overcome shiny object syndrome to make sure you’re staying on task and most productive. Key Takeaways from the Show Taylor's new book competition Learn how to stay focused and overcome shiny object syndrome. Why the 80/20 rule applies to this conversation on productivity. How Taylor thinks about SOPs and how it can help you. How “black swans” affect the future of business. Links / Resources Taylor's website Ecommerce Fuel live event Book - EMyth marksdailyapple.com Book - Art of Learning Book - Built to sell L

It’s time to transition out of your small business mindset and begin to see your business as an organization, segmented by roles and filled by role-specific people. Even though you’re just one person, you’re likely filling multiple roles in your business. Learn how to seperate them, how they all fit together and what to do once you figure it all out. As we’ve been growing we’ve realized some conflict in tasks we were doing and how it impedes day to day workflow. By establishing roles and understanding who fills what role you can see what you need to be doing - and, more importantly, NOT doing. By bringing definition to your business you’ll find the inefficiencies and create a better work environment for yourself and your employees. This episode is really inspired by the book E-myth by Michael Gerber and we share some of the strategies that have been working best for us. Key Takeaways from the Show How to identify the many hats you wear in your business and fitting them to the right role. Specific tips you ca

Improving your hiring mindset, knowing what to hire for, and knowing how to hire only 'A' players are the keys to growing your business while gaining freedom at the same time. The first step is to figure out what you're currently doing day to day...and what you shouldn't be doing at all. After that you need to have the right hiring process to help you hire the right people to take over those tasks. From there it's automating, eliminating, and delegating everything that's not critical to the growth of your business. And remember, even some of the things that you think are critical probably aren't. Going through this worksheet will be an eye opener for you, and can help you drastically improve your hiring mindset, hiring process, and especially your business. Key Takeaways from the Show How to have the right hiring mindset. The amazing thing that happens when you become comfortable with others being better or smarter than you at completing your tasks. The exact process we've gone through to hire only 'A' playe

We came to the somewhat-shocking conclusion that nearly 70% of our business comes from referrals...the easiest, cheapest, and most qualified acquisition channel in any business, including ecommerce. When trying to grow your business you have to make some crucial decisions around client acquisition and where to focus. Referral marketing is often an area that is overlooked or taken for granted. And if you're not getting at least 25% of your business from referral marketing then you're leaving a lot of money on the table. It’s amazing what you can miss when you don’t analyze where your clients and your best ROI come from. When you do you can realize you’re missing out on some major wins. In today’s show we’re going to share what happened when we realized that 70% of our business comes referrals, and how you can apply what we learned to your ecommerce store to ensure referrals make up at least 25% of your revenue. Austin runs through an effective and simple referral plan that you can implement and we'll provide a

Having a business partner can be the best decision you ever make for your business, or it could be the worst if you don't know how to choose wisely. We have now been formal business partners for over a year and recently we hit a rough patch in our relationship professionally and personally.  But just like any great "real life" marriage that builds it's foundation on the principle of clear, constant, and honest communication we've been able to navigate rough waters and push forward to help our company grow. With the experiences we've had in our partnership in recent weeks we decided it'd be a great time to open up our relationship, tell you why and how we chose to partner with each other, and how we've been able to make our "marriage" last this long and for, what we hope will be, many more years to come. Use our experiences to find the right partner for you or improve the current one you have. Key Takeaways What business was like before and after partnering and why we believe finding a business partner is bes

We start a business because we want more freedom...but we often find ourselves with quite the opposite. There are a lot of easier ways to make money than starting a business, but we don't typically start a business for the money. We start them for the freedom a successful business can bring. Yet we often find ourselves just trying to make it through the ups and downs, the highs and lows, the slow times and the overwhelming times, all of which make it feel like we're always in that dreaded "survival mode". In this episode we're going to discuss when we, personally, are stuck in survival mode, what it feels like for us, and how to get out of it, including our best tips, tricks, and habits for maximizing your mindset so you can better handle your business, your family, and other personal obligations. Having the right entrepreneurial mindset is what keeps us going forward, but sometimes it's easier said than done. We can help. If you don't change your mindset...don't expect to see different results. Key Takeaways

The "Tim Ferriss Effect" is REAL according to Mizzen+Main's founder Kevin Lavelle. So real in fact, that sponsoring Tim's podcast has been the single greatest decision he's ever made to grow the company. Kevin Lavelle is the founder of Mizzen+Main, which manufactures American made, moisture wicking, wrinkle free dress shirts. Happy customers include pro athletes, successful CEO’s, and notable celebrities such as Tim Ferriss. Mizzen and Main received $1.2 million in funding last August and Kevin says he plans to use the new funding to raise brand awareness and grow sales of Mizzen+Main clothing online, via select retail relationships and creative pop-up shops and trade shows, amongst other things. Kevin’s joined us to tell his story and teach us what he’s learned from his experiences buying ads in Esquire, getting $1.2 million in funding, and sponsoring The Tim Ferriss show. Key Takeaways from the Show What to do if you're considering raising money for your ecommerce company. Why the "Tim Ferriss Effect" is r

The impending death of traditional retail has been predicted numerous times in recent past, but in 20 years of ecommerce in the US only two ecommerce companies of meaningful value have been created: Amazon and Ebay. Ecommerce is no longer about throwing up a quick store and sourcing from Alibaba, hoping to ride the "ecommerce gravy train" to riches. It’s about building a real business, a brand, that is going to last through the turbulence of an ever-changing internet and retail world and takes you into the next ecommerce world we’re heading into. The problem is, "ECommerce Is A Bear"...a big gnarly one. One that can crush you. Today's episode is a reading of an article by one of the smartest, most successful ecommerce brand owners, Andy Dunn of Bonobos. In this episode he talks about four specific strategies to help you build a brand that can "fend off" the grizzly (a few of which we've been talking about a lot lately). It’s really a culmination, a summary, of what we’ve been teaching you over the past 70+ ep

We all understand that hiring great people is critical to your ecommerce success, yet too many businesses have a revolving door of unreliable and subpar freelancers. You can stop that revolving door today because we’re going to teach you how to hire fantastic and reliable freelancers for your ecommerce company in only 4 simple steps. An essential part of any business is the team that you surround yourself with. In the world of online business, specifically ecommerce, we’re seeing too many companies taking shortcuts and not creating a team that will last. We’ve spent years making mistakes when hiring freelancers on Elance and Odesk, but along the way we’ve developed a system that has helped us hire ONLY 'A' players...and it has made all the difference. Key Takeaways from the Show The 4 steps to hiring 'A' players on Elance. The issues that commonly show up when hiring off of Elance. Why this is so important for ecommerce companies. We’ll cover the exact strategy we use to write an effective job description. T

Does confidence actually mean you’re reaching a plateau? Is that uncomfortable feeling really the best place to be in your life and in your business? In this conversation we talk about the difference between confidence and courage why you need one over the other to get you where you're trying to go. We've come to a place in our business where we've had to make some tough decisions, decisions that can take us from a place we're very comfortable with to a place of discomfort but has the potential for massive growth. We want to share with you the mindset shifts we've been going through and hopefully you'll come away with some ideas for you, personally, and your business. If you like this new kind of episode make sure to let us know on Twitter or email us at chad [at] ecommerceinfluence.com Key Takeaways from the Show The shift we’re going through in our business and how it applies to yours. What it takes to avoid creating another job for yourself. The issues that lead us to realize we had to change, the same i

Every single day 40 Super Bowls happen on YouTube, yet only 1% of companies know the formula to success with TrueView ads. Video is the closest thing to having a face to face conversation with your potential buyer without being there, and this interaction is your ticket to free traffic, higher conversions, and increased value per conversion...oh, and to stealing customers from your competitors. Jake Larsen’s passion for video-making lead him to TV Advertising in LA, where he worked behind the scenes with FOX Entertainment on TV shows like 24, American Idol and House. It was here that he started to notice a massive change happening in video advertising. People’s eyes and ears weren’t where they used to be, they were shifting from TV to Online Video. Jake started Video Power Marketing, a video production / advertising agency that helps people capture attention, drive traffic and increase sales using YouTube Advertising. He has played with millions of dollars of ad spend figuring out the formula that makes getti

Have you ever wanted to take a just a week off from running your business? But you never take the time off because you're worried that you'll come back to a business ablaze with fires that stall your growth. Worry no more. Tim Francis is going to teach you how to develop systems that allow you to leave your business, sometimes completely detached, and come back to a company fully intact...and still growing strong. Tim is an expert at developing systems that actually work. In 2013, he began systemizing his main business, Tim Francis Marketing, and revenue grew by a staggering 50% in just 3 months, AND he cut his workload by about 20 – 25%...starting an incredible journey into mastering the art and science of building systems for businesses. Realizing there was a huge need to help small business owners systemize their businesses, Tim decided to launch ProfitFactory.com in Fall 2014 to help other business owners create systems in their business to help them make more money while doing less. We’ll walk through ho

The newest online "Gold Rush" is happening right now, and it's picking up steam. Pinterest is mysterious to some, to others its marketing potential is still to be determined. When you listen to today's episode you will no longer have any questions about the power of Pinterest marketing to bring more free traffic, generate more sales, and connect better with customers. Anna Bennett is the owner of White Glove Social Media, co-founder of True North Marketing, and is THE Pinterest marketing expert. Just type into Google “pinterest marketing expert” she’s the top one that comes up...and google’s never wrong. Anna is the author of Pinterest Marketing For Business Master Online Course and has been featured in Forbes Magazine. Her goal is to help you create, improve or integrate the power of Pinterest to grow your business bigger and faster and to have some fun along the way! Oh, and Anna dazzled as an international beauty pageant winner a few years back, pretty sweet. Key Takeaways from the Show How and why Pinter

Every entrepreneur goes through it. It could be because you're getting too many sales, or it's because you're not getting enough sales. It’s that horrible feeling of being stuck, that you just can’t get through the weeds and everywhere you turn it's another dead end and you're putting out fires. It's the wrath of entrepreneurial chaos. This episode is a story from our past, but it’s a problem we've seen so many companies experience, and it's a story that you can relate to. The best part is, once you understand the problem and realize that there is a way out, you can begin to implement the systems your company needs to emerge from the entrepreneurial chaos. By talking through this story we’ll hit on several of the common problems and solutions that come along with starting, running, and growing an ecommerce business. One of the biggest things we see ecommerce owners missing out on is setting up solid marketing automation from the very beginning. It’s the piece of your business that will help you finally get to

If you're looking for qualified customers who are ready to buy, but you're not yet using Google Shopping, then you might be missing out on untapped traffic and the hottest potential buyers on the interwebs. Brett is an online marketer, eCommerce strategist, and speaker. The majority of his time is spent running his agency, Online Marketing Giant, and leading an amazing team of talented marketers at Classy Llama that specialize in search engine marketing, search engine optimization (SEO), web development, marketing strategy, and branding. He has a passion for helping entrepreneurs grow their businesses through creative marketing efforts. As a certified Guerrilla Marketing Coach and eCommerce marketing enthusiast Brett is a frequent speaker at business functions across the US. "If your SEO company says they can't tell you what they're doing because it's proprietary stuff - fire them. Proprietary doesn't exist any more." - Brett Curry Key Takeaways from the Show Why SEO is not dead, it’s just evolved Why Google