I recently promised a new e-commerce client that I could DOUBLE their revenue in 60 days. Not only did I fulfill that promise, but I also helped them generate over a million dollars in sales per year. To show you how to achieve $100k a month, it's crucial first to understand and avoid the mistakes that cause 90% of e-commerce startups to fail within the first 120 days.
There are three main ingredients to building not just a successful e-commerce business, but any online business in general. I'll explain what those three ingredients are, how to use them to create a thriving business, and share my secret that helped my client double their revenue and scale to a million dollars.
Before diving into the ingredients, it’s essential to understand what makes a good business in the first place. To illustrate this, let’s say you're a chef dreaming of owning a successful restaurant. The first step would be to create a menu with dishes made from ingredients you love. This combination is your secret recipe. Next, you’d work on the restaurant's concept and theme—location, name, logo, decor, and more. This is about packaging and creating an appealing experience for your customers. For e-commerce, the product and brand are paramount.
To find or create a great product for your e-commerce store, start by making a list of 10 brands you admire. Analyze their websites and products. What vibe do you get? What are their price points? Do they offer discounts? What language and imagery do they use? What are their best-selling products and what do reviews say about them?
After this analysis, turn to their social media accounts, specifically Instagram and TikTok. Look for high-engagement posts and video content. Read captions and comments to understand what resonates with their audience. Identify what makes these brands successful and what differentiates them from others.
Your research should give you a clearer idea about the type of products and brand you may want to create. Take detailed notes and start brainstorming for your brand. However, don't rush to source or create products just yet. The next step, which I believe is the single most important element of building an e-commerce brand, is understanding effective online marketing.
Research shows that the second reason e-commerce businesses fail is poor online marketing. Successful brands don’t just haphazardly post on social media. They follow specific strategies to build an audience and generate buzz. Look at their advertising channels—if they’ve been running ads for over 30 days, it’s likely because they’re profitable.
Examine the ads on Instagram and TikTok from your previously researched brands. Analyze their ad copy, offers, and content. Ask yourself why these ads work, what products they promote, and how they present them. Pay attention to the use of music, models, and editing styles. This will help you identify trends and elements that could work for your brand.
Think back to our restaurant example. The foundation of McDonald's was a systemized, predictable way to make quality food fast. This system differentiated them and provided a consistent customer experience. Your e-commerce business needs a similar predictable system—for attracting customers, facilitating transactions, and ensuring reliable delivery.
Today, there are many tools and resources available to create your website, sell to customers, and grow your business. Shopify, for instance, is user-friendly and helps you focus on what matters: your brand, products, and customers. While it’s an excellent tool, it's not a magical solution. The core of your success will always be the continuous improvement and refinement of your products.
So, what’s the secret ingredient that helped my client double their revenue and scale to a million dollars? It's the relentless focus on brand and product. This involves continuous improvement and refinement to meet your market's needs.
You now have the foundation to build a business that generates $100k a month. Start sourcing and creating products, test your market, and learn what works. With thorough research, a clear brand strategy, effective marketing, and a systemized approach, your e-commerce business can achieve incredible success. Ready to dive deeper? Check out this next video to continue your journey.
