Welcome to the first Episode of My Grand Venture Heroes featuring Ricky Hayes. Today we have the pleasure to share with you the amazing story and tips of Ricky. You will discover how he became who he is today and how he get where he is standing.
Who is Ricky Hayes, tell us more about yourself and about your dropshipping experience.
I am a 7 figure entrepreneur who specializes in E-Commerce/Dropshipping and branding. I started out in 2017 at the end of July with the sole goal of leaving my full-time 9-5 grind and achieving financial freedom.
Little did I know the amount of work, devotion and failures it would require to achieve the success I desired. For 4 months I didn’t get a single sale and lost thousands of dollars on wasted strategies, approaches and was completely lost. Frankly, nearly gave up multiple times throughout this journey. It was my gorgeous fiance, Kiera who kept my spirits high and allowed me the time and energy to keep working on my dreams until I achieved them.
It wasn’t until the 6 month mark when I found a real winner and the sales came up and never stopped – it was the best feeling.
But that was short lived as it died out just as quickly and even more depressing I was in the red as I didn’t know my finances properly. It didn’t stop me though, over $4,000 in lost money at this stage I kept pushing forward. Testing more, failing more, repeating but never giving up.
It was around 6 months after that I found a real winning product that I was able to scale to over $1,400,000 in a single month. This was not easy though, the customer service, the refunds, returns, tight budget, late shipping, 18-20 hour days, team building was incredibly stressful and difficult. But I never stopped as the excitement in me never died down, and still doesn’t to this day. Since then I have gone onto build more stores doing 6 & 7 figures and continue to do so. I also around July 2018 started a YouTube channel with the sole goal of helping people and moving outside my comfort zone. I was very nervous, but it turned out fine and I found a passion for helping others so I kept doing it up till today to help out as many as possible.
How is Dropshipping changed since when you first started?
Definitely competition has become fierce. Dropshipping is trending upwards and everyone wants to be a part of that which has made it very difficult for new people to come in and get started the same way I did when I started.
Which are your traffic sources? Do you combine them? In % how much budget do you allocate to the single traffic source when advertising a product?
My traffic sources are Facebook, Instagram, Google, Bing and YouTube. I’ve always approached business with the mindset of diversification is the key to success. Any large company invests into other sources so if one goes down the other picks up the slack. I allocate my budget based on where my core traffic sales and profits come from. Generally it’s 60% Facebook and 40% between all other sources.
How do you scale through these different marketing channels?
Remarketing is the key. I look at once I get someone on my site they’re in prison and the only way to get out is through buying my product so I remarket to them heavily to get the low hanging fruit. It’s always provided me with the best ability to scale my business. I also use a lot of rules to automate the management of my campaigns so I can 1. Sleep well at night and 2. Increase my profits because the rules manage my campaigns effectively. The rest is mainly refreshing your creatives and increasing budgets.
About FB Ads, everybody has noticed that the campaigns’ approval for white hat products became super slow. How is Ricky Hayes personally dealing with this? Do you have any advice for our readers?
Yeah this is very common now. In relation to that there’s little that can be done aside from building your own brand. Facebook does this as it wants quality businesses on their platform now. In the past Facebook has been too lenient which has burned customers now it won’t let that happen due to customer feedback. The best way to negate this is to focus on amplifying your customers experience so Facebook approves your ads as fast as possible.
When it comes to Dropshipping everybody focuses on the winning product myth. Instead you base your strategies on saturated/unsaturated products, it’s a Ricky Hayes’ trademark. What are the benefits of this approach?
The reason this works as you are marketing something new to people who want to buy. It’s important to do this because you get extremely cheap sales so you can scale quickly and retain market dominance even as others come into the market and drive up competition. You can even brand around the product to make it your own and really increase your profits from that.
How can this distinction make a difference for Q4?
Simply just a lot more money in your back pocket faster and easier.
According to your experience how much does a “winning” product last?
Generally most items last up to 3 months maximum and in rare cases 6 months. It depends on the type of item of course, but those are the general standards. It can also be increased by using other platforms to find new untapped sources also.
Tell us a mistake that has cost Ricky Hayes thousands of dollars
Not investing in myself and thinking things would just work out. This cost me a huge amount in wasted time and money. Since learning this I focus on having a mentor to push and educate me to achieve accelerate results in areas I am not an expert in. I find getting my credit card out and paying someone always makes me more money long term than doing it all myself.
Any advice for our audience preparing for the great Q4 appointments? (Halloween, BFCM, Xmas)
Make sure to capitalize on your email list, and text list and build them they will make you a lot of money. Focus on items that are perfect gift items as Q4 is perfect for want items than just need as it’s the time for giving, right? Also it’s my recommendation to be cautious of December Dropshipping due to the shipping times you don’t want to annoy families during the most important family time of the year!