Why Dave Chose to Interview Ezra Firestone:
Ezra Firestone reveals his secrets to scaling e-commerce businesses. He has been doing this for over 12 years. He reveals what multiple you need to be at to be profitable. How to pick an industry and dive deep into a profitable niche. Most importantly he tells you step by step what you need to do to scale your business from startup to 6, 7 and even 8 figures. He consults on multi-million-dollar e-comm acquisitions and reveals his secrets in this episode.
Tips and Tricks for Your Business:
- Ezra is a firm believer in focusing on your product’s multiple as opposed to its initial price point (2:47)
- We’re going to take a brief break from the value bombs of selling multiples to let you in on how Ezra got his business up to 8 figures (5:41)
- Premium products is someplace that Ezra feels the most comfortable spending his time and resources (16:27)
- Ezra knows that his business model is not the best one in the world, but it works for him the way that he wants it (21:15)
- Sales Process, you’ve got to understand sales process if you’d like to improve the use of your ad spending (26:53)
- Ezra’s last tip he wants to share with us is the importance of video marketing (28:15)
“I lean now towards mass market. I want to be able to say this product is relative to anyone of this gender in this age range. That’s my ideal, right, and then you niche down from there.”
“What I’m trying to do is plant seeds, water those seeds every month for four months, and grow a mango tree that feeds my family for generations. I don’t want to just go out and spear a bunch of fish one day.”
“More things have failed than worked.”
Other Tidbits of the Podcast:
Ezra’s business may have a yearly revenue in the millions, but his heater breaks for unknown reasons at the most inconvenient times just like the rest of us.
Ezra learned that losing money on the short run for marketing is what catapults your business forward in the long run.
If you can sell 30 $5 ticket items that’s great, BUT Ezra wants you to think of how you’re going to pay for more ads to get other people to buy it. Will those same people come back to buy again? Not likely.
With transparency, your company can get the jump on this competition.
Ezra comes forth with his and Russel’s secret Ju-Jitsu vs. Wrestler square off they had in the kitchen at Pirates Cove. We are potentially going to be presented with a round 2 on Funnel Hacker TV down the road. Prepare yourselves for a showdown that’ll rock the internet harder than the release of “What Does the Fox Say” on YouTube.