I've been getting this question quite a lot so I thought I'd make a dedicated blog post about it. Although there is not a hard and fast rule(s) for stopping your FaceBook ads for your teespring campaigns, there ARE some general guidelines I've come up with that have allowed me to not spend too much to learn mistakes.
When running a business, you will eventually realize that it's necessary to be able to pull your emotions out of certain decisions and approach/make them with a logical and process orientated mindset. I've been guilty of sticking to a business idea, stubbornly even though in the back of my mind I know it's not going anywhere. Just because you've put a lot of time and effort into something doesn't mean it's going to work.
How do I apply this to the Teespring + FaceBook side of my business? Well, when I first started on teespring, I used to spend 1-2 hours making a design. Making sure little details were perfect, etc, etc. At the end of the design, I would really be convinced it would sell. I was sure SOMEONE would like it. When it came to testing time and I put an initial $20-$30 towards my FB advertising campaign to see if it had any legs, more often then not, it would not sell. Too stubborn to let go of the product of hours of effort, I'd continue with another $20-$30, sometimes spending about $80 with a sale or two!
I would be too emotionally connected to my designs and my ideas in general. I don't know if it was an ego thing or what but it was hard for me to just put a stop to things and move on!
Nowadays, it's VERY different. After making plenty of mistakes and stepping back every now and then to have a look and ask WHY, I've come up with the below guidelines,
- Don't spend more than half an hour on a design, (if I'm doing it myself). Outsource it every time I can.
- Concentrate on just pumping out campaigns to try identify hot niches instead of spending hours on end making 2-3 designs in a day.
- Spent $20-$30 on advertising and no sales? Boohoo, stop the campaign and move on. Or if it's really that painful, change the demographic and give it a re-run to another $20.
- Less then 3-4% CTR? Keep a hawk eye on it. Only one sale within the $30? Spend another $10. If it doesn't pick up, cancel it.
- $10/day budget for about 2-3 days. I've been guilty of setting $30 in the one day and forgetting about it for two to three days! I've got so many campaigns running at one time, (usually around 10), that it's easy for me to forget, (usually out of laziness lol). $10/day lets me control my budgets easier.
- If I sell 3+ sales within the first $10-$20 spend, crank the budget up to about $20-$30 a day. If you're selling 8-10, then up to $50.
Now remember, these are GENERAL rules. There are also other indicators like,
- Comments you are receiving under your newsfeed ads. Are they something like, "OMG I LOVE THIS" or "@tag, we should get this".
- Shares level.
- Negative comments
- Audience size. Are you reaching 1.5+ frequency before reaching your goal? Aim for higher audiences.
Keeping all of the above in mind, you should have a fair indications on what to do when your facebook ads are running. DON'T make decision based on your emotions. This is business. It's MEANT to be hard. There will always be designs out there that you can sell to people. Don't waste your time trying to make one work when your next design could make you $1000's.
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