I'm not going to update this daily but will update it every time I have data from new campaigns.
In the first post, I launched 7 campaigns and after about $100 of ad spend was left with $0 in revenue.
That usually doesn't happen, I'll get at least a sale or two but anyway it did which made me rethink and tweak some campaigns.
This Time How Did I go?
Here are my costs,
Check out the last column, that's some awesome cost per click costs! Almost all of them are under 50 cents which tells me that these have potential.
I had one campaign giving me clicks for $3.08 which i ridiculously high, that's obviously a fail so I canceled that. The rest I let run a little more.
What About Sales?
That's plenty to work with.
My $58.95 product gives me a $25.95 profit margin and my $108.95 product nets me $40.95.
Pretty healthy margins!
So keeping that in mind, my stats are as follows,
Campaigns Launched: 12/100
FB Cost: $245.17
Product Cost: $200
Total Cost: $445.17
Total Revenue: $344.75
Total Profit/Loss: -$100.42
Still in the red but I have a slight break even/profitable campaign which, after some tweaking should perform quite well.
A couple sales have been from people that have clicked on the ad for a certain product, then, gone on to buy a completely different product but within the same niche!
This makes me think about the layout of my store.
At the end of the day, if a visitor clicks to your site, you've created yourself a window of opportunity. It's now up to you and your store to convince them of making a purchase.
This is where upsells, recommended products and well organised stores that can be easily navigated come into play.
I might take some time to work on the above and make sure the layout is optimised so I can squeeze more sales. Especially on the naviation part. If I've got well defined categories then people can just click something like, 'Car LED lights', and see all the different types I have.
Makes me think of also having a lot of variety on the store too. Not too much but niche it down and have some options.
Eg, Toyota Supra Car LED Lights, Muscle Car LED lights, etc. This double niching down has a great appeal and have seen it work well with my Teespring stuff.
More Potential Sales
I've also had a few people email my store in regards to shipping so hopefully these translate into sales. In the past, I've had a really good success rate in turning these inquiries into sales.
As long as your friendly, respectful and honest about shipping times, they'll feel comfortable ordering with you.
So a couple more potential sales will bump my revenue even higher. Let's see what happens!
Things To Do
One of the biggest reasons I prioritise spending money, even though I lose a lot of it at the start is because it gives me direction.
It gives me cold hard data that I can use and work off of.
Things like comments asking for variant products or lots of clicks but no sales, (usually means drop the price or try other products in the same niche), or even bad results, which tells me a certain niche is just not worth breaking into.
So what did I learn this time?
Some products gave me great click throughs but kind of break even sales. Makes me feel that I should try other products in this niche, drop the price, have some upsells or do something to increase the revenue so I'm clearly in the profit.
Some products just performed terrible so I might try a couple of different products in that niche but then I'll scrap the niche altogether if it just doesn't bring in revenue.
Also, will definitely work on a better layout to maximise sales.
Every time I spend money, my marketing skills get better and get me closer to finding that gold.
I know it's hard to do this for some of you guys on a tight budget but you have to spend to learn and earn. This is mandatory.
Unless you take the free traffic route like building up social media accounts.
In my opinion, find a part time job to fund your marketing endeavours or do some freelancing work. Do what you need to do to bring in funds that allow you to spend. If you don't spend you're holding yourself back from learning about the realities of FB audience behaviour and niche selecting, etc.
Get Serious About Shopify & Teespring