Update # 4!
Campaigns launched: 32/100
You Can Never Figure Out FaceBook Buyers
As much as we want to think and research about what we think would be the perfect product, we can’t.
There’s just so many variables to this. Sometimes I find ridiculously good products that Im convinced will sell but they just don’t for whatever reasons. Maybe,
- It’s been sold to that audience before
- It’s shareable/funny but not practical to own/wear
- Age of the demographic is just not the right fit. Young with no money.
- The niche has seen a lot of similar products before
- Culture is different in that country
- etc etc
I’m sure there are plenty more reasons but I’ve realised the only way to go about this business is to put money towards every product you think has a chance.
Sometimes I find products that I would think have a 1% chance of success do really well.
You just can never figure it out in your head, only $5-$20 on FaceBook can figure it out.
Cutting Things a Lot Earlier
I’ve been cutting things a lot earlier than I normally would. Usually I’d spend a minimum $10 on products but these days I’m seeing a pattern in winning camps.
Right off the bat, they give you GREAT signs.
After just $2 spend, some products will have 10 clicks to the site as opposed to others that have 0 clicks after the same spend.
I know most people will think $2 is really low to properly test anything and I mostly agree but after $3 spend, if I get no clicks then I cancel.
It’s been saving me a lot of money and time and after launching 1000’s of products I know how the pattern works.
Notice how the cost per click, (last column is way high? I need this value to be under 80 cents at least. Ideally 20 cents.
Not a single camp that has given me more than $1 clicks has turned out profitable.
Not a single camp that I’ve spent $3-$5+ on with 0 clicks has turned out profitable.
The only profitable camps have been those that get me a tonne of cheap clicks almost straight away!
Be Aware of Your Surroundings
One of the reasons why it’s difficult to do this business ‘part time’ is because your heart really isn’t in it.
Most of the time you’re thinking about work, family, life in general.
Once you make Teespring/Drop Shipping your life, meaning, it fills most of your headspace, you’ll start to look at everything around you differently.
Any shirts/mugs/products you see, you’ll kind of think about testing it on FB.
The amount of print screens and pictures I have on my phone of random things I’ve seen in my life that I feel like testing is in the 1000’s!
The more obsessive you are about this the better. If you find you’re trying to do too many business ideas at once, try narrow it down to something you really want to do and focus on it 80-100%.
Found a Couple of Profitable Campaigns
The stats I’ve been showing up till this point has been inclusive of my testing and profitable campaigns.
If I were to strip out the testing money and just show the stats of some of the campaigns I’ve been profiting off, here are the stats.
Revenue = $580.55
Product cost = $332.00
FB cost = $100.91
Profit = +$147.64
Revenue = $355.80
Product Cost = $202.00
FB cost = $64.55
Profit = +$89.25
Pretty cool huh? That means, if I were to just work with these and stop testing right now then I’d be doing $50-$100/day on profit.
Probably for the next 3-4 weeks.
But I don’t want to do just $50-$100/profit.
I didn’t get into business to be mediocre. I want to do $500-$1,000 in profit for months.
I want my $10k+ days back again and for that, even though I find profitable campaigns, I need to continue to test to find those big winners.
That’s why my costs will always be high but it’s worth it if every now and then you load up your bank with $30k-$80k when you find a killer campaign.
Stats For This Update
Here are the stats so far,
Product Cost: $770
FB Cost: $590.75
TOTAL P/L: -$15.7
Almost in the green!
My store has now done over $1k in revenue for this challenge alone. it's done 5 figures since I've set it up last month some time so it's got good potential in terms of branding.
I’m starting to look at my own custom product line. I have a few ideas in mind with a few different custom products that no one has ever seen before but they’re out there and money is possible.
I’m going to test these out myself and see where it goes. If I can find $10k+ profitable campaigns with them, I might look at making an affiliate program for my store or even start a custom platform! Let’s see what happens.
Once you know core business principals and can replicate success time and time again, the world’s your oyster.
Get Serious About Shopify & Teespring