Almost a month ago, I was still unprofitable overall on my entire ad account and my ROAS was below 0.5. I also never had a single product campaign over a 0.6 ROAS at the time.
Now, I’ve reached a 1.17 ROAS on my entire ad account, and my product has a 1.8 ROAS, which is slightly over my BER.
So far, I’ve spent $4.6k on ads, and made back almost $5.4k. I still need to make at least another $1.5k to break even on my COGS.
I want to share the things I’ve learned and done in under a month. I’ve learned many things that have took me from being very unprofitable to breaking even, and almost profitable on my product.
THINGS TO NOTE
-All sales in screenshot came from 1 product
-Ad budgets are no more than $5 per day
-Profit is around 25%
-All prices I mention are in Canadian dollars.
$1 CAD = $0.74 USD
$5 CAD = $3.72 USD
Invest in mentorship
I know people hate this a lot because they hear it everywhere and it’s not as easy as it’s said to find a mentor. Trust me, I was literally you a month ago. I didn’t even think about investing in a mentor or have the money to do so, but after talking to a friend of mine who persuaded me to seek mentorship, I reached out to a few students of mentors and asked them if it was worth working with the person they were mentored by. To my surprise, I found one student who actually told me that he didn’t really learn much from one of their mentors and figured most of the stuff out on his own. From there, he’s actually been mentoring me, and has been very available whenever I need him, and gives me direct insight on what to do. The best part is it didn’t cost me $10k or whatever these people charge.
Keep your eye on the damn ball.
This is honestly one of the hardest things. When you find initial success with something, you get excited and keep doing what you’re doing. But somewhere down the road, you eventually stumble upon another strategy or tactic that makes you question your strategy. It makes you lose focus and become indecisive, and you start messing with the plan. Then, you stop seeing results.
Guys, if what you are doing is working, keep doing it! Especially if you’ve seen other people do it, why would you even consider questioning it? You know it works, so stick with it!
Now I’m not saying you should completely block yourself from all other ideas or tactics, I’m saying that you should keep doing what you’re doing, WHILE learning new strategies and SLOWLY implementing them.
This is something I’ve been struggling with, and still do a little bit. But since what I do is working for me and has worked for others, I’m sticking with it and learning new things as well and slowly applying them to my ad account.
Making the Big look Small
This is such an amazing trick to play on your mind. When you have a goal, we often times look at it as if it were a mountain and we are standing on the bottom looking up wondering how on we’re going to get to the top. Try this; compare your so-called “impossible” goal to something else that’s much harder than what you want to do. Let me give you an example:
As of 2017, In America alone, over 400k NEW people per year made a million dollar per year income.
In the entire world, only 4,000 people have ever climbed to the top of Mt. Everest.
It is a fact that it is 100x easier to make a million dollar income than to climb Mt. Everest. (Probably even easier now since this report was done in 2017)
This has been my most successful testing strategy. It’s very basic and you most likely already know how to do it.
I’m not going to go into much detail here, but I’ve seen a lot of success by breaking down my ad sets and micro testing metrics such as platform, age, gender and country.