My E-Commerce Watch Progress Thread

[Gale4rc]

Just created 6 variants of facebook ads. Going to have them on pause until tomorrow morning, basically 3 that are targeting different groups , and then another 3 targeting those same groups with same copy but, different picture.

Also for now on i'm only going to focus on Facebook advertising. Need to master one before moving on.

 

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[Gale4rc]

Got like 20 variants going with the same copy to different groups to see which groups get me the most clicks to website, setting budget to $15/day to start

Here is an example of 1 of the groups http://take.ms/KiYVO (Just actived this one)

Here is a promising ad http://take.ms/rcpFv - CTR Looks low but, it's only over 500 people... Hoping it increases with more exposure.

Here is another one that is confusing me: http://take.ms/wQbMN - So it has less clicks to the actual website (only 2) but, has 3 likes. So with that it increases the CTR. Anyway, going to leave these ads running for a few days and see what happens


Shitty news: Because i'm using Etsy, when I get a sale I won't be able to know from what campaign the sale came from. I will have to assume if the ad is getting high CTR + Clicks to website, then the sale must of come from there.



EDIT _

WOOHOO GOT MY FIRST SALE FROM FB!!!

And I can't see what campaign it came from!!!

STill excited though!!

 

[Gale4rc]

Made another facebook sale today!!!!

First one cost me $10, second one cost me $15 - It's not about the money though, i'm starting to narrow down my target market on facebook and will be able to cost effectively target them if it keeps going like this!!

Wayy excited!!

 

[Gale4rc]

Just some quick FB stats

So I have 20 variants going right now and i'm taking the 'winners' and putting them as CPM instead of CPC. It seems to be cost effective so far, it's only active on 2 winners right now and just started so we will have to see how they play out still but it's looking good early (just started today)

http://take.ms/ZMj52
36c per click to targeted users. Nothing converted yet.

It seems like this is going to be a good strategy though

Start in CPC - Do lot's of variants, define what is working. Take those winners and put them in CPM to lower cost , increase traffic and hopefully get more conversions.

#Learning

Also 1 big tip I learned from advertising that I haven't seen anywhere is:

Make your ads directly specific to the users you're targeting.

I accidentally found this out by targeting a group, we will call them "fastlaners" and in the ad the first line is "Love Fastlane?" Continued with another question e.g. "Love making money?" -> Then check this out! - This ad has had the highest CTR out of all the ads.

I also found a recent case study that kind've backs this theory up. It was basically about e-commerce shops and how when they used the potential customers name, they had 50%+ More conversions.


I'm also testing out the behavior selection Facebook has called "Online spenders" .... It sounds good because you can take big interests such as Rolex, or another big company in general that has a huge amount of fans and narrow it down to only online spenders who have spent in the past 30 days.
The issue I have with this is, it sounds good but, I've read about affluent people in depth and most of them would rather pay more for a brand they know rather then a brand they don't know.
Now even if I target a low cost brand and use this filter, if people are spending money constantly in the past 30 days - They might be affluent and not have any interest in my watch regardless.

Either way, needs testing.



I never ordered the necklace, debating on just ordering more watches and focusing on advertising. Or order watches + next item and no focus on advertising (because no money will be left over). Either way I need to order more watches.

 

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[Gale4rc]

Sold 3 watches today - Sadly FB ads failed and those sales did not come from FB and will just break me even with all the money i spent -_-

Decided to put the order in for the necklace and stop selling the watches. I think the necklace will sell better, we will see

 

[Bimmer]

Hey there, great project you have going on...

I'm trying to understand some things so I might be able to help you:

- How many clicks/spend do you have before you decide your ad is not converting?
- Are these sponsored story ads or right column ads?

The thing you say about targeting a specific group and mention that in your ads is indeed true. This way you can really connect with the user and you should use this technique whenever you can to increase CTR and CVR.

 

[Gale4rc]

Hey there, great project you have going on...

I'm trying to understand some things so I might be able to help you:

- How many clicks/spend do you have before you decide your ad is not converting?
- Are these sponsored story ads or right column ads?

The thing you say about targeting a specific group and mention that in your ads is indeed true. This way you can really connect with the user and you should use this technique whenever you can to increase CTR and CVR.

$20 in 3 different ad groups, in those ad groups it has variants.

Newsfeed ads - Experimented with right column and did a $5 test - had really low CTR and 0 conversions

 

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[Bimmer]

Ok. Is that last sceenshot you posted ( https://monosnap.com/image/Tn6pjoY5yCFCyU7DklW8DJps5rvkG3 ) from a right column ad or sponsored story?

Anyway, lets say you focus on sponsored stories

1. Set up a wide picture ad, use cpc bidding and bit higher than facebook suggusted bid. This way you will get great placements which is better quality traffic and don;t worry you wont pay your actual bid and cpc will lower depending on your ctr.
2. aim for 3%+ CTR to get lower CPC
3. depending on the profit you get from the product you give each ad a decent budget to test. IE: profit on the watch is $10, than use a ~$15 budget for EACH ad before you ditch it, unless it has a really poor CTR that gets high CPC than you can cut that one out earlier.
4. If you haven't yet, read @JasonR his facebook thread https://www.thefastlaneforum.com/co...ow-to-kick-a$$-with-facebook-marketing.48920/ and listen to the recording you can find in there

 

[Bimmer]

Also you MUST track your ads! How else do you know which ad leads to sales? You need to place the FB pixel on your thankyou page

 

[Gale4rc]

Thread going silent for ~ 2 weeks while I wait for my next shipment to come in

Will be working on getting Woo commerce up and running so I can install FB tracking pixel Thanks for the help @Bimmer I appreciate it

 

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[Stu_Hefner]

How's the progress going?

 

[bboyu]

He

Start with eBay, but build from there. Not just other channels but your own sites and your own businesses where you are the driver. My mistake early on was doing everything on eBay. It's like what MJ says, about someone being able to flip a switch and destroy your business. Always expand towards you being completely in control.

Hey Flyleaf, what do you do differently when approaching market research and products you can sell when starting on ebay but having your eyes on making your own brand/ecommerce store?

I dont want to make an online thrift store that sells anything - but that is what tends to happen on ebay? If you want to create your own brand down the line how do you transition to doing that? Have you heard of NastyGal? She did exactly what we're talking about here - what changes do you make at the beginning with regards to deciding what you want to sell to set you up straight to transition into your own brand later?

 

[Gale4rc]

How's the progress going?

New product was supposed to be delivered today but, sadly there was construction on the road in my neighborhood and they couldn't get in... They are going to try again tomorrow

 

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[Gale4rc]

Got the product in today! Looks better then expected for once! Time to start the grind again..... Will update tomorrow after I get the engine running again.

The first thing(s) i'm doing is:

Relisting the new product everywhere I had old one.

Messaging past buyers letting them know there is a new product + discount code
Messaging past 'favorites' (people who have showed interest) discount code +annoucement

E-mail deal site I became friends who sold 10+ watches in 1 day, ran the deal twice ) and getting that up and running with the new product (necklaces)

Revisiting FB ads

etc

 

[Gale4rc]

Shit has not been selling at all!

I dropped the prices massively tonight (down to $10)

It's also my fault though, I've switched focus onto my startup now that I have a new developer/CTO and i'm just focused on growing it.

Debating on making a new thread or updating this one with details/thejourney