This could have been me had I stopped yesterday which by the way I wanted to.
This is me instead because I hung around longer.
I spent the past couple of days trying to optimize a new product launch. All metrics looked great. Every step of the funnel just as I wanted. I had low CPM, high CTR, low CPC, low CPATC, low CPIC, but.. also low conversion rate. For those who don’t know what am I talking about, I had low cost for everything, but the number of users purchasing were also low which was something I really didn’t expect to happen.
Due to this my cost per acquisition was higher than where I wanted it to be. Instead of making money, I was losing money until I launched the retargeting campaign.
For those who don’t know, retargeting is reaching warm audience or potential customers again. People who showed purchase intent but didn’t purchase. My retargeting campaign brought me really cheap sales. So cheap that it offset all the loss that other campaigns caused. Not just that, it turned the overall campaign around and made the product launch profitable.
This showcases two things. 1) Retargeting is really really powerful. 2) When you’re thinking of giving up, hang around just a little bit longer.
I had a really busy day today. We successfully launched phase 1 of scaling for our new store. I also started retargeting campaigns today. For those who don’t know, retargeting is simply reaching back to the potential customers who showed some sort of intent to purchase your products.
Generally, I like to run 5-6 types of retargeting ad-sets including retargeting those who visited the product page, added the product to cart, initiated check-out, watched at least 75% of our video ad, and top 25% of the users by time-spent.
Recovering abandoned carts, and potential customers with intent is incredibly important. You’ve often spent 90% of your budget already to capture their intent, you just need spend 10% more to capture the sale.
I prefer running retargeting ads with photo creatives. Although I run almost all other ads with video creatives. Since the retargeting user group have already seen video ads, they just need to be reminded again about a product with a photo. This has provably worked for me and I’ve had tons of data to support this argument.
Super lookalikes isn’t officially a type of audience by Facebook. It’s just a term used by performance marketers to describe lookalikes made using top percentiles of the audience.
This kind of custom and lookalike audience is generally not publicly made available by Facebook but it’s kind of a hidden gem. If you don’t know about lookalike audiences, please check this out. And if you do, read ahead.
This is where you generally create or find your custom and lookalike audiences
But super lookalike audiences are created here.
Using the percentile option under activity in analytics section
You can create a filter to reflect the top percentile of your readers or buyers and save as custom audience
You can then use this custom audience to create lookalikes using the standard way. I call these super lookalikes.
Because results for super lookalikes speak for themselves.
I have yet to meet a performance marketer who has not fallen in love with Facebook’s LookAlike audience feature. If you provide minimum data (100 users) to Facebook about your leads or customers, it can find more potential customers for you that lookalike your seed data.
It doesn’t just sound sexy. It works. It works wonders. It’s the most amazing feature I’ve seen on any ad platform thus far. But you can make it even more amazing by following a simple trick.
If you have worked for even a few weeks in the internet marketing industry, you’d be aware that the advertising marketplaces work on bidding and competition. Since more and more people are trying to reach customers in US, UK, Canada, Australia & Europe, advertising is generally more expensive in these geos compared to Pakistan, India, Philippines, Mexico, Brazil etc.
And to take advantage of this location arbitrage, all you have to do is begin your ad campaign by targeting customers or audience in a cheap geo-location like Pakistan or India. Once you have 100+ leads or customers from one country, you can use that data to create LookAlike audience for any country including the US. This saves you serious costs in data acquisition which is often done by losing money. And you end up with a valuable data for very little ad spend that allows you to scale your campaigns in any country.