John here...
I want you to take a moment to think about all the times in your life where you "buy data."
For example, I was recently grilling steaks, and they came out burnt.
I left them on the grill for about 4 minutes on each side.
Sure those steaks weren't the greatest, but you better believe I used that data next time I grilled.
A few days later, I grilled again.
But this time, I left each side of the steak on the grill for around 2.5 minutes, and the beef came out PERFECT.
(Side Note: I think I know what I'm having for dinner...)
This concept applies to so many things!
Maybe you're heading out of town, and you decide to take a new route.
You get stuck in tons of traffic, hit every red light, and get stuck behind a grandpa on a 2-lane road.
You just bought some data for next time you drive to that same spot.
You'll know to go another way.
Believe it or not, the secret to winning Facebook campaigns is hidden in those burnt steaks and that long road trip.
One of the things in I always talk about with Facebook ads, is buying data.
A big fear of most businesses and marketers is spending money on ads without making an immediate ROI.
And it makes sense.
Who wants to spend money and not make money?
BUT...
If you had to spend $1000, $2000, or even $3000 or more to buy data, so that you could then earn $500 or $1000+ per DAY in profit down the road, would it be worth it?
Sure it would.
I'm currently running a test on this, that I plan to document.
I'm selling a product, but each day, taking a loss.
Not intentionally, it's just that the product is not selling profitably.
My goal is a cost per purchase of $10 or less.
My first campaign was getting sales for around $24.
Obviously, this is way too high.
So here's how I'm gonna make this work...
I ran that "losing campaign" until I had a lot of clicks and could create a lookalike audience off people who viewed the product.
I did that, and the NEW campaign currently has a cost per purchase of around $16.
We're getting closer :).
Next step will be to create a lookalike audience off people who added the product to cart.
Hopefully that brings my cost per purchase down further, until ultimately I can create a lookalike audience of buyers of this product.
This is not guaranteed to work and be profitable.
But this is really how you need to look at your advertising if you wanna give yourself a real chance of success.
Expecting to make a profit on day 1 is setting yourself up for disappointment.
So next time you launch a campaign, think about how you can use it to buy data to that will make you profitable in future campaigns.
And let me know how that works out for ya...
Talk soon,
John
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Jeremy
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