The simpler your account is... The easier this is to manage
There’s no reason to work harder for a worse result
Data Integrity
When we use a machine learning platform, the data that we invest in developing is our most valuable asset. We need to make sure that our data is compounding in value and is actionable. Every impression that we pay for with ads should help the next impression be smarter. Focusing our efforts into as few objectives as possible, with as few moving parts, with ads that can last a very long time… is optimal for success.
The more campaigns, ad sets, audiences, products, and overall number of ads… the worse our machine will be setup for long-term success.
Knowing that brought Targeting does Retargeting, and that look-alikes an interest groups are liabilities success, we don’t need more than just one audience to run 90% of our ads against. If all of those ads are to curate one customer journey, then our machine will be extraordinarily Effective at doing that job. Our machine will also continually improve over time, and we can focus on what happens after the click.
In the ads manager our job as the manager is this set up the machine to succeed without us. Our job in growing a business, is to manage what happens after that click.
Custom Conversion Events
When we do need to run ads to curate multiple customer journeys with business objectives that are not shared, i.e.: multiple products in one out account… We have to use custom conversion events.
Without using custom conversion events, how is Facebook supposed to know very purchase of one product has a different business value to you then another one. They were trying to sell dog food, and shoes, and both are tracked with just a Purchase event, then every purchase of either products informs Facebook how to spend money on all campaigns for all products that share the generic purchase event.
In the simplest way to solve this problem, is to create custom conversion events. Defining each as a purchase where the product ID contains the identification number for that product. This can also work for leadGen, or any other conversion event. When we don’t have a specific product ID or if the application is slightly different, we can define a conversion event as the firing of a thank you page that contains a certain URL.
For instance:
In real estate, we could have separate thank you pages for a Buyer & a seller
if we are doing automated lead form qualification in an based on the choices from drop-down menus, these could easily be filed as a good or bad lead & you could just optimize towards good leads.
Investment Management
Everyone says ads are all about the Creative, and they’re right, in the execution. However, that is only 50% of the equation. The other extremely important skill is investment management. We often see this as adjusting budgets in an ABO, for chasing row S one campaign to another.
All of this thinking is in fact completely obsolete in Facebook since 2019. That’s not to say you can’t be successful doing things the wrong way, many people are.. but success can be very subjective.
Investment management is built on prioritizing three simple objective truths
1: no audience will ever improve your LTV
2: ads do the targeting
3: ROAS is a Metric for the ego of the marketer
When we are investing in paid media, we need to appreciate and strategize around the profitable margin of each customer journey… And then focus on creating a higher margin, creating a higher volume of journeys, or doing both.
Scaling your business has nothing to do with ROAS
He has everything to do with how much money you make on customer journeys and how many of those journeys you can create.
The simpler your account is
The easier this is to manage
There’s no reason to work harder for a worse result
Keep it simple stupid
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