Spent $4,372 on FB ads so you don't have to
Welcome to the first part of CXL Growth Notes. Our goal is to create actionable content that will allow you to learn along and apply the lessons in your next growth project.
In this case study, I'll walk you through our initial hypothesis, results, experiment setup and framework, and then show you the actual campaign (targeting, creative, performance).
Once done reading, let's discuss the experiment here.
Hypothesis: it's possible to deliver content in-feed via Facebook Ads as a brand awareness play while also getting email signups, all at a low cost ($2 per email signup).
Results:
The unexpected purchases that this campaign triggered brought down the cost per email signup to $1.65 and CPM to $2.33, making this experiment a success.
Experiment setup:
Experimentation framework:
This is what it looks like. You can get your copy here. TL;DR: optimize the winners, innovate when replacing the losers.
Here are the 4 creatives we used:
With this setup, we were able to maximize our learning by understanding:
The first loser was clear almost immediately. Agency targeting had significantly higher cost per email signup than others. We've turned it off quickly, but we'll experiment with different targeting setup around this audience later.
We also ran a retargeting campaign, but quickly turned it off too. Its cost per email signup was actually higher than prospecting campaigns, and unless we're getting email signups through retargeting for 10-20% cost of the prospecting campaigns, I'd rather show our ads to new audiences.
The second loser we declared was B2B targeting. Its cost per email signup was $3.21, also significantly higher than the winners. Here's the data we made these decisions on. *We haven't declared creative winners/losers yet. Targeting proved to be a place where the biggest differences in performance happened, so we'll run another round of tests and then pick winners. So far, black-background and Peep's LI screenshot ads are top performers.
Comment section also went crazy. In my media buying experience (some $3M in ad spend), that's almost always a good sign, no matter how bad some of the comments are. Check some of them below. Good, bad, ugly, we got it all here. Here's the ad link if you've got some popcornHere's the ad link if you've got some popcorn.
Important notes:
Learnings:
In the next experiment, we'll try to reduce cost per email signup to $1 by redoing our newsletter signup page, making it match the intent of the people landing on it (expecting growth case studies).
See ya soon.
First time here? You can get these biweekly by subscribing here. Ognjen Bošković
Our address: 901 S Mo Pac Expy, Suite 150, Barton Oaks Plaza One, Austin TX 78746 |
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