One of my blockbuster winner products that work even now failed. How did my Facebook ads fail despite adopting a new promotional strategy? This happened when I tried out with a new look to my best-selling products in the hope of getting a higher conversion rate. I chose five unique products and sent these five products to a video production company that shot amazing videos. Even though I got a sale here and there it was nowhere near the expected conversion rates. The reason for failure is a combination of different factors. Only when you try out different products you will get to know which product will work out for you.
The whole point of my First Sale Chart Strategy and my FB Ads strategy for trying out multiple products is to emphasize on the perfect combination that works out of the box for you. People did not want the new video. They wanted the previous video which was still working. The combination of the entire product, with my branding and the video that I selected for this product made the magic and created a killer product. You have to try out with different images, videos and try to find out the perfect balance of the product that uniquely works for you.
First Sale Chart – Advertising Strategy
How did I advertise these products? Well, I wrote some awesome descriptions published those products, tried out these videos and I came up with a strategy called the First Sale Chart – FB Ads Chart#2. In this strategy I tried three different ad sets which I normally would not try during the initial testing phase. I got a lot of engagement, lot of clicks but there were no ad to carts, or sales. I also tried out with different pricing models, improved descriptions but still it did not work. Even though I spent lot of money in testing those campaigns, I ended up closing those campaigns because they were not performing well.
Note: It does not really matter what kind of video you use or what product description you give. If it is not a winner it will not sell for you. There is no point spending money on your Facebook ads that is not a winner for you.
How can you find that blockbuster winner product?
You never really know which niche or which product is going to work out for you and turn out to be a blockbuster product. How will you find that blockbuster winner?
By following the Fail mind set – fail rapidly, fail as much as you can. So with every failure you get one step closer to your product winner.
The First Sale Chart was created that gave a sort of strategy and a way to try out products without spending too much money on testing. In fact if you follow the first sale chart correctly, you will not be spending more than 25 to 30 dollars on an average to try out a single product. If it does not work with this budget, you have to close the ad quickly. Do not spend unnecessarily if that product is not a winner. You need to move on to another product.
Stop wasting money – Follow the first Sale Chart
Everyone has got an allocated budget.
Let us assume you have a budget of 1000 dollars, you spend a budget of 500 dollars and your ROAS falls in the range of 0.6 to 1. If you spend 500 dollars testing a single product and if it is a flop you will end up testing only two products; but if you follow the first sale chart properly, by turning off the ad sets quickly as possible when you realize that it is not getting enough engagement, enough Add to Cart, the whole campaign exercise can be determined with 15 to 45 dollars. This is how on an average, the entire 25 – 30 dollars budget comes into place. If you are actually able to follow this properly, the 1000 USD budget will enable you to test 40 different products.
If a product does not work for you, fail rapidly, and move on to the next product.