Don't get scared just do what you're doing
We took a look at one of the campaigns we’re handling and upon initial look, things seemed bad.
Our cost per lead shot way up last month.
We’ve been able to lower it this October so far but it’s still higher than our average CPAs from the rest of the year.
Most entrepreneurs and marketers would panic at this sight and we would be lying if we said we didn’t worry too.
But here’s my first advice.
When faced with these types of results and changes, take a step back.
We inhaled and we said, alright, let’s take a look at the WHOLE campaign from start to finish, let’s collect all the data at each stage then let’s do the same for all the months before.
It was a bit time-consuming but it paid off.
Because we got to the root of the problem.
There was a tremendous spike in the CPC of our cold campaigns starting September. It grew by 50% which is big.
increase in CPC could mean at least one of 2 things: The ads are starting to suck and/or there are more advertisers.
It isn’t a coincidence that the spike happened in the -ber months when advertisers spend more money to reach more customers. So the latter is definitely true.
But when we looked ad whether or not our ads sucked already, it wasn’t the case.
We still got good CTRs and it even improved by 40% this month. The same with our conversion rates.
So we took a breath realizing that we didn’t mess anything up in the past couple of months.
But here’s the thing, we’re also still not going to let this just go by.
We will still look to lower CPAs and here’s how we’re planning on doing it.
1. We’re going to double down on remarketing to maximize converting the people that are already in our funnel. We’ll do this by running ads to bring them back to the funnel or run ads that bring them to different content to re-engage them and get them to convert through that new angle.
2. We’re going to make converting easier for our warmer audiences only by using lead ads which tend to be cheaper.
3. We’re going to be more active in having more ad copy and creative variations to keep our ads fresh and improve CTRs especially at the top of the funnel.
Yes, rising costs can be out of our hands but that doesn’t mean we won’t do anything to look to lower it down.
Instead of sulking over high costs and focusing on things you can’t control (like having more competition for ad space), we can choose to focus on what we can control.
And that’s what makes an entrepreneur, advertiser or marketer awesome 🙂
Have a great almost weekend.