How to make a $20 product work on Facebook
Scaling low ticket products is becoming tougher and tougher on Facebook. You just can’t make them work for you without increasing the AOV in order to stay ROI-positive, despite increasing CPMs.
Shaun Roberts is here to help though, and he shared a few tactics he used to keep his print-on-demand brand alive.
The price of his best-seller was $22. Not only that, but he also didn’t charge anything for shipping, making it even harder to maintain a positive ROI.
Here are the things he did to combat the high CPMs of FB:
- Added shipping costs: This raised the AOV but lowered conversions. But keep reading and you’ll find out how he tackled this issue.
- Offered a “Buy 1 get 1 free” offer on his product. This worked because the COGS (Cost of goods sold) on the first product is $8, whereas it’s just $2 on the second product. Plus, he’s making more revenues thanks to the delivery costs.
- He offered a first-in-line deal. Basically, for $10 customers can jump to the front of the queue and get their orders fulfilled first. This looks interesting.
- Offered an upsell.
All these small tweaks helped him increase the AOV to $30, and even $40 in some cases.
Well, nothing magical. Just small tweaks that everyone can apply, but if you’re doing big volumes these small changes can translate into a huge difference in revenue. The first-in-line deal is something we never heard, so maybe something to steal.
How to get a 70% open rate with double opt-in
We have previously talked about the importance of increasing the AOV of your store and the LTV of your customers in order to fight rising CPMs.
And email is surely one way to get more sales on the back end. To up your email game, Joshua Chin shared a tactic for getting more quality subscribers and higher open rates, all without offering discounts.
First of all, he suggests using double opt-in for new subscribers. There are a few reasons for this:
- It ensures that your list is made up of real customers and prospects interested in your business.
- Having quality subscribers means that your emails are more likely to be opened and read.
- Your emails will experience a lower bounce rate and fewer deliverability issues because the addresses are legit.
- Your emails will be less likely to be reported as spam.
So, a double opt-in form may decrease the number of new subscribers, but you’ll be sure to have a healthy list of real potential customers who are more likely to buy from you.
But how can you make sure that subscribers complete the double opt-in process? Joshua says you should have a lead magnet that is so good that the leads look forward to opening the emails.
Here are some ideas to use over the classic X% discount:
- A helpful guide on using your product.
- Access to VIP exclusives.
- An infographic on different ways to use your product.
- Free gifts.
- An eBook.
- Shoppers’ guide.
But it doesn’t end here. There are some more methods to further increase your open rate:
- Optimize your thank you page. Aside from simply thanking your new subscribers, include a short reminder for them to check their Spam or Promos folder.
- Customize your email confirmation page. This is what your subscribers will see once they confirm that they want to be part of your list.
- Include your logo and conform to your branding guidelines.
- Include another reminder telling them that a welcome email with the ebook or guide should be arriving in a few minutes. Tell them that they should keep an eye out for the email with this specific subject line: “Welcome to…” (or whatever your subject line is.)
These tactics helped Joshua Chin achieve a 70% open rate on the first email with a 42% CTR. Good stats eh?
🎂 How to master advertising and build an agency around it with Cat Howell
New month, new Stacked Marketing Show episode!
We’ve managed to sit down with Cat Howell, the creator of one of the largest Facebook Ads groups out there called Facebook Ad Hacks.
You might have seen Cat speak at Affiliate World Europe this year. You might be in her very active Facebook Ad Hacks group. You probably have also seen her or her group mentioned in our daily emails once in a while.
Well, even though the time zone difference was a challenge (Cat lives in New Zealand) we managed to sit down for a cool conversation where we go through:
- What failure made Cat go into advertising
- How she crafted her skills to where she is now
- Her roadmap for anyone who wants to start an agency
- Choosing a niche.
- Production team.
- Selling and refining.
- Building an audience.
- Selling that process.
- The current state of advertising info-products and how to actually make it, not fake it.
- Facebook’s CBO indecisiveness and what that means for advertisers.
Don’t forget to like and subscribe!
“Create a Podcast” on Spotify
Podcasts are one of the fastest-growing content mediums of 2019 and a booming business.
As reported by Seth Godin, nearly 25% of the U.S. population listens to podcasts, averaging about 6.5 hours a week.
A report from Adobe analytics found that mobile podcast app usage increased 60% year-over-year since January 2018. What’s more, 25% of these podcast listeners had purchased a product discovered through podcast advertising.
Maybe you listen to podcasts on a daily basis, but have you ever thought about creating your own to fuel your marketing strategy?
If not, here’s your chance to get started with the most popular content medium on one of the most popular platforms.
Spotify is testing a “Create a podcast” button within its app, which will allow you to record, edit and publish a podcast right from your phone using the Anchor app. You can then upload it to Spotify and other platforms such as Apple Podcasts and Google Podcasts with a single tap.
Spotify has an audience of 180M active users, giving you easy access to a gigantic audience.
You won’t just be shooting in the dark either. Spotify also provides a podcast analytics dashboard, giving you insights about your listener demographics and engagement data.
This feature should soon be rolled out to all users, which gives you plenty of time to strategize and prepare for the podcast revolution.
GaryVee’s B2B strategies for 2019
What started as a job posting and seeking platform has now grown into a fully-fledged content marketing platform.
You can now connect with relevant people that you don’t even know, engage in conversations and publish your content on the platform.
GaryVee shared some of his best ways for engaging and publishing more content on the platform. Let’s quickly dive into them.
$1.80 strategy. Every day, find 90 LinkedIn posts that are relevant to your business and leave your “2 cents” in the comments. 90 x .02 = $1.80.
How do you find posts to engage with? Start by following people, influencers and publications relevant to your space. You’ll then start seeing their posts in your feed.
Another way to find relevant posts is by performing a hashtag search related to your industry.
Next, have a look at the “Today’s news and views” section at the top right of your LinkedIn home page.
Once you have found the posts most relevant to you, you can start engaging by sharing your own POV, a relevant article, asking a question etc. Basically, anything that gets you involved in the conversation.
High School Party Strategy. Just like your high school days, a common way to gain popularity is by throwing a party. Similarly, you can host an event on LinkedIn for people similar to the types of clients you’re targeting.
You can reach out to people either by ad targeting specific locations, or by posting organically to fill the room.
Everyone gets together and they remember you as the one who organized it. In the future, you will have an easier time converting these people and their connections into clients.
Tips for publishing content
Publish a Hero video. A hero video is a signature video that’ll play a key role in defining what people think of your company.
For example, Dollar Shave Club’s Anchor video went viral and resulted in 12k new signups in the first 48 hours.
Start a niche podcast. We just talked about the importance and benefits of including podcasts in your marketing strategy. Producing a valuable podcast can skyrocket your reputation and turn you into a leader in your space.
You can also invite people from the companies you want to work with to be guests on your podcast.
These podcasts can then be shared as a video on LinkedIn using the audio link in a text post format.
Well, this is nothing new and you have probably heard these strategies from GaryVee before. But have you implemented any of them yet?
Cool tech, (funny) business, lifestyle and all the other things affiliates like to chat about while sipping cocktails by the pool.
Are overnight successes real?
Overnight successes are things of the past. Or maybe they never even existed in the first place?
Probably just an internet marketing gem that some gurus came up with to sell their courses, right?
However, every now and then, we come across a story that makes us believe that it’s still possible to build a fortune overnight.
Let’s take the story of Kevin Conway, for example. One day he woke up, checked his bank account, and discovered that his balance had gone from €200 to €200M.
It was around 3pm or 4pm on Friday of last week and I checked my app and it said I had a balance of €197m.
How would you describe that? Overnight success seems pretty accurate in this case!
I didn’t know what to do. I was scratching my head. I was €200M richer!
What would have you done?
Unfortunately, the dream lasted just 2 hours. It turns out it was just a bug in the bank system, so Kevin saw all his €200M fortune disappear in a few hours.
We are so sad.
Maybe these kinds of successes really do only exist on the sales pages of some guru’s course.
Sorry Kevin! And keep dreamin’!