Data reports don’t have to be scary! And actually, they’re vital to the successful growth of your business. Data is the end-all-be-all for making decisions with your marketing. In this episode, I’m walking you through all the data Team Hirsh tracks weekly for our clients. You’ll learn exactly what you should be tracking every week with ads, the difference between banked and booked sales, plus how to record your actual profit and make decisions moving forward. Our data reporting is actually pretty basic, but it can make or break your ads strategy. Listen to this episode for all the details!
Key Points:
1:44 The 12 metrics you should be receiving a report on every week for your ads
3:31 The difference between banked and booked results from your ads
5:02 The scary truth about gathering data that’s not scary at all!
6:49 How these weekly reports give you the data you need to make decisions about scaling your ads and some questions you should be asking as you scale.
7:52 Discover how we create a funnel summary and learn how you can implement one to improve your own strategy.
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Episode Transcript:
Hey guys, today we’re going to be talking about an audience that almost everybody should be using with their Facebook Ads, if you have data. It’s going to actually be a pretty short and actionable podcast episode, but I wanted to do a separate one, because it’s pretty important, and it’s a pretty awesome feature that Facebook has. And my last episode was a little bit longer and detailed, so I wanted to balance that out this week with a shorter one.
[00:00:30] So, the audience that everyone should be using … and there are many, I will probably do a podcast episode of the top audiences, but today I wanted to talk about lifetime value audiences. You’ll see it in Facebook Ads, LTV audiences. And I think a lot of people don’t know that this exists, or they don’t prioritize actually getting this setup.
So, what a lifetime value audience is, is … basically you take your whole database, or [the email addresses] of customers – and that’s why I said “with customers,” … because you have to have this information … and you create … Basically, [00:01:00] you export the data and ultimately create a spreadsheet that has their name, their email address, and then how much money they’ve spent with you as a Lifetime Value customer.
And the key here is that you have people who have a range. So, you have people who spent $0 with you, maybe a couple of hundred dollars with you, couple of thousand – whatever your ranges are of your product. But you want to have that range, because otherwise this doesn’t work as well as it’s intended to work.
So, you take that, you create that CSV file, that spreadsheet. You upload [00:01:30] that to Facebook. And obviously we’re not going to target these people, because they’re already customers. We don’t want to pay to reach them again most likely. But, you take that information, you let Facebook populate the audience, and then you create a lookalike audience of that. And your lookalike of your lifetime value audience is oftentimes an amazing audience to convert like, good conversions. But here’s the thing, it’s actually better quality.
So, our experience so far in doing this is that we actually are sending these to funnels that [00:02:00] have … top of funnels. So, they have webinars or opt-ins, and then they lead to a sale. And a lot of times we’re paying a tiny bit more for the leads, but then we’re getting two to three times the actual sales from these leads. And so it takes a little bit of time to test, because sometimes the leads have to go through the funnel, and you have to see how good [of] quality really are they. But, they are ending up being buyers. Ultimately that’s what we’re trying to find on Facebook, right? Like, who cares about the $1.50 lead if nobody buys. I’ll pay $5 for a better lead that’s going to buy [00:02:30] two or three times the amount.
So, this audience, the lookalike of your lifetime value audience is a super great audience for quality people to come in and buy. And you obviously have to have data to do this, but the people that I think this is actually really good for … well, everyone, it’s good for everyone … but ecommerce is huge here, because it’s really hard sometimes to find quality buyers with ecommerce. And you also have a lot [of data] … like all your [00:03:00] database should be customers, or people who have bought, right?
So, it’s a great audience to upload and use and use a lookalike of. So, if you haven’t done this, it takes a little bit of time, because you have to create a spreadsheet that has all the values and the customer values – and that’s what takes some time to be able to do that. But, here’s also what I would do is, if you have any segments of people that you can do this with … so like, we have a couple of clients who have a few different courses. So we’ve taken … [00:03:30] Basically let’s say, I have a course that’s $997 and a course that’s $497. Well, I’m going to take all the customers who have bought my $497 course, and I’m going to create a lifetime value audience. And then, all the customers who have bought my $997 [I’m going to create a livetime value audience for them, too]. And you might be thinking, “Well, that’s not what you just said, because they bought [the] $497 and $997.” But chances are, those people have also bought other things from you, within those products.
So, our clients that we did this with, it’s like … They have two courses [00:04:00] that [sell to] a little bit different avatars, maybe they were from different phases of their business, depending on the course – which is typically what your value ladder is. In one example I’m thinking of, it’s actually different pain points it’s solving. But, the people who bought the $997 course, maybe some also bought the $497 course, or they also bought their $2,000 product, or their $47 product. So you still have a little bit of variation within that. So we created three [00:04:30] lifetime value audiences. We had their whole entire list lifetime value audience, and then we had each course, each product, split up a little bit. As long as we had the data – and this client had a ton of data, a massive list …
But that allowed us to then say “Okay, now we’re going to have a lookalike audience of that lifetime value audience for that specific course to target to that specific funnel.” Because the have two funnels, because they have two offerings, so we separated it out. And, again, same thing: It’s converting to awesome sales, with a little [00:05:00] bit higher cost per lead. So I am paying a little bit more, but I’m getting quality leads in at the end of the day. That is what matters.
So, if you haven’t taken the time to do this, do it – especially if you have the data, like if you’re in ecommerce or you have a big list. You need at least 100 people to create a lookalike audience. And obviously the more you have, the more quality this audience is going to be. So, add to it. Once you have 100 in one country, then you can make a lookalike audience of that.
So, as soon [00:05:30] as you have that, create this audience and test it, because it’s a great thing to use this audience to send to your lead magnets, to your Facebook Lives, to your visibility content. And, if you guys want to stay up to date … This is one of the strategies that I just talked about in one of the recent Hirsh Marketing Reports. So, if you want to stay up to date on all of these strategies, go to HirshMarketingReport (and remember, my name is H-I-R-S-H, there’s no C in there) [00:06:00] dot com, to sign up for the monthly Hirsh Marketing Report that we send out, that basically says all the top strategies, what’s working and what’s not working for all of our clients, so that you can stay up-to-date, not only on Facebook changes, but also changes in the marketplace and the trends.