Making Sure Every Dollar Spent On Paid Advertising Doesn’t Go To Waste
Strategies to help me and you stop burning money on paid ads.
Yesterday, I wrote about building your brand organically and this relates a lot to that post.
It’s a little different today, though, as I will be focusing on strategies that make the best use of losses on ad spend.
First, the mindset.
The Mindset — Everything Is A Learning Experience
When I first started dropshipping, I viewed it like gambling. I thought of it as throwing money onto ads and hoping you win something.
In fact, what I did probably sounded exactly like gambling or playing the lottery to my parents.
Every time I was about to spend money on Facebook ads, I would cross my fingers and say out loud, “There’s a chance I might become a millionaire tomorrow.”
Of course, I never became a millionaire and I lost a bunch of money trying to do dropshipping.
But it was because I viewed each loss as a loss and nothing else that prevented me from being successful.
Later on, as I learned more about online marketing, I realized that I could have been very successful from the start.
I was taking Frank Hatchett’s Ecom Elites course and watching some of his videos, and Frank was emphasizing the collection of data quite heavily.
“Facebook’s machine learning algorithms are very sophisticated and good at getting you sales, you just have to give it time.”
Facebook (and other paid ad platforms although I haven’t used them) will try its best to find the people that will do whatever you wanted your ad to do.
If you wanted to get sales, Facebook will find the people they think will buy your product and sort through them until they find a pattern common among buyers.
Suddenly, every dollar was not being wasted anymore, instead, it was one step closer for Facebook to find the right people to target and stop sending the ad to the wrong people.
“I have not failed. I’ve just found 10,000 ways that don’t work.” — Thomas Edison