In late 2015, my co-founder and I decided to build a product called Suto — a personified bot that helped people make purchasing decisions. By the end of 2016, we decided to stop working on it and pivot to a fast revenue-generating business that became Pearmill due to cashflow issues.
The motivation behind writing this is to recognize the importance that the product had for us and process the stress that we endured when deciding to shut it down.
It’s common to hear that you should work on something you genuinely care about, but no one tells you how to deal with its failure very well. The following exercise is our way of dealing with it — we had a personified product, and it felt like a friend to us as we were building its personality, its views of the world, and its affection for fixing product purchasing problems. …
Part of Pearmill’s Facebook Advertising Playbook.
Given that we’re looking at Facebook Advertising with a performance marketing lens, it’s paramount that we look at each step of the funnel in relation to the cost and performance of the Ad, Ad Set, or Campaign.
We follow a systematic way to make sure that each of the steps in the funnel is performing well within a baseline, but it’s important to understand that even if one metric is performing well — it doesn’t mean the Ad is worth putting more of your budget behind.
With that in mind, let’s take a look at another ratio-based metric in Facebook Advertising: Lead Conversion Rate. …
Before we get into the CTR rule, it’s important to talk about the lens we use when it comes to Facebook Advertising.
There are plenty of different ways to use Facebook Advertising for growth, however, we’re specifically looking at it as a performance marketing channel — meaning all the campaigns we run, and all the rules in our playbook series are meant to have the user perform a specific action (e.g. make a purchase, install an app, etc.)
This is an important distinction, because every metric becomes related to its positive or negative effect on helping us reach the ultimate performance goal. …