This post is tailored to experienced media buyers and business owners with online advertising experience.
In this post, we’re going to be taking a look at product-market fit for lower Facebook ad.
These are the same tips and tricks and tools that we use to do this at scale. Some of these methods are free and some of them are paid.
But this will help you because if you have a product that has been relatively successful, chances are that a lot of it is probably based on assumptions based that you may have pushed onto your users.
You have to do that at a point to understand, but as you scale you must really understand what it is that actually making your prospects convert.
You could potentially be adding or missing 3 or 4 different things and there might only be 2 things that are important to your users and once you double down on those 2 things and leave out the 2 that don’t necessarily matter to the user, your conversion rates will get better over time, and this is a good indicator of success.
Listening to customer feedback can be powerful in lowering CPMs (Cost per Thousand Impressions- the amount you as an advertiser must pay to have your ad shown to 1000 people) and CPC (Cost per Click- the amount paid for each click to your website).
So now your main job is to figure out what your customers really want to hear about in regards to your product and your industry.
So this post is suited for stores that offer the main product with complementary products. We’re trying to find out what initially made the product a winner and see what messaging turned the end-users to fans of your product.
This is product-market fit at scale, because now that the product is a winner in your given market, we have to double down on understanding exactly what it is that has made them convert.
Key: The closer you can hear their concerts & wants, the better chances you have of telling them what they wanna hear it, will result in the cheaper you can acquire customers via paid advertising.
Free Methods
For our digital marketing clients, we often read their product reviews.
This can be done by going to Google and typing in your product to see what people are saying. If your product ranks within Google you’ll get reviews from all over the web, not just 1 website.
This can also be done by Reading Facebook reviews and comments from your posts and ads.
Going to Amazon and reading reviews about similar products, this is a great way to do competitive analysis as well as see the big pain point in quality and serviceability that similar products may have in your industry.
This enables you to capitalize on your competitor’s weakness.
Once reading through these reviews, you can start to understand what exactly is it that people for customers especially found appealing.
This is powerful because these are things you may not have been talking about in your copywriting, and/or your conversion campaigns because you may have written them off as features and not as benefits.
For example, you could be selling a mini-fridge and in your copy, you focus on how cold it keeps your food.
Yet your customer reviews express that they find the fact that its premium design and compact style is what’s most appealing. Now that you know this, you can optimize your copywriting in your advertising campaigns.
Whether it be a video ad or a text ad.
Focus on what the market wants to hear.
Tell the people what they want to hear and your CPMs, Landing page experience, Bounce rate, and Cost Per Engagement will go down significantly.
Once you’ve read the positive reviews, go back, and read your worst reviews.
Usually, if your product has had relative success with the market, your worst will be something along the lines of “the product was shipped to the wrong address” or “The product took a long time to get to my house” and other things on the lines of logistical and not so much functional problems.
But at the 3- 4 star review level you really can see what improvements can be made to the product because typically these reviews are based on the logistics were good, and they somewhat like the product but it’s missing something or etc.
Now you know what to tweak in your copywriting to adjust expectations and help get him a better understanding or you can tweak the product functionality if you wish.
But it’s best to just tweak the copy to set expectations.
If the Good reviews heavily out way the bad then you don’t want to fix something that isn’t broken and destroy a successful system you have in place. For now, just focus on the copywriting to achieve lower CPAs (Cost Per Aqistions- how much it costs you to acquire a customer).
Bad reviews don’t mean people are bad, more than likely they just had a bad experience.
Another tool you can use is Google Trends use this to look for trends in the market to understand what part of the marketing interested in what you’re selling.
For example, we can do a Google trends search for the term “mini-fridge” and let’s say there is a huge search volume spike in the US,CA, Singapore, Japan, & Germany.
Well, this means there are opportunities for you to penetrate these markets because you can already see these markets are teeming with red hot searches for your product, thus meaning your product could have lower CPMs and CPAs.
This shows that it’s something that marketing is already interested in.
You also don’t have to spend as much to educate them on the product because they already have somewhat of an understanding of what you are selling.
Overtime, you can you these markets to test new product launches or scale already winning ad campaigns. You just have to make sure your ad copy is suitable for that market, but luckily most 1st world & 2nd world countries have strong English reading capabilities (if your product is for English language markets).
This helps you understand that your market is already going be interested in what you have to offer.
Paid methods
This is where the rubber meets the road and you actually test your findings through Facebook ads (this works with Google ads as well).
This is for testing out on the data you have gathered which you feel makes your product successful.
For example, let’s say your market says they like the premium design, because it adds to the aesthetic of their bland college door room.
Well now you know you can change your marketing messaging from placing your successful mini fridge product in general areas, and focus on college door rooms with a premium aesthetic in the advertising creatives.
You can now push people to a landing page with it being heavily targeted to college door rooms.
You’ll find that you have a lot of prospects jump on board very quickly and can potentially sell out in a very short period of time
Going back to the drawing board this helps you better understand your product-market fit at scale.
Ensure when you’re testing your creatives on Facebook.
Conduct these test fairly wide because though you have the initial data, you want Facebook’s algorithm to do all of the hard work, while you set the initial condition at the campaign and adset level to be centered around “college” based interests.
You want to measure the CTR (Click Through Rate- how many people have clicked on your advertisement), CPC, the Conversion rate, & Return on Ad Spend to tell you if this is a market you can validate and place your footprint in.
Once you have the data and can be in this market long term, you can make the decision to build a market in that area. As well as potentially create a product just for that market.
Action items
Find & read your 3 & 4 star reviews.
Find out what problems people faced and how you can potentially fix them.
Use Google trends to research trends of your product’s industry.
Also, make sure the trend is on an upwards scale.
Create the Facebook ads & landing page test to see if you have a winning product-market-validation fit.
Measure the results of your findings.
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