An acquaintance of mine that has a profitable eCommerce business recommended I check out jungle scout. This is a Chrome plugin that provides data on purchase price, sales per month, revenue, estimated amazon FBA fees, and an “opportunity ranking” from 1-10 for any product on amazon. The system is now going to be to find hundreds of products that could be sold profitably, look them up on junglescout, and then do market tests of the top ones. Free market tests can be done on ebay, etsy or craigslist. Each of these methods has it’s own limitations. Once we identify the best 10 products those will each get $100 of budget for market tests using google, facebook, or bing ads.
I’ve given up on the pens. The new strategy is to find trending products, do single product landing pages, and try to sell the crap out of them. I’m basing this on success stories from others.
I’m republishing this blog, I had it removed in favor of my electronics blog. That is now at foc-electronics.com. I took a 6 month hiatus from entrepreneurial efforts to focus on meeting my life long goal of getting my private pilot license. I passed my checkride a couple weeks ago.
Since then I’ve continued honing my web development and administration skills on various small personal projects. I now expect to be able to do a much better job at this.
Well that deescalated rapidly. Ad clickthrough costs went up to 40 cents, and no more purchases. ROI is negative again.
Well well well. We have 2 sales in the last 3 days now. That makes 11/15/17 to now 11/17/17 we have:
- Ad spend: $23.16
- Link Clicks: 146
- $0.16 CPC
- Sales: 2
- Revenue: $69.9
- Cost of goods sold: $23
- Profit: $23.74
- Conversion rate: 1.34%
- Cost per customer acquision: $11.58
This is the most successful attempt so far, and the only one with positive ROI.
Starting around 11pm the day before yesterday I made some minor changes to the copy on my landing pages. I’m going to say this experiment started on 11/15/17 and use those stats. The traffic is split 50/50 between a version of my first landing page, and the newer one. So far 12.50 spent for 71 clicks, with one sale of the more expensive pen set. Unfortunately I don’t think the changes I made are responsible for this. If I look at all the data I spent about 48.19 and generated 35 in sales. The cost of shipping and materials subtracted only 24 dollars generated. That’s still a -100% ROI. I made one more change last night, instead of saying “A Complete Set” I said “Buy a Complete Set” as a headline on the landing page. This was based on the statement in a book by Scott Adams that when selling you should always directly state what you want at least once.
Well the landing page is not converting. 53 dollars and 234 clicks later I have lots of page likes but no purchases to show for it. On the bright side my ad is working well. That means that the problem is my landing page. I’m tweaking that now.
The new landing page attempt is another fountain pen one. This time for a set. The numbers are: 34.95 sale price, $8 cost, $3.5 shipping, so about $23 advertising budget per conversion. That’s tight but it’s close to what I was getting on one of my other pens.
The failure of the first tube amp landing page isn’t a great lesson for me unfortunately. Other than that it utterly failed I didn’t manage to get much information about why it failed. The following are the data I have:
- I only received one facebook comment, it was that the page contained no technical specs and not enough photos.
- I received several likes
- I had a very high bounce rate (95%), but later found out that google analytics can not properly measure this for a single page site.
- My past sales funnel attempt had a 1.5% conversion rate
My working theories are:
- Technical specs and photos are important to this market. It’s near christmas, I thought I would be receiving clicks from people who didn’t know much about this and simply would think a tube amp would make a nice gift for their husband, son, daughter, etc. This matched what I thought I knew based on members of my target market in real life.
- Site not trustworthy- the logo and banner aren’t at the top, and there is no link to a larger site with more stuff. This makes people think it’s not a “real” business (people seem very concerned about businesses being “real” but I don’t know what they think that means)
- Targeting is hard
Experiment failed (ish). I cut it somewhat short with only 200 site views but no sales. I think it’s safe to say I’m not getting the 1% conversion I was hoping for. Onward and upward. I also learned that bounce rate does not actually get measured correctly for one page sites.