5 years ago, while I was juggling with many things simultaneously, I decided to adapt faster to the new reality a long time ago when things went off the rails.
After founding 4 companies, 2 exits, and a failure, I can say for sure that things don’t always go as you planned.
It was that good old story about the mice that discovered that their cheese was gone.
We are creatures of habit and it is normal to form expectations.
We think that things will be like they used to be forever.
But, in reality, the ones that survive and thrive are the ones that adapt fast and foresee what’s going to happen.
We’re all faced from time to time with the uncertainty that leads us to get uncomfortable decisions.
For the eCommerce industry, the latest uncomfortable moments are when the ROAS is checked.
The ROAS has gone down.
That being said, the options for eCommerce marketers are not that bright.
The beauty of any pain is that it can lead to gain.
One thing that I totally recommend is first to acknowledge the options you have.
And avoid making excuses, of course.
It is what it is.
If you have a problem, take Einstein’s advice:
The idea is that we simply can’t expect things to get fixed without changing our mentalities about what’s going on AND acting differently.
The silver lining of the current cookie > ROAS going down challenge is that after decades of acquisition marketing, companies are waking up to the reality that customer lifetime value is what they should be optimizing for.
Use the goldmine you already have.
Your best customers.
Run RFM segmentation, and then you’re instantly able to do 3 important things:
- Acquire the right-fit customers
- Find why the best customers have bought
- Retain the customers that are worth your attention
I talked more about these aspects with Dennis Yu at the launch of the Dynamic Audience Builder.
If you agree with Mr. Einstein & want to change your mindset & improve your Fb ROAS, see the recording: