Jewelry Marketing Case Study:

How We Used Facebook & Instagram Ads to Cut Cost Per Lead by 37%

We recently implemented a 3 step process for one local jewelry retailer that produced a 37% drop in their cost per action to get a new lead.

Local fine jewelry retailers have lots of marketing strategies to choose from including mass media (radio, TV & billboards) and many digital marketing strategies like local SEO, pay per click and social media.

If you had an unlimited marketing budget, you could fund them all properly.

But most people don’t - leaving you with tough choices to make when it comes to how to best allocate your marketing dollars for the best ROI.

So how do you maximize your ROI from digital marketing?

Step 1: Optimize Conversion Strategies

The first step in lowering your cost per lead is to make it as easy as possible for people to engage with your brand.

In the digital marketing world, we call this “conversion optimization”.

For this particular client, we helped them identify several key strategies to improve the number of people taking action we could track which moved them from visitors to engaged leads:

  • Live chat & texting on their website
  • Increasing the number of Google reviews
  • Updating website navigation to make popular content easy to find
  • Reviewing mobile usability to improve the overall site experience

Step 2: Better KPI Tracking

The marketing team noticed an immediate difference after making these conversion optimization tweaks.

In fact, their buyer reported several customers came into the store with a picture of a particular ring they saw on a Facebook ad. They sold 4 of those rings in 1 month!

However, while this type of anecdotal evidence is great, the CEO wanted more guidance on exactly which of their marketing strategies was producing the best results. That meant doing a better job of tracking.

We helped them eliminate some popular, but meaningless metrics they had been tracking (such as “Smart Goals” & “Number of Pages Viewed”). Removing the fluff helped to focus on the trackable metrics which equated into leads.

Their new KPI dashboard includes:

  • Website - Add to Cart
  • Website - Add to Wishlist
  • Contact & Request Appointment Completed Forms
  • Phone Calls Tracked by Source
  • Web Chats

I think every local fine jewelry retailer would agree that these are the kind of metrics you want to track!

Step 3: Streamline Budgets Toward Facebook & Instagram Ads

After creating their new KPI dashboard and filling in the final budget numbers & lead totals, the best performing channel jumped off the page!

Social media - specifically Facebook & Instagram - were producing the lowest cost per lead and highest number of leads from any of their paid digital channels.

Our team manages a full blown ad campaign on both Facebook & Instagram which included:

  • Acquiring new likes on Facebook
  • Cold audience marketing for website traffic & sales
  • Warm audience remarketing for follow up website traffic & sales

We call this unique blend of social media advertising the Banded Approach because it acquires new customers as well as deepens the relationship with existing customers through careful remarketing.

After implementing this approach and re-directing budget towards Facebook & Instagram Advertising, the numbers got even better:

Takeaways & Final Thoughts

Don’t underestimate the power of mass marketing & running a great business

Having a healthy budget for things like radio advertising help with digital marketing numbers in places like Organic search & direct traffic. Good online reviews also play a big factor.
However, when you eliminate the “fluff” from your digital reports, your best performing channel should become clear quickly.
Then, you can double down on what’s working and eliminate what’s not.

Request a Free Strategy Session

If you’d like to find out how you can reduce your cost per acquisition and improve the results from your budgets, request a Free Strategy Session today!