You’re probably reading this blog post because you want to make more money. Specifically, you want to make more money online.
So what’s the other half?
Not Losing Money
If you’re in the affiliate game and have multiple live campaigns running it probably looks something like this.
- Campaign A. The champion, makes profits all or most of the time.
- Campaign B. A mid-level campaign that profits sometimes.
- Campaign C. This one is close, but loses about 10% of your spend per day.
- Campaign D. A brand new campaign losing 50% of your spend every day.
- Campaign E. Another new idea losing 80% of your spend per day.
It could be three campaigns or fifteen campaigns, but the outcome is the same.
- Some of your campaigns are making money
- Other campaigns are losing money
Testing multiple campaigns and ideas is always a good idea and you’re wise to do it.
But unless you’re profitable campaigns make enough money to cover the other campaign’s losses, there’s a good chance that you’re losing money at the end of the day.
If this sounds familiar, I have good news for you.
You can fix it today, in about ten minutes after you read this post.
The first tool you’ll need is a tracker. For my campaigns, I use Voluum.
If you don’t have a tracker of some kind (Thrive, Prosper202, Adwords/FB conversion pixels) than I can’t help you today. My advice would be to get a tracking tool in place immediately before you lose every penny you have left in the bank.
Open up your tracker and do this:
- Look at the last 7–14 days
- Sort by profits
- Turn off campaigns in the red
- Keep only the campaign(s) in the green
- Focus the next 2 weeks on these campaigns
*Caveat: If no green, pause the bottom 80%. Then focus on whatever’s left.
This is probably going to be harder than you think. Because you’ve invested time and energy into some of the losing campaigns, and have hope you can turn them around somehow.
But there are huge benefits to shutting them down instead.
When you pause all the losing campaigns, you’ll obviously stop losing money on them.
But there are other, less obvious benefits as well
- An immediate increase in ROI. The most obvious benefit is that you daily profits will immediately increase. If you’re making $500 on one campaign, but losing $300 on the others, this move will almost double your profits at the end of the day.
- A big sense of relief. When you pause non-profitable campaigns there is an immediate release of the stress that you have about that campaign. Pushing pause may be harder than you think, because you’ve invested time in setting it up. But the freedom you’ll feel when you push the pause button will make your life a whole lot easier.
- More time and focus for your campaigns that are working. Right now you’re splitting your time between multiple campaigns. And if you’re like me you have a tendency to work more on saving the losing campaigns than improving the profitable ones. This solves that and puts your energy to better use.
You’ve probably heard the thought that it’s easier to make more money from existing customers than it is to create a new ones.
The same can be said here:
It is easier to increase the profits of a winning campaign than it is to fix a loser.
When you put your focus on improving your best campaign, you will see your numbers go up quickly and substantially.
But what if you only have one campaign running? Can you drill into a campaign and optimize things the same way?
Single Campaign Optimization
If you’re only running one campaign and it’s not printing cash for you, or if you want to improve the numbers inside just one campaign, you can do the same thing as above.
You’ll just do it inside a single campaign.
Here’s what you do:
- Open your tracker
- Run a report inside the single campaign
- View your ads (or another metric like States, Countries, Landing Pages, Angles, etc.)
- Sort by profits
- Turn off ads in the red
- Focus on and try to improve the ads in the green
This sounds pretty simple and obvious right?
But after years of running campaigns and helping hundreds of others with theirs, I can say that this problem is way more common than you think.
Everyone (myself included) gets so wrapped up in testing that they forget that at some point, you have to go back and take out the trash.
If you’re current running/testing campaigns and want to improve your ROI, do this.
- Open your tracker
- Sort your data by profits
- Eliminate everything that is losing money with no emotion
- Focus on improving the things that are making money
Doing this will improve your numbers faster than just about anything else.
Because sometimes the easiest route to making more money, is simply to lose less.