How We Helped A US-based B2C Jewelry Ecommerce Business 8x Their ROAS, Double Their Average Order Value, And Expand Into The European And Australian Markets

Turquoise Moose

Ecommerce (jewelry)
Company Background:

Turquoise Moose is a Trusted Gem Source for many creators , specializing in hard-to-find stones and unique mines. In addition they also offer jewelry items like Earrings & pendants made out of rare gems.

They deal in cabochons mined from rare mines from across the world with an exquisite collection of cabochons that come in multiple shapes, colors and dimensions. They started out being limited to a few states around Nevada, USA in terms of markets and have now expanded geographically to all states across the US as well as to the UK, Australia and a few other international markets.

Problem Statement:
  • CUSTOMER ACQUISITION - Advertising campaigns on social media weren't giving satisfactory performance, especially:
  1. the CTR (click through rate) for the ad campaigns was very low at 0.3%, which made overall website traffic extremely expensive and unprofitable.
  2. the Average Order Value (AOV) was lower than where the business needed it to be
  • REPEAT PURCHASES / CUSTOMER ENGAGEMENT- Inability to secure repeat orders, hence the LTV (lifetime value) of customers was low.
Methodology:

For AD PERFORMANCE IMPROVEMENT :

  • Campaign restructuring:
    Dividing the campaigns into different funnel stages - ToF, MoF & BoF (top/middle/bottom of the funnel) to ensure targeted messaging for customers in various parts of their journey. It also aids with ease of analysis and specific testing with respect to the conversion funnel stage
  • Audience testing:
    Finding a compatible set of interest-based audiences for the ToF, testing lookalike audiences (on FB/IG) of engagers and specific retargeting of warm audiences. We also created specific retargeting campaigns of existing customers, to improve the repeat purchase patterns and improve LTV of our customers.
  • Content tagging & testing:
    Being an inventory-oriented business, Turquoise Moose had not tested different types of content pieces with their ads. We started off by leveraging Facebook’s Dynamic Content Testing feature, followed by collection ads, catalog ads, carousel ads etc.

We tested out different content formats & themes like videos, complex carousels with text as opposed to usual product display carousels tested in the account earlier.

We even conducted rigorous content tagging to tag each piece of content that was used or was in the pipeline to be used, tagged for Primary text, creative, headline and description.

This allowed us to achieve a depth of analysis where could track performance of content pieces that had, for example, “ product feature “ as the theme for primary text, headline & description and were Carousels, specifically in the ToF.

Or for example analyze the performance of content where descriptions used was of the theme “ Hooks/Sale” with the creative being a Carousel without text.

  • Inventory restructuring

    This was required to streamline product testing which helped us find the best performing product-types that can then be leveraged.
    For this, we created product sets based on different product attributes specific to the business like shape of the stone, color of the stone, origin mine and AOV that was then analyzed and presented.

For improving CUSTOMER RETENTION

  • STRATEGIZED & EXECUTED A POST-PURCHASE STRATEGY
    The primary focus here was to have a successful post purchase strategy, meaning we had to build a path that would bring back existing customers to the store to make their second, third and subsequent purchases, eventually improving the customer lifetime value (CLTV)

For improving AVERAGE MONTHLY REVENUE

  • GEOGRAPHICAL EXPANSION
    We conducted evaluations and provided a logistical feasibility report for the brand to expand into new geographical areas apart from the US.
  • LEVERAGED BFCM & SALE STRATEGY
Key Metrics:
  • 8X ROAS - Scaled the business upto 8X & maintained performance
  • DOUBLED THE AOV YoY
  • Expanded the business into Europe & Australia
  • 80% JUMP IN BFCM AOV YoY
    The business saw an increase of 80% during the BFCM sale period from 2020 to 2021

  • SUCCESS WITH POST PURCHASE STRATEGY
    The post purchase campaigns we set up generated ROAS as high as 78 which the business was missing out on. The CPAs continued to reduce as well after the recent surge during the testing phase settling at an average of around $10.

  • TRIPLED THE CTR
    With creative testing, we more than tripled their CTR, which means that for every $1 spent, we have 3x more people coming to the website through our ads. We went from  0.3% to 1% outbound CTR within the first 3 months.

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