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discount let's get back let's talk about is DPA just good for retargeting right and number two let's let's dive in on um something I think is really important that this is like a uniquely branded Charly thing uh the the the custom conversion events and the way that you have them set up I thought was really compelling so so talk hit a little bit on that like what is custom conversion events why are they important specifically as it relates to prospecting okay yeah so let's talk about custom conversion events is specifically how it relates to prospecting
there are really three things that I think 9 % of marketers don't even know exists and the 1% that do know exist about half of them screw it up so we're talking like Edge use case people that are actually getting it right maybe one in two 300 people gets most the way there there are three things number one you can use custom conversion events to understand if it's a new customer or a returning customer now that becomes really powerful with your catalog ads because you can understand what are CAC products and what are LTV products
and and ultimately that means you can weaponize specific product sets to be customer acquisition devices and other ones to be LTV devices which ultimately allows you to have different allowable CPAs and different performance metrics phenomenal right now so many people think I know what my CAC is and I guarantee you you're wrong your CAC is total amount spent divided by total net new customers that's not actually what you're paying if you say all right I've got uh I spent $1,000 and I got uh 40 net new customers or I got 50 net new customers make
the math easy then that means you have a $20 C but it also means that every single repeat purchase was free or you could say well I've got a $20 Blended CPA because I made 50 sales out of my ,000 that means your CAC was Zero you're backing into a number so it's it's kind of nonsense yeah why that matters for the custom conversion event is I can understand what is my CAC by product in my catalog well so so just take one step back what is a custom conversion event all right so custom conversion
events is something where you can Define either based on offline data or around pixel data you can say certain events are not only a purchase or a lead or whatever you can Define it as that and something else so for instance with the new customer side I could say I want to upload every time my Shopify reflects a new customer I'm going to upload that I make a 100 sales Maybe one of those sales is new customer or 99 of them is a new customer right now you only see purchase and to be fair um
in your catalog ads you don't even know what products are being purchased custom converion events will cover that and we'll get to that in a second but I can know of a 100 sales if I upload an offline conversion event which it can be a custom event and uh then I can know individually which product was sold that acquired a new customer and to set up your custom conversion events you can go to the data sources and then event manager section in the top right side of your screen there's a little button that says create
event and then below or create and then below that the very first option is create custom event and then you can have it's this thing with the URL parameter and you can have it based on content IDs or post IDs or other events you're uploading and so it's a really great way of segmenting your information I I look at it as you have a bunch of purchases let's put them in files let's organize the data right right so so what what would be like a good like let's let's take like a real life example I
think this was really important for people to understand like cuz the the way setting up these custom conversion events is like you know can tell you it's really like a business intelligence tool if you set it up the right way and um and so so like let's run through an example like let's take like a you know like a like a leather goods company for example right um like how do you think like a leather goods company should set up custom conversion events like walk through like how you would really think about that for them
like what should the events be specifically for let's say leather goods company you're probably making shoes bags wallets belts jackets things of that nature all right if I'm running a catalog ad number one complaint I don't know what product sold I only know what got spend maybe I get impressions and click data awesome you're Flying Blind and you're basically just measuring for incremental lift which by the way you should be doing all the time anyway because you have no idea attributions a lie that's a whole other thing so let's say I have custom conversion events
set up for product category and I can know that I got a bunch of spend by each individual You by breaking down if you go to your DPA campaign your catalog and you hit break down and then you go to delivery and then it delivery at the very bottom of the list is product ID you can now understand spend Impressions clicks by product ID skew yeah in if you have custom conversion events that say when somebody buys a bag any bag upload this as an offline conversion event or upload this as a custom conversion event
that is a bag seller defined as bag purchase it defined as a bag purchase so so the events that we're tracking here are not like your typical pixel events that people are used to which is simply like page view add to cart just the events we're tracking here are categories of products right so in your catalog you generally have a product categories is something that a lot of people do you should probably have that especially if you want to run on Google too probably a good idea to have the categories like the same way you
have it organized on your website you there's a drop down menu of your categories absolutely so if it's a purchase of something that's a bag you can upload that information so you're going to have that purchase defined as a bag buyer when you look into your Facebook dashboard and you have those custom convers Ms they now appear as new columns so instead of having no idea what sold you can now go to I spent on these 100 items and 20 of them drove a bag purchase you can actually get down to the individual item the
individual day if you break down by hour and delivery you can get down to the individual like 60 minutes and your cost per each one of the items of that category which means you can now understand how effective is my catalog of driving bag sales or wallet sales or jacket sales or pants or uh like boots or whatever it is that you're selling all right so now that we know how to use DPA ads to improve business intelligence with custom conversion events let's weaponize that with something that 99% of people don't even know exist and
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