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Hey, Quick one today. I audited a home & furniture brand last week. Average order around £500. Their Performance Max campaigns reported a 6x ROAS, and everyone involved was understandably pleased. It’s the kind of number nobody questions. Then we removed one thing from the report: conversions from searches containing the brand’s own name. The 6x became a 2 to 3x. Nobody had touched the account. We’d only changed what the report was allowed to count. Nothing was technically fake. PMax had simply been allowed to bid on branded searches, so every loyal customer who googled the brand to reorder got counted as a campaign win. The platform was grading its own homework, and it gave itself an A. That’s the part founders miss. You don’t need broken tracking to get misled, because the default settings do it politely. Meta ran the same trick in parallel. The account sat on the default attribution setting, 7-day click plus 1-day view. When we put the 7-day click column next to it, the default was reporting roughly DOUBLE the conversions. Same ads, same month, same money. One column just takes credit for a lot of people who would have bought anyway. Stack the two effects and a dashboard can show you 6x while the honest number sits near 2x. Founders make real decisions on that gap. They scale the wrong campaigns, keep the wrong agency, and skip fixes the business actually needs, because the screen says it’s working.
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Hey, Nobody wants to think about Black Friday in the middle of summer. That’s exactly why this email exists. Every November I get the same messages. “Our ROAS died, CPMs exploded, can you help us fix Q4?” And the honest answer, in November, is usually no. By then the levers that matter are already set. The brands that put up big Q4 numbers make it look easy in the moment because the actual work happened months earlier. Q4 is a harvest. You don’t plant anything in November. You just collect...
Hey, Last month I wrote that creative volume is the number one constraint for most brands between $1M and $5M, and that your quality bar might be the bottleneck. The reply I got more than once: “Fine, I’m convinced. But HOW does anyone actually produce that much without the quality collapsing?” Fair question. It’s the single most common thing I get asked on audits, and the honest answer surprised me too the first time I watched it up close. So today I’ll show you the machine. A brand I work...
Hey, Quick one today. A niche hobby brand I work with hit a wall last month. A new customer costs them about $11. For the unit economics to work, that number needs to be under $10. We tried the usual levers first. Sharper creative, cleaner account structure, better landing pages. Each helped a little. None of it reliably pushed CAC below the line, because in their category, at their price point, that’s roughly what a stranger costs right now. They’re in good company. Industry data suggests...