How to 10x your ad ROI with multivariate testing
A cracked monitor lays on the ground 3 feet in front of you. Your knuckles bleed. Your head is pounding. Your ears are ringing.
No matter what you try your ads are not working. Your latest ads are duds with $0 spend. Your ad fatigue is causing increasingly high CPMs and your ROI has seen better days.
You pick up your cracked monitor off the floor and take a few deep deliberate breaths. You happily convince yourself that your hero ad, the one that is spending 73% of your budget and running for the last 5 months, still has some life.
You deconstruct its elements and come up with a hypothesis as to why it works so well:
Visual concept
Pain point
What do prospects see in the first 3 seconds?
Here is where multivariate testing comes in handy.
Multivariate testing is a method you can use to test different versions of an ad in order to identify the combination that performs best. Here are the steps involved in conducting a multivariate test on ads:
Define the objectives: Clearly define the objectives of the test, such as increasing clicks, conversions, or ROI.
Identify the variables: Identify the variables that will be tested, such as the headline, copy, images, or call to action.
Create the ad variations: Create multiple variations of the ad by changing the values of the variables being tested. For example, you could create several different versions of an ad with different headlines, or with different images and copy.
Set up the test: Set up the test on Facebook Ads Manager or TikTok. I like to run 4 ads per ad set in a dedicated testing campaign.
Launch the test: Launch the test by publishing the ad variations on Facebook or TikTok.
Analyze the results: Monitor the performance of the ad variations and analyze the results to determine which combination performed best in terms of the objectives defined in step 1.
Implement the winning combination: Based on the results of the test, implement the ad combination that performed the best in terms of the defined objectives.
It is important to note that multivariate testing can be time-consuming and requires a significant amount of traffic in order to produce reliable results. As such, it is generally best to focus on testing a few key variables at a time, rather than trying to test too many variables simultaneously.
If you are low on budget focus on testing different visual concepts and pain points.
You can easily 10x your current ROI with a dedicated ad testing process.
Comment below your most successful ad test and its result.