Jewellery case study: ₹5L to ₹10L monthly revenue in 3 months
Case study
Month by month
Revenue by month
| Month | Phase | Ad spend | Revenue | ROAS | Purchases | Cost per purchase |
|---|---|---|---|---|---|---|
| Start | – | – | ₹5L | – | – | – |
| Month 1 | Learning | ₹1,31,931 | ₹4,91,135 | 3.72x | 109 | ₹1,210 |
| Month 2 | Scaling | ₹2,36,350 | ₹7,34,375 | 3.11x | 165 | ₹1,432 |
| Month 3 | Scaling | ₹3,56,779 | ₹10,37,222 | 2.91x | 224 | ₹1,593 |
| Total | ₹7,25,060 | ₹22,62,732 | 3.12x | 498 | ₹1,456 |
Funnel
Funnel, first view to purchase month 3
- Impressions13,39,405
- Link clicks25,3821.9% of impressions
- Landing-page views19,43376.56% of link clicks1.451% of impressions
- Added to cart2,26911.68% of landing-page views0.169% of impressions
- Checkout started62827.68% of added to cart0.047% of impressions
- Purchases22435.67% of checkout started0.017% of impressions
0.017% of impressions became purchases
Mix
Where the budget goes month 3
| Segment | Ad spend | Share of spend | Purchases | ROAS | Cost per purchase |
|---|---|---|---|---|---|
| ₹2,54,632 | 71.4% | 159 | 2.90x | ₹1,601 | |
| ₹97,707 | 27.4% | 62 | 2.93x | ₹1,576 | |
| Audience Network | ₹4,440 | 1.2% | 3 | 2.98x | ₹1,480 |
| Segment | Ad spend | Share of spend | Purchases | ROAS | Cost per purchase |
|---|---|---|---|---|---|
| Instagram Reels | ₹1,02,275 | 28.7% | 64 | 2.92x | ₹1,598 |
| Instagram Feed | ₹90,039 | 25.2% | 58 | 2.99x | ₹1,552 |
| Instagram Stories | ₹62,318 | 17.5% | 37 | 2.72x | ₹1,684 |
| Facebook Feed | ₹55,208 | 15.5% | 34 | 2.86x | ₹1,624 |
| Facebook Reels | ₹37,773 | 10.6% | 25 | 3.03x | ₹1,511 |
| Facebook Stories | ₹4,726 | 1.3% | 3 | 2.98x | ₹1,575 |
| Audience Network | ₹4,440 | 1.2% | 3 | 2.98x | ₹1,480 |
| Segment | Ad spend | Share of spend | Purchases | ROAS | Cost per purchase |
|---|---|---|---|---|---|
| Prospecting (cold audiences) | ₹3,01,683 | 84.6% | 189 | 2.90x | ₹1,596 |
| Retargeting (warm audiences) | ₹35,374 | 9.9% | 23 | 3.02x | ₹1,538 |
| Lookalike audiences | ₹10,241 | 2.9% | 6 | 2.82x | ₹1,707 |
| Advantage+ shopping | ₹9,481 | 2.7% | 6 | 2.91x | ₹1,580 |
Creatives
Creative mix month 3
New ads per month
| Creative type | Tier | Ad spend | Purchases | ROAS | Cost per purchase |
|---|---|---|---|---|---|
| Catalogue (dynamic product ads) | Moderate | ₹62,956 | 41 | 3.04x | ₹1,536 |
| Video | Moderate | ₹1,96,108 | 124 | 2.93x | ₹1,582 |
| Static image | Moderate | ₹74,258 | 45 | 2.82x | ₹1,650 |
| UGC / creator video | Moderate | ₹14,444 | 9 | 2.79x | ₹1,605 |
| Carousel | Watchlist | ₹9,013 | 5 | 2.47x | ₹1,803 |
How we run it
How we run it, why, and how it works
Research & offer Month 1
What we do
We point the first month at creative and content, the brand’s main problem, on a mid-sized base. We get the store ready for paid traffic first: reviews and trust pointers on product pages, a visible return window, an about page and a reason to pay upfront. We layer the account: a creative-testing campaign, a scaling campaign, cold audiences that exclude past buyers, and cart remarketing.
Why
A mid-sized jewellery store grows monthly revenue in 3 months, from ₹5L to ₹10L (2x). At least one in four of our measured accounts grew that fast over the same time. The main problem in this scenario is creative and content. Every rupee of ads is capped by how well the store turns visits into orders. Without layers, retargeting quietly eats the prospecting budget.
How it works
Fixes are listed and handed over early, so later budget lands on a store that converts. Retargeting sits next to prospecting and never replaces it.
Measurement & reviews Month 1 to 3
What we do
We log store orders every day beside what the ad platform claims. We write month-by-month revenue numbers with the brand's team that climb from ₹5L to ₹10L, and open every review with the month-to-date number against them. We check the reported return on spend against store revenue before any budget moves.
Why
Its reported return on ad spend is higher than measured jewellery stores of that size hold, so the case study starts there and lets part of it ease as budget grows. The ad platform's own count runs high, so the store's count is the one that moves budget. A shortfall is caught in the month it happens, not at the end.
How it works
Budget decisions are read off store numbers, not the ad platform alone. The month's number is on the page at every review. The store-side return becomes the number every review uses.
Creative testing Month 1
What we do
We test with video, catalogue ads and static image first, rising to a few dozen new ads a month by the final month, keeping carousel on a short leash because its return trails the account. We show the piece: product-only singles and carousels, swapped the moment they stop converting. We buy creative in batches and give each batch a fixed read window before buying more. We run creator, customer-feedback and founder-led video.
Why
Jewellery buyers decide on the piece, and fatigue sets in fast. The read window keeps creative spending tied to evidence. Trust-carrying video held return in most measured accounts.
How it works
Creatives are rotated on conversion, not on a calendar. Batches that do not convert are cut; winners get the budget. Low-quality UGC is pulled and founder-led video takes its place. New ads rise with the budget, most of them video, then catalogue ads.
Scaling Month 2 to 3
What we do
Through Month 2 to Month 3, we push toward ₹10L: the budget climbs in steps and return falls, and Instagram Reels carries the most spend and Instagram Feed the next. We put seasonal collection campaigns in front of each festive and wedding peak. We recover abandoned checkouts with WhatsApp messages as traffic grows.
Why
Across Month 2 to Month 3, the budget climbs in steps, and return on spend falls as it does. Spend scaled in our measured accounts pushed cost per order up and return down, so no step is taken on hope. Seasonal demand moves by region, so the spend does too.
How it works
Budget moves between regions as the calendar turns. WhatsApp recovery runs alongside paid retargeting, not instead of it. Most of the final month's spend sits on Instagram Reels, then Instagram Feed. Cold audiences take most of the budget; warm audiences return more per rupee.
Milestones
Milestones by month
- Month 1
The learning phase opens: a small daily budget carries the first ads, and store orders are matched to tracking. Reported and store-side returns are reconciled. Testing, scaling and retargeting now run as separate layers.
- Revenue ₹4.9L
- ROAS 3.72x
- Ad spend ₹1.3L
- Month 2
Scaling begins: product-only creatives that stop converting are swapped. With budget steps up sharply, return on spend falls.
- Revenue ₹7.3L
- ROAS 3.11x
- Ad spend ₹2.4L
- Month 3
The creative batch is read and the winners keep the budget. With budget steps up sharply, return on spend dips. Monthly revenue reaches ₹10L, the number this scenario calls for. Cost per purchase ends higher than in the learning phase.
- Revenue ₹10.4L
- ROAS 2.91x
- Ad spend ₹3.6L
Learnings
Learnings from Jewellery brands we measured
Buy creative in batches, give each batch a fixed read window, and refresh tired ads by mixing old and new.
Build around the festive and wedding calendar: seasonal catalogue or collection campaigns, regional audiences for regional festivals, and pausing regions during regional observances.
We recover abandoned checkouts and lift repeat orders with WhatsApp messages.
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