Jewellery case study: ₹3L to ₹3.9L monthly revenue in 3 months
Case study
Month by month
Revenue by month
| Month | Phase | Ad spend | Revenue | ROAS | Purchases | Cost per purchase |
|---|---|---|---|---|---|---|
| Start | – | – | ₹3L | – | – | – |
| Month 1 | Learning | ₹1,47,862 | ₹2,97,144 | 2.01x | 152 | ₹973 |
| Month 2 | Scaling | ₹1,99,483 | ₹3,83,865 | 1.92x | 187 | ₹1,067 |
| Month 3 | Scaling | ₹2,06,495 | ₹3,92,971 | 1.90x | 187 | ₹1,104 |
| Total | ₹5,53,840 | ₹10,73,980 | 1.94x | 526 | ₹1,053 |
Funnel
Funnel, first view to purchase month 3
- Impressions11,76,378
- Link clicks24,0372.04% of impressions
- Landing-page views19,97183.08% of link clicks1.698% of impressions
- Added to cart1,7948.98% of landing-page views0.153% of impressions
- Checkout started50728.26% of added to cart0.043% of impressions
- Purchases18736.88% of checkout started0.016% of impressions
0.016% of impressions became purchases
Mix
Where the budget goes month 3
| Segment | Ad spend | Share of spend | Purchases | ROAS | Cost per purchase |
|---|---|---|---|---|---|
| ₹1,46,892 | 71.1% | 133 | 1.90x | ₹1,104 | |
| ₹56,691 | 27.5% | 51 | 1.92x | ₹1,112 | |
| Audience Network | ₹2,912 | 1.4% | 3 | 1.94x | ₹971 |
| Segment | Ad spend | Share of spend | Purchases | ROAS | Cost per purchase |
|---|---|---|---|---|---|
| Instagram Reels | ₹63,442 | 30.7% | 58 | 1.91x | ₹1,094 |
| Instagram Feed | ₹53,508 | 25.9% | 50 | 1.95x | ₹1,070 |
| Instagram Stories | ₹29,942 | 14.5% | 25 | 1.77x | ₹1,198 |
| Facebook Feed | ₹29,311 | 14.2% | 26 | 1.87x | ₹1,127 |
| Facebook Reels | ₹24,860 | 12.0% | 23 | 1.98x | ₹1,081 |
| Audience Network | ₹2,912 | 1.4% | 3 | 1.94x | ₹971 |
| Facebook Stories | ₹2,520 | 1.2% | 2 | 1.94x | ₹1,260 |
| Segment | Ad spend | Share of spend | Purchases | ROAS | Cost per purchase |
|---|---|---|---|---|---|
| Prospecting (cold audiences) | ₹1,75,164 | 84.8% | 158 | 1.90x | ₹1,109 |
| Retargeting (warm audiences) | ₹19,075 | 9.2% | 18 | 1.98x | ₹1,060 |
| Lookalike audiences | ₹7,002 | 3.4% | 6 | 1.85x | ₹1,167 |
| Advantage+ shopping | ₹5,254 | 2.5% | 5 | 1.90x | ₹1,051 |
Creatives
Creative mix month 3
New ads per month
| Creative type | Tier | Ad spend | Purchases | ROAS | Cost per purchase |
|---|---|---|---|---|---|
| Catalogue (dynamic product ads) | Moderate | ₹44,816 | 42 | 1.98x | ₹1,067 |
| Video | Moderate | ₹1,03,569 | 94 | 1.91x | ₹1,102 |
| Static image | Moderate | ₹43,944 | 39 | 1.84x | ₹1,127 |
| UGC / creator video | Moderate | ₹8,925 | 8 | 1.82x | ₹1,116 |
| Carousel | Watchlist | ₹5,241 | 4 | 1.61x | ₹1,310 |
How we run it
How we run it, why, and how it works
Research & offer Month 1
What we do
We focus the first month on keeping return on spend while scaling, the brand’s main problem, on a smaller base. We split the account into layers: one campaign to test creative, one to scale winners, prospecting that leaves out past buyers, and retargeting for carts. 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.
Why
In this case study, a smaller jewellery brand grows monthly revenue in 3 months, from ₹3L to ₹50L (16.7x). That is faster than nine in ten of our measured accounts grew over the same time, so the case study below is on what that fastest tenth reached and shows where it lands against the number this scenario calls for. The main problem was keeping return on spend while scaling, followed by return on ad spend. Without layers, retargeting quietly eats the prospecting budget. No budget returns more than the store converts.
How it works
Each layer keeps its own budget line. Site fixes are handed over in the first weeks, before budget rises.
Measurement & reviews Month 1 to 3
What we do
We track ad-platform revenue beside store orders in a shared daily sheet. We write month-by-month revenue numbers with the brand's team that climb from ₹3L to ₹50L, and open every review with the month-to-date number against them. We raise budget in a month only while return holds; where it slips too far, we hold it.
Why
The return on ad spend it reported sits close to what measured jewellery stores of that size hold, and the case study starts from it. Ad platforms claim more orders than stores record, so the store number decides budget. A shortfall is caught in the month it happens, not at the end.
How it works
Every budget call starts from the store's orders. Each budget step is argued against the written number. A month whose return slips past that point keeps its budget instead.
Creative testing Month 1
What we do
We test with video, catalogue ads and carousel first, rising to about two 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 work in creative batches with a fixed read window each. We run creator, customer-feedback and founder-led video.
Why
Jewellery buyers decide on the piece, and fatigue sets in fast. A fixed window stops spend chasing a creative before it has been read. In most accounts we measured, video that carried trust held its return.
How it works
Creatives are rotated on conversion, not on a calendar. Losing batches stop; winning ads take their budget. Weak UGC is swapped for founder-led video rather than scaled. 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 ₹50L: the budget rises gently and return dips, and Instagram Reels carries the most spend and Instagram Feed the next. We raise budget only while return on spend holds, and cut it when return drops. We recover abandoned checkouts with WhatsApp messages as traffic grows.
Why
In Month 2 to Month 3 the budget rises gently, and return on spend dips. In two of these months budget goes up only as far as return allows, so revenue grows more slowly than the brand's number needs. In measured accounts, scaling spend raised cost per order and lowered return on spend, so each step waits for return to hold. WhatsApp is cheaper than paid retargeting for buyers who already reached checkout.
How it works
There is no fixed ramp; each month's budget follows the return of the last. WhatsApp recovery runs alongside paid retargeting, not instead of it. Most of the final month's spend sits on Instagram Reels, then Instagram Feed. Prospecting to new buyers takes the bulk of spend, while retargeting returns more for each rupee.
Milestones
Milestones by month
- Month 1
The learning phase opens: the first ads run on a small daily budget while tracking is checked against store orders. Store orders and ad-platform revenue are checked side by side. Testing, scaling and retargeting now run as separate layers.
- Revenue ₹3L
- ROAS 2.01x
- Ad spend ₹1.5L
- Month 2
The scaling phase opens: budget is reviewed against return before the next step. Budget is raised only as far as return allows: with budget steps up, return on spend dips.
- Revenue ₹3.8L
- ROAS 1.92x
- Ad spend ₹2L
- Month 3
Customer-feedback and creator videos are refreshed. Budget is raised only as far as return allows: with budget holds, return on spend holds. Revenue ends below ₹50L, the number this scenario calls for, because budget stops rising where return starts to slip. Cost per purchase ends higher than in the learning phase.
- Revenue ₹3.9L
- ROAS 1.90x
- Ad spend ₹2.1L
Learnings
Learnings from Jewellery brands we measured
Positioned as handcrafted and made to order; led with personalised pieces
Product-only creatives and carousels, swapped the moment they stopped converting
Show the product only (singles and carousels), lead with craft or personalisation, and swap creatives the moment they stop converting.
Services: Performance marketing Ads video creation Jewellery marketing guide Book a call
More Jewellery case studies
Ready to grow with one team?
Book a call. If we can help you grow, we show you how; if we cannot, we tell you that too.
