Jewellery case study: ₹2L to ₹2.3L monthly revenue in 12 months
Case study
Month by month
Revenue by month
| Month | Phase | Ad spend | Revenue | ROAS | Purchases | Cost per purchase |
|---|---|---|---|---|---|---|
| Start | – | – | ₹2L | – | – | – |
| Month 1 | Learning | ₹1,06,028 | ₹1,98,881 | 1.88x | 73 | ₹1,452 |
| Month 2 | Scaling | ₹1,13,984 | ₹2,14,084 | 1.88x | 79 | ₹1,443 |
| Month 3 | Scaling | ₹1,19,667 | ₹2,22,391 | 1.86x | 83 | ₹1,442 |
| Month 4 | Scaling | ₹1,17,210 | ₹2,27,705 | 1.94x | 87 | ₹1,347 |
| Month 5 | Scaling | ₹1,20,396 | ₹2,33,166 | 1.94x | 85 | ₹1,416 |
| Month 6 | Scaling | ₹1,20,308 | ₹2,34,261 | 1.95x | 88 | ₹1,367 |
| Month 7 | Scaling | ₹1,23,151 | ₹2,34,364 | 1.90x | 86 | ₹1,432 |
| Month 8 | Scaling | ₹1,26,290 | ₹2,35,881 | 1.87x | 86 | ₹1,468 |
| Month 9 | Steady | ₹1,24,709 | ₹2,34,854 | 1.88x | 85 | ₹1,467 |
| Month 10 | Steady | ₹1,25,838 | ₹2,34,871 | 1.87x | 87 | ₹1,446 |
| Month 11 | Steady | ₹1,22,804 | ₹2,38,845 | 1.94x | 88 | ₹1,396 |
| Month 12 | Steady | ₹1,24,528 | ₹2,34,075 | 1.88x | 89 | ₹1,399 |
| Total | ₹14,44,913 | ₹27,43,378 | 1.90x | 1,016 | ₹1,422 |
Funnel
Funnel, first view to purchase month 12
- Impressions4,33,687
- Link clicks10,4902.42% of impressions
- Landing-page views8,55481.54% of link clicks1.972% of impressions
- Added to cart7989.33% of landing-page views0.184% of impressions
- Checkout started25632.08% of added to cart0.059% of impressions
- Purchases8934.77% of checkout started0.021% of impressions
0.021% of impressions became purchases
Mix
Where the budget goes month 12
| Segment | Ad spend | Share of spend | Purchases | ROAS | Cost per purchase |
|---|---|---|---|---|---|
| ₹89,382 | 71.8% | 64 | 1.87x | ₹1,397 | |
| ₹33,699 | 27.1% | 24 | 1.90x | ₹1,404 | |
| Audience Network | ₹1,447 | 1.2% | 1 | 1.92x | ₹1,447 |
| Segment | Ad spend | Share of spend | Purchases | ROAS | Cost per purchase |
|---|---|---|---|---|---|
| Instagram Reels | ₹40,633 | 32.6% | 29 | 1.89x | ₹1,401 |
| Instagram Feed | ₹29,762 | 23.9% | 22 | 1.93x | ₹1,353 |
| Instagram Stories | ₹18,987 | 15.2% | 13 | 1.75x | ₹1,461 |
| Facebook Feed | ₹18,856 | 15.1% | 13 | 1.85x | ₹1,450 |
| Facebook Reels | ₹13,324 | 10.7% | 10 | 1.96x | ₹1,332 |
| Facebook Stories | ₹1,519 | 1.2% | 1 | 1.92x | ₹1,519 |
| Audience Network | ₹1,447 | 1.2% | 1 | 1.92x | ₹1,447 |
| Segment | Ad spend | Share of spend | Purchases | ROAS | Cost per purchase |
|---|---|---|---|---|---|
| Prospecting (cold audiences) | ₹1,06,631 | 85.6% | 76 | 1.87x | ₹1,403 |
| Retargeting (warm audiences) | ₹10,625 | 8.5% | 8 | 1.95x | ₹1,328 |
| Lookalike audiences | ₹4,556 | 3.7% | 3 | 1.83x | ₹1,519 |
| Advantage+ shopping | ₹2,716 | 2.2% | 2 | 1.88x | ₹1,358 |
Creatives
Creative mix month 12
New ads per month
| Creative type | Tier | Ad spend | Purchases | ROAS | Cost per purchase |
|---|---|---|---|---|---|
| Catalogue (dynamic product ads) | Moderate | ₹23,712 | 18 | 1.96x | ₹1,317 |
| Video | Moderate | ₹68,360 | 49 | 1.89x | ₹1,395 |
| Static image | Moderate | ₹24,044 | 17 | 1.82x | ₹1,414 |
| UGC / creator video | Moderate | ₹5,000 | 3 | 1.80x | ₹1,667 |
| Carousel | Watchlist | ₹3,412 | 2 | 1.59x | ₹1,706 |
How we run it
How we run it, why, and how it works
Research & offer Month 1
What we do
We open with set-up work on the smaller jewellery store, since the brand in this scenario named no single problem. We put the website audit, the creative brief and the monthly media schedule in place before spend moves. We audit the competitors buyers are already comparing, and agree the case study before spending. We layer the account: a creative-testing campaign, a scaling campaign, cold audiences that exclude past buyers, and cart remarketing.
Why
A smaller jewellery brand grows monthly revenue in 1 year, from ₹2L to ₹1Cr (50x). 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. No single problem was named; the case study works from the figures instead. A written brief gives every later budget decision a reference point. The audit positions the brand in this scenario against the alternatives buyers are weighing.
How it works
The brief is agreed first; spend follows it. The audit sets the creative and site work for the first weeks. Retargeting sits next to prospecting and never replaces it.
Measurement & reviews Month 1 to 12
What we do
We keep a shared daily sheet with the ad platform's revenue next to real store orders. We write month-by-month revenue numbers with the brand's team that climb from ₹2L to ₹1Cr, and open every review with the month-to-date number against them. We set a written rule: no budget step in a month where return falls too far to pay for it.
Why
No starting return on ad spend was given; the starting return is what measured jewellery stores of that size hold. The ad platform's own count runs high, so the store's count is the one that moves budget. Written monthly numbers expose a slow month while there is still time to act.
How it works
The sheet is read before each budget change. Written monthly numbers make each scaling decision explicit. Where return slips too far, the month keeps last month's budget.
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, with carousel watched closely since it returns less than the rest. We show the piece: product-only singles and carousels, swapped the moment they stop converting. The learning month runs on a small daily budget, stepping up only once orders confirm. We commission ads in batches, and read each batch for a set window before ordering the next.
Why
Jewellery buyers decide on the piece, and fatigue sets in fast. Early spend buys learning, not scale. The read window keeps creative spending tied to evidence.
How it works
Creatives are rotated on conversion, not on a calendar. The low budget stays until orders confirm the buyer. Batches that do not convert are cut; winners get the budget. New ads rise with the budget, most of them video, then catalogue ads.
Scaling Month 2 to 8
What we do
We scale through Month 2 to Month 8 toward ₹1Cr as the budget rises gently while return holds, with Instagram Reels taking the largest share of spend and Instagram Feed the next. We let return decide budget: more while it holds, less when it slips. We scale into the festive and wedding calendar with seasonal collection campaigns. We recover abandoned checkouts with WhatsApp messages as traffic grows.
Why
Across Month 2 to Month 8, the budget rises gently, while return on spend holds. Budget is part-stepped in several of these months, taking only what return will carry. Each budget step here is sized so that return stays close to where it was. Seasonal demand moves by region, so the spend does too.
How it works
Each month's budget is set by the return the last one earned. Spend shifts into each season and between regions with the calendar. WhatsApp recovery runs alongside paid retargeting, not instead of it. In the final month, Instagram Reels takes the most spend and Instagram Feed the next most. Prospecting to new buyers takes the bulk of spend, while retargeting returns more for each rupee.
Steady state Month 9 to 12
What we do
From Month 9, we protect the revenue already built and move toward ₹1Cr where return permits. We refresh tired ads by mixing old and new creatives, and keep a creative bank. We use WhatsApp for abandoned checkouts and for past buyers' next order.
Why
Growth slows from Month 9, still short of ₹1Cr. Spend holds roughly steady from here. A measured account showed click-through falling ahead of revenue, so tired ads are replaced early. A message to someone who nearly bought costs less than an ad.
How it works
New creatives mix with proven ones rather than replacing them all at once. Messages run beside retargeting ads.
Milestones
Milestones by month
- Month 1
The learning phase opens: tracking is checked against store orders and the first ads go live on a small daily budget. Testing, scaling and retargeting now run as separate layers. Store orders and platform revenue are reconciled in the shared sheet.
- Revenue ₹2L
- ROAS 1.88x
- Ad spend ₹1.1L
- Month 2
The scaling phase opens: abandoned checkouts get WhatsApp follow-ups. Budget is raised only as far as return allows: budget holds and return on spend holds.
- Revenue ₹2.1L
- ROAS 1.88x
- Ad spend ₹1.1L
- Month 3
Budget is reviewed against return before the next step.
- Revenue ₹2.2L
- ROAS 1.86x
- Ad spend ₹1.2L
- Month 4
Product-only creatives that stop converting are swapped.
- Revenue ₹2.3L
- ROAS 1.94x
- Ad spend ₹1.2L
- Month 5
The creative batch is read and the winners keep the budget.
- Revenue ₹2.3L
- ROAS 1.94x
- Ad spend ₹1.2L
- Month 6
A seasonal collection campaign takes a larger share of budget.
- Revenue ₹2.3L
- ROAS 1.95x
- Ad spend ₹1.2L
- Month 7
Ads with falling click-through are swapped from the bank.
- Revenue ₹2.3L
- ROAS 1.90x
- Ad spend ₹1.2L
- Month 8
Repeat-order messages go to past buyers.
- Revenue ₹2.4L
- ROAS 1.87x
- Ad spend ₹1.3L
- Month 9
From here the work shifts to keeping ads fresh and bringing buyers back.
- Revenue ₹2.3L
- ROAS 1.88x
- Ad spend ₹1.2L
- Month 10
Abandoned checkouts get WhatsApp follow-ups.
- Revenue ₹2.3L
- ROAS 1.87x
- Ad spend ₹1.3L
- Month 11
Each budget move is read against the return it bought. More budget does not pay at this return, so budget holds and return on spend holds.
- Revenue ₹2.4L
- ROAS 1.94x
- Ad spend ₹1.2L
- Month 12
Product-only creatives that stop converting are swapped. Budget is raised only as far as return allows: budget holds and return on spend holds. The case study finishes short of ₹1Cr: budget stops rising where return starts to slip. Each order costs about what it did while learning.
- Revenue ₹2.3L
- ROAS 1.88x
- Ad spend ₹1.2L
Learnings
Learnings from Jewellery brands we measured
Audit competitors and agree a three-month case study before spending.
Find the buyer on a small daily budget first, then step spend up in stages.
Buy creative in batches, give each batch a fixed read window, and refresh tired ads by mixing old and new.
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