Focusing more on the analytics sides of Shopify Ecommerce by analyzing your ads based on ROAS and ROI is very important. We created an excel sheet to give you a good estimate on the ROI of each product by looking at the ROAS. This allows you to easily and quickly scale products that are profitable and kill ones that are not.
This excel sheet was built for incremental scaling by adjusting budgets. There is a consensus that adjusting the budgets does rock the boat and mess up the data, so we used manual bidding.
The sheet will give a good idea of your ad set ROI based on ROAS. This really helps decrease the guess workout out of scaling each product with different margin levels. On the sheet, you can adjust 3 things: Price (the price you are selling the product), Cost (cost to purchase each product), and ROI (The required ROI that you are comfortable with to scale your ad set).