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Case study · Exchange Life
$36K/yr →$26M/yr

We took Exchange Life from $36K a year to $26M in gross revenue over the last rolling 12 months.

How Exchange Life went from a double-counted ROAS and 0 of 265 products eligible in Shopping to a measurement standard the account scales on.

IndustryTravel jewellery and charm bracelets, DTC ecommerce
Case startNovember 2022
Team on this account
Simon Kristensen Jeremy Steizl
Channels & tools
Google Ads
CASE IN SHORT

the reported platform ROAS of 11.95x was unusable, because two purchase events sat in the conversions column and bidding was optimising to the sum. We deduplicated the purchase signal, moved the tracking parameters into the field that survives parallel tracking, and rebuilt the feed. On 2026-08-03 the conversions column returned one entry at 100.0%, and three weeks later Shopping US/UK ran a blended new-customer ROAS of 5.24 against the founder’s own 2.0x gate.

Client voice.

“And we can go through the numbers. And I want to do this with you because I’ve known this with you for a long time. I don’t mind. We do whatever we need to do. I trust you with that. And I think I trust your ability and IQ to get the most out of it as possible.” Tristan Severijns, Founder, Exchange Life, recorded call 2025-07-04.

Exchange Life

Key results.

The account can be steered on numbers that tie out, and the first clean week after the repair was its best since early July.

$26MGROSS REVENUE OVER THE LAST ROLLING 12 MONTHS, UP FROM $36,000 A YEAR
FAIL to PASS, one purchase event at 100.0% of the conversions column, 2026-08-03TRACKING GATE
18 to 1,203 US items in one hour, and 3,601 of 3,625 offers approved by 2026-09-02SHOPPING FEED
5.24 blended new-customer ROAS against the founder’s 2.0x gate, week of Aug 24-30 2026SHOPPING US/UK
Exchange Life

Challenge

In May 2025 the account ran one search campaign targeting everything, and the restructure that followed sat on a measurement layer that was quietly wrong. Two purchase events were both counted in the conversions column, an Upstack server-side tag at 1,795 conversions and EUR 117.7k alongside a second Purchase event at 756 and EUR 60k. Bidding optimised to the double-counted total, so nobody could bid against the reported 11.95x.

The tracking parameters sat in the account tracking template, which never reaches the landing page under parallel tracking, and 37 campaigns plus 66 ad groups still carried legacy Triple Whale templates. The feed throttled Shopping separately: as at June 2026, 0 of 265 products were fully eligible to show, because the feed app submitted the first variant of each product only. Two review pipes were broken too, one killed by a Shopify migration and one matching nothing without GTINs or MPNs.

Exchange Life

Solution

Step #1 Make the numbers mean something

We fixed the double-count the reversible way: one deduplicated Primary purchase event feeding bidding, the second demoted to Secondary with its history intact. On 2026-08-03 a live pull of conversions_column_composition returned one entry at 100.0%. We moved the Upstack parameter string to the account Final URL suffix and cleared legacy templates from 37 campaigns, 66 ad groups and 41 ad-level suffixes. The scale gate is now blended new-customer ROAS, ruled by the founder at 2.0x on 2026-09-02 and coded into the weekly report builder.

Step #2 Rebuild the feed and the review pipes

Flipping the feed app to submit all variants took Merchant Center from 18 to 1,203 US items and 47 to 1,058 GB items in the same hour. We rewrote 245 of 248 rows of the legacy sheet feed and flipped identifier_exists from no to yes on 222 rows, which unlocked review matching on the offers carrying two thirds of Shopping traffic. Product ratings went Active, and on 2026-07-16 we photographed the brand’s own listings live in Google search at 4.9 stars from 4,509 reviews.

Step #3 Point the spend at the products that earn

A 30-day pull showed 816 products taking traffic and only 80 converting. Sixteen products, 2.0% of the set, took 82.9% of Shopping spend and returned 91.0% of revenue, while 487 took impressions without a single click. We moved the Shopping bidding split onto product tiers with explicit geo and corrected a customer-count claim running across 35 ads. Some of the work was never in the ad account: one affiliate vanity URL turned out to be the fourth most-visited page on the site from Google search, with 1,912 clicks over three months.

Results

✓Tracking gate FAIL to PASS. One purchase event at 100.0% of the conversions column on 2026-08-03, so every ROAS in the account became usable.
✓Feed coverage from 18 US and 47 GB items to 1,203 and 1,058 in one hour on 2026-07-09, 3,601 of 3,625 offers approved by 2026-09-02, and product ratings Active with 3,620 approved products and 4 disapproved, verified against the live listings on 2026-07-16.
✓Week of Aug 24-30 2026: EUR 3,938 spend, purchase ROAS 13.35x, first-click 10.90x which converts to 5.19x on the client’s scale. Every non-brand lane except the competitor trial cleared the 2.0x blended gate, and five lanes took a scale step the same day.
✓Still short: brand carried 27.0% of spend and 58.1% of new-customer revenue at the August audit, non-brand read 1.64x against the 2.0x target, and the conquest lane has spent EUR 628 for EUR 531 since 2026-08-15.
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