Gullborgen Case Study
Target Market: Norway 🇳🇴
How We Scaled Gullborgen to 5.20x ROAS with Meta Ads — Norwegian Jewelry Ecommerce Case Study
Gullborgen is a Norwegian ecommerce company specializing in gold, silver, and high-quality jewelry — rings, necklaces, earrings, bracelets, diamond pendants, and wedding collections. Operating in one of Europe's most competitive and trust-sensitive verticals, Gullborgen needed a Meta Ads partner who understood that jewelry buyers don't impulse-purchase — they research, compare, and return. Three challenges defined the brief: high competition in the jewelry ecommerce market, managing ad spend for optimal ROAS across multiple product categories, and reaching a targeted audience in a niche precious metals market.
Between June 10 and September 10, 2024, we ran 11 Meta Ads campaigns across Facebook and Instagram — one campaign per major product category. The result: 5.20x average ROAS on kr2,54,868.28 in ad spend, 367 confirmed website purchases, 1,325,315 unique users reached, 1,855,441 impressions, and kr13,26,024 in total revenue generated — the largest reach campaign in our Norway portfolio.
5.20x
ROAS
367
Purchases
1,325,315
Reach
kr13,26,024
Revenue
Client Overview
Brand: Gullborgen
Website: Gullborgen.no
Industry: Ecommerce — Jewelry and Precious Metals
Location: Norway
Target Market: Jewelry enthusiasts and individuals investing in gold and silver in Norway
Platform: Meta Ads (Facebook & Instagram)
Campaign Duration: 10 June 2024 – 10 September 2024
Currency: Norwegian Krone (kr)
Total Campaigns Run: 11
The Problem We Were Hired to Solve
Gullborgen operates in a category where trust, visual quality, and precision targeting are non-negotiable. A jewelry buyer in Norway researching diamond pendants or wedding rings is making a considered, high-value purchase decision — not a spontaneous click-to-buy. Three specific challenges shaped the campaign strategy:
1. High Competition in Jewelry Ecommerce: The Norwegian online jewelry market is served by both local retailers and international ecommerce giants. Competing on reach alone was not viable. Campaigns needed to win on relevance, visual quality, and product-category specificity.
2. Managing Ad Spend for Optimal ROAS Across Multiple Categories: Gullborgen's product range spans vastly different price points — from children's jewellery at lower AOV to diamond pendants and wedding rings at premium price points. A single campaign structure treating all products equally would produce average results across the board. Category-specific campaigns were essential.
3. Reaching a Targeted Audience in a Niche Precious Metals Market: Gold and silver investment buyers are a distinct audience segment from fashion jewelry buyers. Targeting these two audiences with the same creative and the same campaign objective produces neither the volume nor the ROAS that each segment individually warrants.
Our Meta Ads Strategy for Gullborgen
Campaign Architecture
Rather than running broad catalog campaigns, we built one dedicated campaign per major product category — 11 campaigns total, each with its own creative, audience, budget, and optimization target:
• Conversion Campaigns: Core purchase-driving campaigns optimised for website purchases across high-intent product categories: Silver Rings, Wedding Rings, Diamond Earrings, Diamond Pendant, Gold Pendant, Color Stone Pendant, Silver Gilded Chains, Pearl Bracelet, Ladies' Watches, Jewelry Box, and Children's Jewellery.
• Remarketing Campaigns: Retargeted visitors who had engaged with specific product pages but not completed a purchase — a critical funnel layer given the considered purchase behaviour of jewelry buyers.
• Product-Specific Ads: Each campaign was built around one product category with dedicated visuals, copy, and audience segments matched to that product's buyer profile.
Audience Strategy
Three audience layers ran across all 11 campaigns:
• Interest-Based Audiences: Targeted users interested in luxury goods, fashion jewelry, precious metals, wedding planning, and high-value gifts in Norway.
• Lookalike Audiences: Built from Gullborgen's existing customer purchase data — identifying Norwegian users whose online behaviour mirrored that of proven buyers.
• Geo-Targeting: Exclusively focused on Norway, where Gullborgen has both brand recognition and fulfilment infrastructure.
Creative Execution
• High-quality carousel ads showcasing the elegance and craftsmanship of each jewelry category
• Video ads highlighting product detail — light refraction on diamonds, texture of gold chains, styling of watches
• Seasonal campaign creatives aligned with wedding season and gifting periods
• Category-specific CTAs: 'Shop Wedding Rings', 'Explore Diamond Pendants', 'Shop Now' — matching buyer intent at each stage
• Children's Jewellery campaign with family-oriented creative targeting parents and grandparents as gift buyers
Optimization Protocol
Cost-per-result and ROAS were monitored continuously across all 11 campaigns. The Children's Jewellery campaign — with 83 purchases at kr244.32 CPP and 7.25x ROAS — was identified as the account's highest-efficiency performer and received scaled budget allocation. Higher-AOV campaigns like Diamond Pendant (6.38x ROAS) and Silver Rings (6.24x ROAS) were maintained as premium revenue drivers despite lower purchase volumes. Lower-ROAS campaigns like Pearl Bracelet (3.49x) and Silver Gilded Chains (3.76x) were monitored for creative refresh opportunities rather than scaled.
Campaign Results — Full Data Breakdown
Campaign Period: 10 June 2024 – 10 September 2024
Total Campaigns: 11
Total Ad Spend: kr2,54,868.28
Total Purchases: 367
Average Cost Per Purchase: kr694.88
Total Revenue Generated: kr13,26,024
Average ROAS: 5.20x
Total Reach: 1,325,315 unique users
Total Impressions: 1,855,441
Key Insights from This Campaign
1. Children's Jewellery Was the Surprise Highest-Efficiency Campaign
The Children's Jewellery campaign delivered the account's highest ROAS at 7.25x — with 83 purchases at just kr244.32 CPP. This was the highest purchase volume in the account and the lowest cost per purchase simultaneously. The insight: gifting-occasion products with emotional purchase triggers (parents buying for children, grandparents buying gifts) convert at dramatically higher rates and lower CPPs than considered luxury purchases. This campaign should be the first to receive scaled budget in the next period.
2. Product-Category Specificity Drives ROAS Precision
Running 11 separate campaigns — one per product category — rather than a single broad catalog campaign produced a clear ROAS spread: from 3.49x (Pearl Bracelet) to 7.25x (Children's Jewellery). This spread is valuable data. A single catalog campaign would have averaged these results into an undifferentiated 5.20x with no visibility into which categories are over- or under-performing. Category-specific campaigns give you the intelligence to allocate budget where it generates the highest return.
3. Diamond Pendant and Silver Rings Are the Premium Revenue Engines
Diamond Pendant delivered 6.38x ROAS and Silver Rings delivered 6.24x ROAS — both with higher-than-average cost per purchase (kr1,347.54 and kr1,007.45 respectively) but significantly higher revenue per purchase. These are high-AOV products where the buyer's willingness to spend is structurally higher. In jewelry ecommerce, protecting and scaling your high-AOV campaigns is as important as maximising purchase volume from lower-ticket items.
4. Ladies' Watches Outperformed Its Category Expectation
Ladies' Watches achieved 42 purchases at a 4.90x ROAS with kr561.52 CPP — solid mid-tier performance. But what makes this notable is that watches are not Gullborgen's primary product category. The strong result suggests a cross-category audience overlap between jewelry buyers and watch buyers that warrants a dedicated scaling test in the next campaign period.
5. 367 Purchases Across 11 Campaigns Is a Portfolio, Not a Campaign
The structural decision to run 11 category-specific campaigns rather than one broad campaign produced 367 total purchases — the highest purchase volume in our Norway portfolio. This is not a coincidence. Multiple targeted campaigns competing for the same budget but serving different audiences and products generates more total conversions than any single campaign can achieve with the same total spend. This portfolio approach is the foundation of scalable ecommerce advertising.
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