Learn Paid Ads

Paid media, from live accounts

The ROAS Ads Manager shows you is not the ROAS you need.

Returns, discount codes, attribution windows and repeat purchase all sit between the number on the dashboard and the number that pays your wages. The calculator below works out both, for your brand, in about ninety seconds.

Worked example · apparel · £54 AOV

4.10x
what Ads Manager reports
6.31x
what it needs to report to break even
2.21x gap
0x
2x
4x
6x
8x

Same account, same week. At 4.10x reported, this brand is banking about 65p of contribution for every £1 it needs to break even. Nothing in Ads Manager says so.

Why your numbers often don't stack.

01

Returns cost more than the margin they hand back

A returned order refunds the revenue but keeps the delivery, the return leg and whatever can't go back on the shelf. At an 18% return rate that's roughly a fifth of your contribution gone before you count a single click.

02

Discount codes don't apply to every order

Most calculators take your list margin and stop. If 45% of orders use a 20% code, your real margin is nine points lower than the one in the spreadsheet, and it moves every time you run a promotion.

03

A 7-day click, 1-day view window credits itself generously

Meta counts an order it may only have witnessed. In most accounts I test, platform revenue runs 15–35% above what a geo holdout or the Shopify total supports. That's the correction this calculator asks you to make.

04

First-order break-even ignores the second order

If a customer reorders inside 90 days, you can afford to acquire them for more than the first basket allows. Judge it on 90 days of banked contribution, not a lifetime value you hope shows up.

Stuart McLeod, founder of McLeod Media, presenting on stage

Who’s behind it

Stuart McLeod

Founder, McLeod Media · Glasgow

Twenty years in digital, ten years buying traffic, and still in the accounts this week. Every calculator and note on this site comes out of live client work, which is the only reason to trust a number on a page like this.

Doing this since
2005
Paid media since
2016
Accounts I run
£5k–£100k a month
More about me →

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A fortnightly note on what’s actually working in paid media

The calculators tell you the maths. The Second Number tells you what happens when you run it on a real account from live D2C accounts. No theory.

1,974 media buyers and founders. Started August 2026.