Have you ever been watching TV or driving in the car and out of the blue a new business idea or new product idea just magically pops into your head?
This happens to me all the time. For this reason, I always carry a note pad with me so I can jot down the idea fast before my mind goes onto something else and I completely forget about it.
If you're like me then you're in luck because today I am going to show you how I personally test any new business idea of any kind, very fast, safely, cheaply and accurately.
In 24-48 hours I can get a very accurate read of my potential market from doing this and the numbers are very reliable.
I'm talking about using Google AdWords to test advertise a new idea so you can quickly determine if there is a potential market for this idea.
It does not matter if it's a new business or simply a new product or service you wish to promote. This method works for all.
The fastest, safest way to test a market or new product idea …
Sign up for an AdWords account on Google.
Create a campaign consisting of your adgroups.
Have two ads in each ad group so you can conduct a split test.
Write your ads as it pertains to your idea. The strategy here is to advertise as if the business or product is currently exists because you want to see the volume of traffic and of course your click-throughs.
At this point you are just looking to test for visitor volume and its cost data.
Let the ads run a couple of days and then examine the results. These numbers will tell you if you potentially have a winner or not.
If your number work then roll out. If not, then either tweak your ads and try again or move onto another idea to test.
Now that we've gone through the general steps overview, let's walk through a real life example.
I have a business that helps people in foreclosure. I negotiate with their lender to structure their loan or I negotiate an affordable repay plan so they can keep their home and get cooked up on their back-owed payments.
Now, for years, I marketed to my marketplace strictly through offline channels but a year ago I wanted to automate the marketing and put it online.
So the first thing I did was sign up with Google AdWords. I then created one campaign consisting of three different adgroups. Each adgroup had two ads in it for split testing, and each group targeted their own specific, small keywords group (I: E: stop foreclosure, avoid foreclosure, foreclosure prevention).
I went through all the regular setups and launched it.
Guess what happened?
Within 6 hours I had 5 applications from visitors who were actively searching for my type of service. It cost me about $ 8 to do this. Two visitors converted to clients for a total of $ 2,400 in sales … FOR $ 8!
How's that for fast marketing intelligence! How's that for ROI!
So after the 48 hour test I had excellent, accurate data about my market, my cost to advertise, my cost per click, my visitor value, my cost to acquire and my resulting ROI.
Needless to say I ended all my offline marketing and now operate my marketing exclusively online.
Nowhere in the world of marketing can you do this as fast and accurately as with AdWords pay per click.
So if you've got a bright idea and wondering if it's a winner, head on over to Google and do a 2-3 day test and find out without risking your house to do it.
Until next time …
To your success!