How To INEXPENSIVELY TEST AN IDEA With REAL CUSTOMERS - Step 3 of 3

Let's explore how to attract early prospects to test a business or product idea with real potential customers. This is the third and final step in the process based on my initial video on how to test a business idea. You can find that original video linked below. This process is all about getting information and insights early, so you can give yourself the best opportunity for success with your business or product idea.
HOW TO TEST A BUSINESS IDEA OVERVIEW
► • How To TEST ANY BUSINE...
STEP ONE: How To Build A Simple Marketing Website
► • How To Build A SIMPLE ...
STEP TWO: How To Get Genuine And Honest Feedback
► • How To Get HONEST FEED...
Want to learn THE BEST MARKETING STRATEGY?
► • The Best Marketing Str...
CHAPTER MARKERS FOR THIS VIDEO
0:00 - Video Introduction
0:34 - Recapping The Three Step Process
1:19 - Google Ads vs. Facebook Ads
4:00 - The Value Of Split Testing
5:17 - What You Should Be Testing
6:55 - Expectations And Next Steps
8:04 - What To Do If Things Go Wrong
8:47 - Wrapping Up The Series
Content by Rick Kettner
Produced by Kyle Trienke

[@RickKettner]

This is the third and final step in the series on "How To Test A Business Idea". Let me know if you have any questions OR if you'd like a follow-up video to cover any aspect of this series in more detail.

[@RayRay-yt5pe]

Men, I'm currently building a product and I bombed all 3 steps. Your video is valid because I'm going to implement these steps right away. Thank you so much for doing this. Let's see how things go.

[@NAaPALM51]

Hey there! Just wanted to drop by and say a massive thank you for creating such high-quality and informative content. Seriously, your videos are top-notch! It's really surprising to see them not getting the views they deserve. Nowadays, it feels like people are just clicking on clickbait with silly faces without giving genuine content a chance. Anyway, I had a thought while watching your video. Do you ever worry that conducting tests like this might actually deter potential customers? I mean, if they click on a call-to-action button only to find the service unavailable, it could definitely hurt their trust in the website. Just something I was pondering. Keep up the awesome work!

[@zionwebdigital]

I'm on the last step! Yohooo! Thank you Rick! You earned my sub, like & share!

[@Jappon]

Your explanation on Facebook ads vs Google ads is actually very helpful. Really simplifies that decision! Thanks for this series, it really helps make me see what I am creating in a whole new way.

[@RickKettner]

Glad you enjoyed the series. Yeah, it can be tricky to know which platform to use, but those are the kinds of things to think about when making the decision. Either way, it's often best to test both and see which is most effective.

[@alferez9963]

Thanks for the video. Great valuable content

[@RickKettner]

I'm glad you found it valuable!

[@understand-it-deeply]

Thank you very much brother

[@danielbaeriswyl7744]

great video ! thanks

[@Mr_Moe_Eng]

The most underrated video on the topic, this should have thousands of views, one question though, on simple page website we will create, should the price be quoted?

[@Mr_Moe_Eng]

@@RickKettner Great, thanks for your insight, really appreciate it

[@RickKettner]

@@Mr_Moe_Eng - Happy to help!

[@aswindesign]

Very helpful, thankyou! Could you maybe make a video later ( or point us to where we can find more information ) on how to find these keywords and run campaigns on Facebook & Google Ads?

[@RickKettner]

I recommend the "Ultimate Guide To Google Ads" and "Ultimate Guide To Facebook Ads" books by Perry Marshall. You can learn a little more about them here: kzbin.info/www/bejne/Zmiko2adrbKZpsU

[@aswindesign]

@@RickKettner Awesome! Thank you so much!

[@todolomio9907]

Hi Rick, Very interesting ! Thanks a lot ! I have a question. From what I understand, there are four variables in this type of test: (1) The audience chosen in Facebook, (2) the text of the Facebook ad, (3) the text of the landing page and (4) the product itself. How can you isolate these elements to be sure of the value of the product in the eyes of the prospect? Thank you in advance for your answer

[@RickKettner]

Each stage of the process provides feedback. It's not perfect isolation in that the ad could have nothing to do with the product (just to generate clicks, for example), but so long as you are trying to promote the product accurately, you'll get feedback from (a) views/clicks of the ad - which speaks to the match between the audience and ad message, (b) bounce rate of the website - which speaks to consistency between the ad and the website, and (c) clicks through to purchase - which speaks to the overall effectiveness of the campaign.

[@itayamrani832]

Hey Rick, would love to know what the next step? I launch the website, got sale! but in a low conversion rate, how could i know what I should improve in my website to increase conversion rate? is it the headline? offer? copy? I ran traffic but i wish i could know what I should improve...(the ads are doing great!)

[@RickKettner]

Much depends on the current conversion rate and how statistically strong they are. If you are getting steady conversions, but they are low relative to the amount of traffic, then I would seek to interview potential customers and get a better understanding of market/language fit (is there a better way you could describe the product to appeal more to them?). On the other hand, if interest is so low that it's hard to know if it's statistically significant (just a handful of sales), then I would expand the test slightly to see if sales continue to come in. NOTE: It's hard to give accurate advice knowing so little about what you've tested and what the response was like, so take all of this with a grain of salt. At the end of the day, you need to determine if there is serious/real interest or if it's going to be a struggle to attract every sale.

[@juustjoshin]

Hi Rick, what if your product is free to the user? Does that change the strategy or tactics at all? Im working on an idea that would (theoretically) deliver value but the business model is referral/affiliate-based, not charging the user.

[@RickKettner]

So long as you have a rough sense of the lifetime customer value through that model, there should still be a great way to test the idea before commiting.

[@JansleyMusic]

What metric would you use to determine to figure out if your product is viable? a % conversion rate, a particular number of conversions?

[@RickKettner]

I think every context is different. First and foremost, while a high conversion rate can validate a product, a low one doesn’t necessarily invalidate it. Sometimes a marketing channel is just not a good fit, or the messaging isn’t resonating with people. A book like Traction by Gabriel Weinberg can help with testing marketing channels while Marketing Made Simple by Donald Miller can help with better messaging. Hope that helps!

[@myutube0480]

30% of those who click your call to action button will buy in real life on average if the price point of your product is under $100. This is a good rule of thumb based on my 32 years in direct response copywriting.