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Validation Is The Key To Wealth Building | ||
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Validation. AKA Hey, this works! It’s a process that every entrepreneur and online marketer really needs to know and know well. Before you start a new web site or online venture you need to VALIDATE it first. In other words, you need to be able to make sure it has promise and/or it’s going to work. There are TWO important validation steps that you should do at the beginning of any new online business or project… 1. Test Market Related Affiliate Offers Every online business needs to generate some of its revenue from Affiliate Marketing. It’s a great way to monetize lead generation and can be a great profit center. Sometimes it can be the entire business. So when thinking about a market to go into, or a product to make for a market, the first thing you want to do is to run some tests and try to earn some affiliate commissions by promoting competing or related products in that market. If you can’t find any affiliate offers that will sell in that market, or you can’t get any to sell (doesn’t have to necessarily turn a profit) then that’s a major danger sign. 2. Drive Traffic With The Most Targeted Keywords Possible Buy some Google AdWords traffic before anything else. Run ads using the absolute most targeted keyword related to what it is that you want to sell. If you can’t produce conversions from this highly targeted traffic it’s a major danger sign. Think about it… if you’re trying to sell an infoproduct or merchandise related to growing tomatoes and you buy some clicks on Google from people searching for “grow tomatoes” and you CAN’T get it to convert then you’re in deep trouble. Either your landing page is horrible and needs major work, OR… Your offer for that market is a bad one. That market might not buy that information, for example. Or maybe it’s a mostly do-it-yourself market and they rarely buy kits like the one you’re trying to sell. Whatever the case, trying to VALIDATE the market will usually tell the situation. IF you are able to generate some affiliate income by promoting products in your market, it’s a great sign. If you’re also able to generate sales of your own product or something you’re thinking about selling with the highest targeted keywords then you’re well on your way. But if you can’t generate some affiliate commissions or can’t generate direct sales using the most targeted keywords possible, then you are unable to validate that market/offer as a potential winner. That means it’s time to move on to something else. The rate at which you can quickly test and move on to something else will often have a lot to do with how much money you make. Because generating money online is all about TESTING. So get used to doing it.
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March 31st, 2009 at 9:20 pm
So simple … but SO true.
Very good post John.
Talk with you soon,
Ryan
March 31st, 2009 at 9:37 pm
‘Hit the nail straight on the head’ with these two points John
Test it, Track it and act on the results!
Marketing Lesson #1
Cheers
Ted
March 31st, 2009 at 9:46 pm
nice!
March 31st, 2009 at 9:48 pm
Hi John,
Your info on Validation is the key to wealth building, opens up another pathway for me to create wealth.
As for me I was shown the path of social networking without hard selling, purely building of relationship and trust. Idle for students as it helps to minimize advertisement budget.
So for validation on my chosen path is the 3 right things to do - I search the Right Market, with the Right Message and on the Right Time.
This is only a humble opinion of a student implementing what was taught in the structured learning modules and its forum, http://tiny.cc/imunistudent
Thanking you for the valuable info.
Amin
IMUniStudent
March 31st, 2009 at 11:11 pm
Always Test and Validate! How true…
April 1st, 2009 at 12:22 am
[…] John Reese wrote a very concise blog post about how to confirm a market you want to is viable, take a look, it’s very good advise. I like to take it even a step farther when I can, and here’s how: […]
April 1st, 2009 at 12:39 am
wow, the simplest rule of online marketing. Thanks john.
April 1st, 2009 at 1:10 am
John,
I agree, validation is key. However, I do have a question concerning point 1. I have done a very thorough research on this niche of mine (keywords, affiliate programs available, etc), but I couldn’t find organizations with affiliate program for this niche people are looking for. Can we say because there are no organisations offering affiliate services for this niche implies that the niche is profitable? Because, according to the research I did, the large search volumes with very little competition means people are in need of information, and can’t I make money by creating an Information Product of what they want exactly, and make much money from that?
April 1st, 2009 at 3:34 am
John this applies OUTSIDE internet marketing, too. With the senior executives thatI coach and teach the value of validation is that it gives you huge confidence. When you’re facing up to a difficult issue or a difficult person itgives you courage to know that you’re thinking is on the right track. I shall steal this idea and repurpose it for my leadership training world - thank you!
Take care
Steven Sonsino
April 1st, 2009 at 11:45 am
This is an excellent post - simple to understand, and extremely valuable!
I would agree that AdWords is probably the best advertising medium in the world to quickly test your offer and/or copy. And while the search network is ideal, in some cases it may be cost prohibitive (for a variety of reasons, account history not withstanding)…so in those cases don’t forget about the content network, which is still largely untapped. Buying targeted ads in opt-in newsletters can also work well provided you know and can match the demographic of your prospects.
April 2nd, 2009 at 4:03 am
[…] is exactly what John Reese talks about in todays blog post titled Validation Is The Key To Wealth Building. Tags: finding your market, testing markets This entry was posted on Thursday, April 2nd, 2009 […]
April 2nd, 2009 at 8:32 am
Yeah in the thirty day challenge that was called market research. I liked the second thing you added…but I don’t understand how you mean to target precisely via adwords…you mean use exact match?
April 2nd, 2009 at 1:35 pm
Great point John… Research it, test for feedback problems and solutions, create it, launch it, track and tweak it to work at it’s best
Terrance Charles
http://www.twitter.com/TerranceCharles
April 2nd, 2009 at 8:47 pm
John,
What I think you are getting at is a deeper form of market research. Where we are trying to test a market by selling through adwords, not just seeing if we can get traffic through adwords. Makes sense.
Steve
May 7th, 2009 at 3:56 pm
So true and keeps you focused on marketing vs product creation/technical issue. But to test you usually spend money on google adwords. And many of us get nervous after spending wads of cash and not getting sales. And the keywords get expensive so you find niche keywords and try to relate them to the particular affiliate product. And you don’t know if it’s your ads, keywords, landing page, product, etc.
May 14th, 2009 at 8:20 am
With validation, plus a touch of careful planning and foresight, one is on track for an early retirement with a secured future.
August 27th, 2009 at 8:07 pm
Good thinking everyone. this is a very informative article. I am also looking for a business online. Im 56 yrs old and wants to retire soon.. This would be a great help for me.
September 19th, 2009 at 11:03 am
For those serious about their online business, I recommend reading “The New Business Road Test” by John Mullins. It will give you an actionable plan to test the waters before writing a business plan or getting to involved with your “Big Idea”.
December 3rd, 2009 at 4:44 am
I remember Ed Dale saying that the more time you spend on research, the more money you’ll save when testing.
December 13th, 2009 at 12:45 am
Great article John…especially the part about buying Google AdWords traffic to test out conversions. It’s a nice way to get almost immediate feedback on any offer you’re trying to promote.