Yesterday I took the day off work to work on HalOtis.
After stressing out about not having a good idea for the past two weeks I finally decided on one worth testing. Right now that idea is top secret because I don’t want to taint the first week’s market testing result by pushing traffic to the site from other sources.
The general concept though is that I’m testing out an ebook and software product that would sell online for $50. The product does not currently exist, but I’m going to spend $200 to market it over the next week. I’m hoping to drive lots of traffic to the site. If that $200 marketing push results in “sales” worth $300 then I’m going to continue the project by developing the book and software.
The basic structure of the test works like this:
I have a main page with a lot of sales information designed to get the prospect interesting in the purchase.
From that page I funnel them into a confirmation page that confirms they’re interested and willing to pay the $50
The final page is empty letting the person know that the product is currently in development
If someone goes through from the the main page to the confirm page through to the last page I will be pretty sure that the person was going to buy one.
Google Analytics has a feature built in to count this type of traffic patterns. It’s called conversions. So when I log into my Google analytics account it will actually tell me the dollar ammount I made.
Once the $200 of advertising dollars is spent attracting traffic, I’ll be able to determine my theoretical profit margin. I need 4 sales to break even and 6 to make a 50% profit. If I can make that 50% profit then the project is feasible, and I’ll start development of the book and software. If not, then it was $200 well spent on a possible business idea that could have made me $300 to $400 dollars a month.
So what I spent my time on yesterday was building the website, and writing the marketing copy. I did some graphics work to make the page look presentable and professional. I bought a domain name and 2 months of hosting for $20 from GoDaddy.com (which I’ve been pretty impressed with so far.)
The only thing left to do is design my Google AdWords campaign and launch it.
With this now done, I’m acually only 1 day behind my ideal schedule which is surprisingly good. It feels like I accomplished something.
I’ll let you know how it turns out.