Testing new products - how much time and money do you spend?

by John9586

Posted: 9 years ago 11 replies

INTERNET MARKETING

Hi,
The obvious way to test new products is to create a landing page for your product or service and PPC campaign.

How much money do you spend on traffic if you are just testing new idea? How much time do you spend on optimizing the ads and landing page, and how many visitors do you need until you decide if it was success or not?
When do you decide that the idea failed and you move to the next one?

Is it good idea to buy membership in Leadpages etc., because of professional design and faster testing?

Do you have some cheaper ways how to test ideas? PPC is very expensive and the membership in landing page networks can be also expensive.

#ideas #money #spend #time

deekay 9 years ago

Here are few things I suggest...

1. Money depends on visitors to landing page and then sales page. Both are tested for their respective conversion target.
2. I check with slots of 100 visitors, with varying parameters.
3. After few hundreds, I get the idea of conversion and keep on tweaking, till I beat my winning examples... else try new
4. Yes, leadpages is one of the industry leaders and used by many advanced marketers. You get many winning examples there and develop on them.
5. Try some cheap traffic from adfly to test your conversions of landing pages. Others are too costly to waste money.
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Jackson Tan 9 years ago

here my 2 cents, in terms of capital. It really depends on how much you can afford. Eventually, you need to really test it. Then you will get a better picture.

Cheers!
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- John9586 9 years ago
  
  What is your target, when you can consider the campaign as success? Break even? Sometime its hard to calculate the lifetime value of customer, so break even and having new customer in the database should be the target every time?
  
  Thanks
  
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hkmarketer 9 years ago

everytime i just spend one day to develop the landing page
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talfighel 9 years ago

Originally Posted by John9586

How much money do you spend on traffic if you are just testing new idea?

You start with a daily budget of $5-$10 to test the waters out. When you start to see small wins, then you can scale up and invest $20-$50 per day with your pay per click ad campaigns.

Originally Posted by John9586

When do you decide that the idea failed and you move to the next one?

You don't. You test and test and test until your campaigns>opt in pages start to convert people into leads and then sales.

Originally Posted by John9586

PPC is very expensive and the membership in landing page networks can be also expensive.

Again, you can start small. Start with $0.20 per click and a daily ad budget of $5-$10.
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Dave Kash 9 years ago

It varies on your campaign and niche. Personally I try to find the best solo ad sellers in my niche by buying 100 clicks from each of them. by doing that I am able to test which sellers sell the best clicks and give you the best conversion and sales .

Typically I will do this for 5 solos. and find out who delivers the best clicks. Each 100 click solo ad costs between $40 and $60. So typically about $250 for testing.
Once I have found someone who deliver the best traffic, I will then scale up!
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- John9586 9 years ago
  
  I think it´s not possible to make every product or service profitable, even Kevin Harrington said in his infomercials 2 of 3 products will fail.
  So it´s about "fail fast", the problem is when to decide it´s a failure, and when to keep trying and spending even more time and money.
  
  Do you have your limits, for example 250 USD and after that you just stop the campaign and try the next product?
  And how do you make the decision which idea or product is it worth to risk the money on testing?
  
  Thanks
  
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Marcel Guzman 9 years ago

I prefer the blanket approach. Spread your net out as thin and wide as possible with low money invested into any one areas, and then zero in on what looks promising, cutting off what appears to be ineffective.
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- John9586 9 years ago
  
  Originally Posted by Marcel Guzman
  
  Spread your net out as thin and wide as possible with low money invested into any one areas
  
  It sounds good, can you please explain how exactly you do it?
  
  Just one more question, is it maybe better to create list first and then test everything for free by sending emails to the list? There are just 3 problems:
  1/ it takes at least 1 year to get enough subscribers
  2/ if it is a targeted list, you can test only one niche, if it is not targeted it will be useless
  3/ is it not better to create the list after you test something and after they buy it, instead
  of spending one year creating free products to get people to the list without knowing if they will ever buy anything?
  
  Thanks
  
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winnermarketing 9 years ago

I do my test for free for the 1st week.
after that I increase my activity spending in PPC!
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- Brian Boyd Banned 9 years ago
  
  Originally Posted by winnermarketing
  
  I do my test for free for the 1st week.
  after that I increase my activity spending in PPC!
  
  How do you test for free?
  
  Am I missing something? (wouldn't be the first time )
  
  Thanks
  
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