this post was submitted on 15 Nov 2023
1 points (100.0% liked)
Entrepreneur
0 readers
1 users here now
Rules
- No Personal Attacks - criticism of ideas is allowed, attacking people is not.
- Self Posts Only - links can only provide supplementary material. Your post must contain enough content to have a discussion.
- No “How To Get Rich Quick” posts - This community is not about making a quick buck. Posts asking the community how to make $X, without making specific reference to a reasonable idea, are not tolerated.
- Avoid unprofessional communication - Please treat fellow entrepreneurs like respected coworkers, label conversations if NSFW and avoid deliberate provocations.
Please feel free to provide evidence-based best practices, share a micro-victory, discuss strategy and concepts with a frame work, ask for feedback, and create professional conversation. Treat every post as if you're at work and representing the best version of yourself.
founded 10 months ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
The 4 hour work week. Not because I took it literal, but it promotes the idea of finding smarter ways to do things.
For example, it explained that before you launch a product, test demand. That way you don't end up with a bunch of inventory that nobody wants. Sounds simple, but there are tons of people who have a garage full of knick knacks because they didn't bother to run a simple test with AdWords.
You can text demand through AdWords ? How is that done ?
Let's say I'm selling inflatable bouncy houses. Rather than invest in 25 bouncy houses and crossing my fingers that people will want to buy them, I instead put up as basic website as I possibly can. Something like Shopify where it's basically all done for you..
Then I run some AdWords to drive traffic to my website.
This practice can be a little controversial, but I think it's okay. You could basically have the customer go through the process of making the purchase, and then at some point before you take their money, just indicate that it's on back order. If the customer has gone through the time and effort to enter all their information like shipping address, you can be sort of confident that they intended to make the purchase.
Brilliant as an HP fan I would say you thought me dark arts today.
Thanks. It would be more precise if you can give number like what would it cost to set up a website and keep it functioning for the time period of doing a tests. Is it really worth it though ? As building functioning website cost a lot of money to hire developers, acquire domain name, hosting services and all.
I would say to do an initial test it would cost between $200-400 for website, domain, and ads. If it looks promising, you'd then probably want to spend $500-$1000 more on ads to confirm before purchasing inventory.
Might seem "risky", but it is far less risky to do it this way then spending thousands on products you don't know if people want.
To add, I think 1-2 weeks is probably long enough to test. You could probably find some good info in certain Twitter spheres regarding this.
Product testing is def a good idea, but I caution about the time period. 1-2 weeks is 1000% not enough to test an adwords campaign. You're looking at 1 month+ now bc most of your options are at least somewhat AI-driven, which takes a ramp up period.