- Joined
- Jul 22, 2011
- Messages
- 128
Rep Bank
$555
$555
User Power: 88%
I'm going to start testing this in a few days, and would really appreciate some input before I sink my lunch money into an Adwords campaign. I'm not emotionally attached to the idea, so fire away.
Short Story:
I'm starting a service that does 3 things for customers:
- text message market updates (Dow Jones, precious metals, crude oil prices, etc sent via SMS on a daily, biweekly, or weekly basis)
- email economic news summaries (biweekly or weekly)
- text message alerts of catastrophic economic events (ie, a currency collapse, market crash, etc)
I want to do it as a monthly subscription service (I'm thinking between $2-$5/month, processed through Paypal's micropayment system). I'm pretty sure this is being done already, but there's no "household name" that I know of. I want my company to be that name.
Long Story (details):
The basic idea is to help those people who WANT to keep up with the markets and current events, but feel like they "don't have time". I got the idea because I was constantly getting mad at myself for forgetting to check the spot price of silver and the Dow more often (even though I have the app). I thought: "I'd pay money for someone to text me this stuff so I can stay in the loop but not have to remember to look it all up every day".
I figured I'd see if enough other people have this need to build a decent business around it.
I fully realize that the info is available pretty much EVERYWHERE for free, but my customers wouldn't be buying the info, they'd be buying TIME. It takes time to check commodities prices and look up economic news (and filter it down to what really matters). If a company could save me 10 hours of my life over the course of every month by filtering down the economic news to the important stuff, I'd pay them $5 in a heartbeat.
They'd also be buying the ability to be the guy who says at a party "Well, I've been watching the price of crude oil climb all month, so it's no surprise that gas prices are going up." In other words, that feeling of superiority that comes from being "in the know". Planning to use those 2 emotional hooks.
Customers would be able to customize how often they wanted to receive updates - daily, bi-weekly, or weekly
They'd be able to customize which updates they get - gold spot, Dow Jones, Apple stock, etc.
I figure this would be pretty easy to automate: have someone write code that pulls the prices and sends them to phone numbers (or email addresses) via mass email or texting software. As for the economic news summaries and alerts, I have a friend who breathes economics (and has a degree in it). I'd pay him a certain percentage of the profits (he's too smart to go for the flat rate) and he would send out the updates. He keeps track of that stuff anyway, I'd just ask him to package it in layman-friendly terms.
Testing: PPC - target terms like "market update" (1000 local exact match searches, low competition) and "economic current events" (2400 LEMS, medium competition). Also visit forums where the target market might hang out (if the Adwords campaign feedback justifies putting time into forum marketing).
So far, I've spent around $25 on domain and hosting. Used a free theme and designed a logo using some free software. My goal is to keep startup costs under $100 (including testing. Going to use a few of those $100 adsense coupons and different accounts). If the market shows interest, I'll have someone work on the design.
.............
As a side note, I've noticed that when you sell to businesses, you're selling mostly to logic. When you're selling to consumers, you're selling mostly to emotion. Anybody else noticed this? I've structured this venture with that concept in mind, so I want to know if I'm wrong about it.
Short Story:
I'm starting a service that does 3 things for customers:
- text message market updates (Dow Jones, precious metals, crude oil prices, etc sent via SMS on a daily, biweekly, or weekly basis)
- email economic news summaries (biweekly or weekly)
- text message alerts of catastrophic economic events (ie, a currency collapse, market crash, etc)
I want to do it as a monthly subscription service (I'm thinking between $2-$5/month, processed through Paypal's micropayment system). I'm pretty sure this is being done already, but there's no "household name" that I know of. I want my company to be that name.
Long Story (details):
The basic idea is to help those people who WANT to keep up with the markets and current events, but feel like they "don't have time". I got the idea because I was constantly getting mad at myself for forgetting to check the spot price of silver and the Dow more often (even though I have the app). I thought: "I'd pay money for someone to text me this stuff so I can stay in the loop but not have to remember to look it all up every day".
I figured I'd see if enough other people have this need to build a decent business around it.
I fully realize that the info is available pretty much EVERYWHERE for free, but my customers wouldn't be buying the info, they'd be buying TIME. It takes time to check commodities prices and look up economic news (and filter it down to what really matters). If a company could save me 10 hours of my life over the course of every month by filtering down the economic news to the important stuff, I'd pay them $5 in a heartbeat.
They'd also be buying the ability to be the guy who says at a party "Well, I've been watching the price of crude oil climb all month, so it's no surprise that gas prices are going up." In other words, that feeling of superiority that comes from being "in the know". Planning to use those 2 emotional hooks.
Customers would be able to customize how often they wanted to receive updates - daily, bi-weekly, or weekly
They'd be able to customize which updates they get - gold spot, Dow Jones, Apple stock, etc.
I figure this would be pretty easy to automate: have someone write code that pulls the prices and sends them to phone numbers (or email addresses) via mass email or texting software. As for the economic news summaries and alerts, I have a friend who breathes economics (and has a degree in it). I'd pay him a certain percentage of the profits (he's too smart to go for the flat rate) and he would send out the updates. He keeps track of that stuff anyway, I'd just ask him to package it in layman-friendly terms.
Testing: PPC - target terms like "market update" (1000 local exact match searches, low competition) and "economic current events" (2400 LEMS, medium competition). Also visit forums where the target market might hang out (if the Adwords campaign feedback justifies putting time into forum marketing).
So far, I've spent around $25 on domain and hosting. Used a free theme and designed a logo using some free software. My goal is to keep startup costs under $100 (including testing. Going to use a few of those $100 adsense coupons and different accounts). If the market shows interest, I'll have someone work on the design.
.............
As a side note, I've noticed that when you sell to businesses, you're selling mostly to logic. When you're selling to consumers, you're selling mostly to emotion. Anybody else noticed this? I've structured this venture with that concept in mind, so I want to know if I'm wrong about it.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
