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Every assumption to be tested?

Discussion in 'Advertising, Marketing, Social Media' started by LiveEntrepreneur, Dec 12, 2018.

  1. LiveEntrepreneur
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    LiveEntrepreneur Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    So I was speaking with some other entrepreneurs the other day, some CEO's. and they said whatever assumption you have make sure that you test it. I'm going to do that, but I only have one assumption. And that's that people will pay a fee for my service at a certain price.

    Is there anything else that I should include? Like there are other stuff like better customer service, but I assume (pun unintended) I don't need to test that because every customer wants better customer service?
     
  2. LiveEntrepreneur
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    bump
     
  3. Jeff Noel
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    Jeff Noel Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    You could go a level deeper and divide "better customer service" in different assumptions that need to be tested. Is it faster service ? Is it patience towards customers, is it simply the tone (either textual or voice), is it the lack of details, etc. ?

    Does subscribing do your service require an effort ? Can you assume your customers are lazy enough not to go through a complex process (make everything simpler) ?
     
  4. whiz
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    whiz Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Test everything you feasibly can.

    There are so many variables in this world that it can be hard to identify the cause of things, but if you try to isolate and test piece by piece, you can do good for your business and your life in general.

    I remember reading something about a company selling a product for like 49.99 for years until they tried bumping it to 84.99. They found it gave them more sales than before, and at a way higher margin.

    If they had not tested, they would still be selling @ 49.99.

    They wished they would have done it sooner. But I say better late than never.

    As humans, we love to recognize patterns. We crave stability in a certain sense. It provides security.

    But understand that you can never truly stabilize anything.

    Don't assume anything.

    Even in your example, you said you assume that people want better customer service.

    Yeah, that makes logical sense, and I'd bet that you're probably right. But you could be wrong. That's why we test.

    Maybe your target customer has deep issues with personal self worth and they're horrible with their money. They might love to be treated like crap. They might hate good customer service.

    Unlikely yeah, but possible.

    I've seen weirder...

    Test and observe.
     
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  5. whiz
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    whiz Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Just wanted to add to my post with a scenario that’s perhaps more realistic:

    Let’s take the “better customer service” example again.

    This can be perceived as any number of things. There are an infinite number of ways you can create better CS.

    Maybe you give them candies after meals (diner) or maybe you send them postcards to keep in touch.

    But for this example, let’s say “better CS” is upgrading to a text system (SMS) instead of email.

    Maybe you find that it becomes impossible to keep up with demand. People are now impatient and you don’t have enough employees to handle the new SMS system.

    Maybe customers have simple questions they would have been happy with waiting 1-2 days for an email, but the SMS system sets expectations too high.

    You answer texts at a blazing fast speed compared to your old email system, but customers are angry and they don’t care. They sent you a text. Their boyfriend responds in 10 seconds, why can’t you?

    Just trying to illustrate how there are so many angles to everything.

    I’m sure someone, somewhere, has a problem with everything.

    Test




    Sent from my iPhone using Tapatalk
     
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  6. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I wouldn’t say this is true. In a lot of cases customers just want *any* customer service, which seems to be lacking now-a-days. You don’t need to keep making it better if it’s already good enough.
     
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  7. LiveEntrepreneur
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    LiveEntrepreneur Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Makes sense. I'll test that. But my main question are there some other things that I should be testing?

    So far I got

    * price
    * customer service
     
  8. whiz
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    whiz Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Titles, images, ad copy, suppliers, time of day, shipping, blahblah

    Anything you can test...
     
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  9. LiveEntrepreneur
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    Ah ok, I am using google ads words to test my copy. I got over 80 subscribers, it's been less than 2 weeks, so I assume what I am doing is working? Though I tried to contact them and no response, and most of those aren't confirmed emails. I think it's ending up in the spam folder.
     
  10. whiz
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    whiz Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Qualify the shit out of your leads... you want a high quality list

    Know the exact subscriber you want - their name, their age, their favorite hobbies, the car they drive, what type of jobs they work, if they're cat people or dog people, what TV shows they like, etc. etc.

    For instance:

    John
    23 year old male
    He's into golf - he's not too serious but he loves to play with friends
    He drives a red Toyota Camry
    He works in IT
    He loves cats
    He loves Game of Thrones

    Although some of the details seem excessive, it's a fun experiment that really helps you get your subscriber avatar down.

    Think... if you had a shop in NYC and you could grab customers off the street for $1 each, what type of people would you choose?

    Be real specific - you'd be amazed of the ways you can target people in 2018...

    Also, know your exact funnel and what you're going to give or take at any step...

    Maybe you start by giving them a PDF that outlines how to make the best landing page possible or something, in exchange for an email.

    Then you hit them with more value and get them to complete another action, and so on and so forth...

    To be honest I've never made or maintained a list but I've read a lot about it so I'm confident I'll be ok when the time comes. After I get my lead-gen biz off the ground, I'm eyeing up affiliate-type sites/email marketing right away..

    It's all about providing value and growing trust.

    The cool part about email marketing is that you can make money in so many ways, a lot of them involve getting paid pretty much instantly after sending out the email...

    You don't even have to really ever explicit ask for anything from your list with certain models (affiliate).

    For instance, maybe you have a list of people who are super into self defense. You go to DefenseCon 2018 (made up name) and you summarize the new self-defense products that blew you away (or you pay someone that went, or you find the products and do research yourself... whatever...)

    Then you hit them with the new article describing all the new gadgets, and you load that with affiliate links...

    You're just a middleman that connects product with user. User is happy, seller is happy, you're happy. Win/win/win

    The money's in the list... the bigger the list the bigger the $$$

    Some monetization models involve jab jab jab right hook stuff (video below) and some are jab jab jab jab jab.

    You never have to explicitly ask for anything, so it looks like you're just constantly providing value without return (but in reality you're getting a kickback for being the middleman marketer...)

    There's a million ways to make a million dollars - figure out the one that makes sense for you - fail, overcome, repeat

     
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  11. LiveEntrepreneur
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    This is the part I hate lol, so much work. How the hell do you get this information? I am trying to connect with people but no one is responding to my emails.
     
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  12. whiz
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    whiz Silver Contributor Read Millionaire Fastlane Speedway Pass

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    You should have this information before you even make your business:

    1. Who do I help?
    2. How do I do it?
    3. How does it benefit them?
    4. How do I make a profit from it?

    You should be able to answer these questions, more or less, before you embark on any business venture.

    You don't have to know EVERY specific (that will paralyze you and prevent you from getting anywhere).

    But you should be able to answer these 4 pretty clearly.

    I think a lot of people try to make a product without knowing their market first... I kinda think this is backwards, especially with the data we have access to today (Google, Facebook).

    Know the market you're providing value for
    Know how you're going to provide the value
    Know how it's gonna benefit them
    Know how you get paid (your funnel)

    ex:

    Hobbyist snowboarders, starting with those that live in Boulder, CO mainly... 18-40 years old, generally male, grungy types... they like indie rock and jeeps

    I'm going to make these vacuum suction boots that perfectly wrap around their feet and they don't have to deal with annoying laces anymore

    It will save a shitload of time and give a more comfortable, secure fit that greatly increases their balance and ultimately makes them snowboard way better

    I'm going to make a prototype and contact a pro-snowboarder in the Boulder area. We're gonna shoot a video demonstrating the product. It will have indie rock and jeeps in it. Then I'm gonna run FB and Instagram ads to my demographic and shoot for sales. I'll also collect emails and hit em with offers blahblah

    blahblahblah

    I'm not gonna outline the whole marketing strategy because a funnel has so many moving parts and I've never fleshed one out for a physical product

    But when I have some $$$ and an idea, I'm gonna know every damn minute detail about my customer base

    Basically I'm saying, know your business...

    Take out a notebook and scratch away until you know everything you're gonna do
     
    Last edited: Dec 16, 2018
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  13. LiveEntrepreneur
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    LiveEntrepreneur Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    That's the thing, I decently know my target market, but I don't know their exact age because they are in all corners of the world. And how the hell do you find out their hobbies, and stuff like that? And is it really necessary?

    Also you said "How do you do it?", that's my biggest challenge. Even just in general, I understand you can't be spoon fed but sometimes it seems impossible to find the information. But I am looking a book as my blueprint. It talks about providing value, to fund raising, to having an actual business.
     
    Last edited: Dec 17, 2018
  14. whiz
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    whiz Silver Contributor Read Millionaire Fastlane Speedway Pass

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    You don't have to know every detail, just enough to target them properly...

    Facebook marketing is cool because you can type in a target market (horse riders) and then you can see alot about them. What shops they like the most, their age etc

    I would use Facebook Audience Insights to gather any data you might be missing out on

    Just get started bro

    Take out a pen and paper and write down the most important thing you have to do to get momentum

    Or make a list/plan/roadmap of the steps you have to take to go where you wanna go

    Then it's easy because now you're just reading your own instructions and troubleshooting/researching/opening a book when you hit a roadblock

    Like, if I'm opening a lemonade stand, I don't need a damn book or to watch 700 videos

    I just need water sugar lemons and a stand

    I'm super guilty of the whole "learn way more than I need to learn before starting" thing so...

    Not everybody always knows exactly what they have to do

    But just ask quality questions and youll find quality answers

    And don't say anything is impossible or even seems impossible - delete that type of thinking from your brain altogether

    99.999% of the answers you need are right on the web, and if you can't find the .001% then improvise and learn

    Google.com knows everything - its better than a magic crystal ball

    When I came into this year I didn't know shit

    Now I know shit

    Thanks Internet
     
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  15. LiveEntrepreneur
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    LiveEntrepreneur Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    The problem I face is that Google doesn't always give the answers, or most times in at least my situation. A lot of it is just clickbait, you know.... typical copywriting. The 10 "secrets", there is no secret it's just the same shit that you have heard 1 million times.

    Though one thing I hate is uncertainity when it comes to learning. Like I need to know what I am doing, I feel I am aiming mindlessly if I don't have a proper procedure. I lose some confidence if I can't find the answer. Example: My goal is to learn how to improvise on piano, though the problem is there isn't any actual guides on what you really need to learn because everyone says different things. You will hear people say:

    * Learn this certain system
    * Learn the circle of fourths
    * Learn the circle of fifths
    * Learn songs by ear

    Then comes the next challenge. And that's what exactly do I need to learn? If I was to learn how to improvise on piano the uncertainy of not knowing what exactly I need to learn will really worry me and I'll lose confidence in the process. I guess a lot is trial and error? Figuring out what works and what doesn't.
     
  16. whiz
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    whiz Silver Contributor Read Millionaire Fastlane Speedway Pass

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    You just gotta dig more...

    And ask deeper questions - don't be so general

    "How to start a business" is gonna get a ton of bullshit results

    "Qualifying leads using landing pages" might give a little better

    "Using scripts to automate URL parameters" might go even deeper

    You just gotta chip away bro

    I hear you...

    But it really is just trial and error dude...

    If you want something (a goal, a girl, whatever), you're either gonna do what it takes or not

    And 99.999% of the time you will feel uncertain

    In the past couple years I learned that you really can't predict the specifics, but somehow shit works out

    Steve Jobs said "you can't connect the dots looking forward, only backwards"

    You might have met someone in the past week that will aid in the start of your first million dollar biz...

    You really dont know shit - ever.

    So be ok with the uncertainty

    ---

    And I'm a musician so as far as improvising, just have fun bro

    If you're not having fun then you will get frustrated and you will fall out of the hobby

    Switch it up, try what works for you

    Look up chords to a favorite song

    Play a song or a rhythm track on youtube and F*ck around on top of it

    Learn all the most common chords and progressions that are tried and true

    Learn interval theory (1-7 notation)

    But like I said - be ok with the uncertainty and don't rush it bro

    I used to get into hobbies too fast and try to overload my brain and get mega good at shit real fast - it doesn't work like that

    That's how you fry your brain and start hating a hobby real quick

    I didn't really truly start enjoying music until I chilled out and stopped trying to rush it

    But just stop worrying, go fail over and over until you deserve to win
     
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  17. whiz
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    whiz Silver Contributor Read Millionaire Fastlane Speedway Pass

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    p.s.

    I agree the internet is 99.9999999% junk and full of bullshit - it takes alot of time to dig but the information is there
     
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  18. LiveEntrepreneur
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    Will try. Easier said than done. My whole thing is efficienecy and doing things as smart as possible and as effective as possible. I look in the past a lot and think "I could of done this better" or "I shouldn't of done this". I just wanted to get it right so I don't look again in 3-5 years and say "I did it wrong again" or "that was a bad way of doing it, this way is 10x faster and more efficient".

    I think though I am learning slowly that in life you have to be specific, just goals and asking questions, even stuff like marketing.

    Thanks for your advice.
     
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  19. whiz
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    whiz Silver Contributor Read Millionaire Fastlane Speedway Pass

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    No prob

    You just have to get a pen and pad and learn how to plan

    I used to just open my laptop with no plan of what I was gonna do

    Now, I take a breather - I grab a pen and pad and write down exactly what I'm gonna do... I give myself instructions

    You gotta be good at being your own boss otherwise you're gonna be a shitty employee lol

    I make sure my employee (me) doesn't slack off by making a list of instructions

    Then I just open the laptop and do them...

    ---

    Life's a bitch dude and it's really weird how shit works out - you'll get to where you wanna go though - you just gotta keep going
     
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  20. LiveEntrepreneur
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    LiveEntrepreneur Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Hey I had a quick question, I couldn't find it on Google. How do you find these things of your target audience?

    * Age
    * Location
    * Marital status
    *Income per month

    I can't seem to find it.
     
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  21. whiz
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    whiz Silver Contributor Read Millionaire Fastlane Speedway Pass

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    To be honest I have no idea if you can access this through any google database. Just do some research and find out

    You can def do this type of targeting if you’re using FB ads.

    But i don’t think these things matter too much if you’re doing search marketing

    If you have a product people actively seek then you don’t need to know anything about them really, you just need to know they’re looking for your service

    If they type “plumber near me” you know they’re probably looking for a plumber, and that’s all you gotta know really

    I mean sure, you can target high income zip codes and stuff like that, I guess. So I guess you can put in some research to know your target more and then try to incorporate into your marketing

    But for the inbound marketing/search marketing I’ve done, I never really cared

    But if you wanna do outbound (media buys, Facebook ads, etc) then you should know where your target market lives on the Internet, which forums they hang out at, etc

    You should take the time to read @eliquid s monster thread “paid advertising crash course”

    Just take time to read it and maybe take notes, it’ll definitely help you come up with a marketing strategy

    But yea, depending on what you’re selling, certain marketing strategies will be weak and certain strategies will be strong

    My latest project is a pest control client

    I don’t need to know ANYTHING about my target market besides the fact that they search “pest control near me” etc...

    Absolutely insane - the day and age we live in

    Google is like the old school yellow pages but you have so much more room to be creative and stand out from the competition

    What are you selling?
     
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  22. LiveEntrepreneur
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    LiveEntrepreneur Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    thanks that makes sense. But what is fustrating me is anytime that i search how ti findyour target market its saying you should know the age. But it dis mention if you already had an exising userbase.
     

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