What a horrendous waste - especially considering how many other ideas there are that people will spend money on!
If you understand how to use Google AdWords, you'll never need to invest more than a few hundred dollars - or in the worst case a few thousand dollars - chasing a product idea that has no chance of working.
Let's say you've got a product idea. The product itself costs $50,000 to develop, and you're sure it's a good idea because it solves a really thorny problem.
So here's what you do: You write a report, e-book or white paper about how to solve that problem. You create an opt-in page where people can get your report in exchange for giving you their contact information.
Then you buy keywords, send people to that page and see how many people you can get to opt in.
That alone will tell you something!
And if you can't get anybody to opt-in to your report - or if you can't find keywords that people are searching for - then that's a good sign you should abandon the project before you throw any more money at it.
When people opt in, send them an email (or maybe even call them on the phone) and ask them what they're looking for. If your report is any good, they'll be happy to talk to you, and you'll get LOTS of input about the kinds of problems they're trying to solve.
It's impossible to do this and not learn some major things that you did not know or anticipate.
Not only will this process validate that you're solving a worthwhile problem, it will also fine tune your efforts so you're dealing with the real problems that real people have!
It's worth repeating: after testing your concept on Google AdWords, you'll never throw good money at a lousy product idea. And when you need assistance or investment money, you'll have proof that people are looking for what you have to sell.
The GoogleCash Method: The Safest Way to Enter a Market
A couple of years ago, an astute young man by the name of Chris Carpenter came up with an ingenius traffic-brokering strategy called "GoogleCash." Here's how this works: You join an affiliate program, in which a website pays you for sending them traffic whenever one of those visitors buys something. Then you buy clicks on Google AdWords and send people through your affiliate link. You get commission on the sales, and your profit is the difference between the cost of the traffic and your commission.
GoogleCash can be made to sound easier than it actually is. However, when you identify a good niche, a good site and some keywords, this most definitely can be made to work. It's literally the world's fastest business opportunity - you can jump into a new market in as little as 15 minutes. No inventory, no email lists - you don't even need a website.
Now here's the thing: GoogleCash is really a game of doing quick research and cutting your losses. You set up ten different campaigns in ten different markets and you get out of the ones that don't pay as soon as you've got some results under your belt.
Well this also ties back into the first part of this article, the part about testing new ideas. Before you enter a new market with your own product, why not test the market with the GoogleCash method? GoogleCash has some disadvantages (for example if you don't own the website, you can't change anything) but the advantage is you're not married to a product. You can abandon something that doesn't work and try something else.
This is a lot better than guessing! Test the water first with GoogleCash, then develop your product. The flipside of that is that once you have a GoogleCash campaign that's working, you can build your own products into it and keep even more money in your pocket.
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