The Power of Rapid Offer Testing | #028

There's no crystal ball that will reveal how your new idea, service or product will be received by the masses. That doesn't mean you have to launch blindly though.   Behold the power of rapid offer testing. If done right, the results will be as failproof as you could hope for, giving you the confidence you need to further your investment.   In this episode, Adam discusses the steps to rapid offer testing and how it can save you incredible amounts of time, energy, and resources. Episode Discussions: The best tools to use with rapid offer testing How to create a "super ad " Tips on measuring Rapid Offer Testing success The cost associated with Rapid Offer Testing (hint: it's not a lot!)   3:00 What is Rapid Offer Testing Enables you to put out a quick ad and gauge marketplace response.   2 best tools to use this with: -Facebook Ads -Google Adwords   3:23 How it Works Create a simple ad with what you're proposing to create or sell. Clearly articulate what you're trying to do and send it out to see what happens. Come up with a competing ad: tweak offer or refine it for a better result. Observe whether or not it will resonate better with who you're trying to reach. Compare the results of one against the other.   Goal: create a few different ads and offers to ultimately create a "super ad."   4:51 ROUGH guidelines to measure success: Facebook Ads: $1/CPC (cost per click) = relatively decent offer CTR (Click-thru rate)(the percentage of people who are clicking the ad): Anything over 1%= decent   The higher the CTR and the lower the CPC, the better.   7:00 A Rapid Offer Testing run through from start to finish: Have an idea or offer you want to test but uncertain of how it will be received Create a simple ad Include your offer and call to action (CTA) Check your CPC and CTR Split test: create another ad for comparison and change either headline or CTA. Make only minor tweaks and adjustments. Determine if you want to create additional ad to test against that. 08:34 To take it a step further… Involve additional market research tools as highlighted in episode #3 and through surveys.   Takeaway message: It doesn't make sense to launch blind.  Always have a basic idea whether your product or service is going to resonate or sell. Those who best understand their customers wants, needs, and desires are the most likely to win.    Mentioned in this episode: Episode #3 - Free Customer Market Research Episode #2 - The Customer Avatar   Contact Adam: [email protected]   Click here to subscribe via iTunes Modern Marketing on Stitcher Modern Marketing on Pocket Casts