How can you test your Revenue Formula for under $500?
- 8 methods: you can do each for under $500
with no outside help -
Option A: In 5 minutes or
less, you and I can generate
ideas you'll like and can use plus an email outlining what was covered. How
you can prove to others for less than $500 that your business can profitable
generate revenue? That's the challenge we should complete in less than 5
minutes. The cost for the 5 minutes is $ 0.00.
How will you generate revenue when you launch a new business or a new
product? Second to "Vision", the "Revenue Formula" is the
most important as you can read in the document, "10
Keys to a Business Plan that Gets Funded,"
Skeptical?: How could you possibly do marketing before you start
your business? Which of the following under $500 projects might
work for your product(s) or service(s):
- generate orders using
direct response - This is appropriate for products under $70. Postal
mail is usually best. Publication inserts and Radio can also practical
for under $500. - on you own? -
- generate qualified leads using 2 different offers to compare.
Then call respondents.
- pay for cold calls on the Core Buyers, the people or
organizations for whom what you offer has the highest impact
- run banner ads on the web for under $200 (to generate leads)
- send content to
targeted Opt-In Email address participants
- to "buy keywords and phrases" used at search engines
- to give something very similar or the same away as what you
will sell to core target customers for their frank feedback
- to run classified ads
I've been actively involved in creating and improving revenue
formulas of all kinds from launching new shoe styles at Florsheim to $20,
$40, $100 and $200 direct response items, products, and services with price
points of $500, $200, $10,000, $50,000 and $250,000.
As an entrepreneur who bootstrapped from $1,000 and a $10,000 to $5 million
in revenue then raised capital and eventually publicly traded at over $30
million in revenue.
For more see my Bio
Option B: Learn
and implement yourself.
For all Testing: To keep your total cost low and the value of
the findings from testing high, you will want to go through a few iterations
of your "value proposition" with an "advice panel". Once
you have their feedback, proceed to the real testing -- like a direct mail
Control and Experiment.
Before any market test:
- A Full Offer,
Control: Start with a very
rough draft of a full page ad. Call it your "Control" for now.
- A Full Offer,
Experiment: Next make a
derivative, usually with a very different headline and appropriate
lead-in copy. Call it your "Experiment."
- More Value-Props: Your 3rd item is a page with several
different offers including the headline and either a narrative to
explain further to the reader.
- Advice Panel: All 3 items are put in front of
whoever you respect that will take the time, at least 3 to 5 marketing
experienced people or instead 10 or more among those targeted as
customers. These mock customers can be friends who identify with the
needs even if they do not currently have a relevant need.
- Iterate with Panel: Use the feedback from the Advice Panel to
iterate with them. Create new or revised versions of the Control
and Experiment. The new Experiment may even be a different value
proposition from the prior one, a value proposition (the headline plus
the explanation) from your
"More Value Props."
- Your Real Test: Your test with a meaningful number of
potential customers should use both the Control and the Experiment value
propositions that result from your Panel interaction. When you have a
very abstract and high priced offering (product or service), even your
Real Test will need to explore, to iterate and to refine your value 2
Ask by email and name
the approach you want to know about like classified ads or cold calls: What
are very good reference materials about ...
Or call for 5 minutes to sort through your particular plans and issues.
want to See
for 50%+ growth in Major Account Revenue without increasing budgets
to a Business Plan that Gets Funded