Three Steps to Market Research Your Idea

You probably picture real market research as an exorbitantly expensive luxury that big companies like Proctor & Gamble do when they want to test a new scent in their liquid detergent. For regular people, market research generally means asking a couple of buddies what they think of that great business idea that hit you in the shower. But with some social media tools, a couple hundred dollars, and a little bit of creativity, you can get actual, usable data directly from your target market.

Step 1 – The Landing Page

If you’re not familiar with landing pages, you should be. Simply put, they are the pages we want web traffic to go to, usually with a single purpose. For this example, we are going to set up a Facebook page to work as our landing page. Facebook pages are simple to set up, and only require a banner image across the top, and some descriptive information about your idea.

You’ll want to add a single post to the page, thanking the people who come to your page for their interest, and let them know that more information will be available soon. You might also consider adding a contact form post, so that if you do move forward with your idea, you have the beginning of your email list.

It should take you less than 10 minutes to set up the landing page, because for the most part we’re not really interested in what happens here.

Step 2 – The Campaign

The market research magic happens with your Facebook advertising campaign. This can be done through your Facebook Business Manager, your Facebook Ad Manager, or by clicking Promote on your business page. There are variances within each of these channels, so we won’t go step by step, but the main elements we are discussing are all the same (Promote may not give you as much targeting or analytics information, so I’d recommend using Facebook Business or Ad Manager).

Create 2 or 3 different ads, highlighting different elements of your idea, each with a call to action. Facebook ads do not like text on an image, so you are best off finding a relevant image and writing some descriptive text about your service.

Once the creative ad is finished, choose your audience. This is the most important part of your market research. Think about your target market, who they are, where they live, and what their interests are, and select those groups to see your ads.

Next you’ll set your budget and duration for the campaign. Every target market is priced based on supply and demand, but you should be able to reach several thousand people over the course of a few days for less than $200.

Step 3 – Analytics

Let your campaign run its course. Remember, the purpose here is market research, not marketing optimization. We want to see a few things.

1) How many people clicked on the ads – this will show you if people are interested in your idea

2) Which ad messages were clicked on the most – this will show you what resonates best with your customers

3) Cost per click – This will help you determine, down the road, how much a lead will cost, and whether or not your idea is cost effective

Taking all the information together, you’ll have some insight as to whether or not the market is ready for your idea…and if you collected email addresses through your Facebook Landing Page, you also have a mailing list once your idea is productized.

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Arye turns complex corporate-speak into creative, understandable content. He’s a digital marketing expert who enjoys BBQing and watching baseball to unwind. You can reach him at aryezacks@gmail.com

7 Timeless Tips on Advertising from Ogilvy

You’ve probably heard of David Ogilvy and his timeless marketing book “Ogilvy on Advertising”. If you haven’t, I strongly encourage you to pick up a copy here.

I’d like to share with you a few of my favorite nuggets of wisdom that I’ve found in his book and have used for my clients, successfully, and that you can start using today to help your business grow. Let’s jump in…

Speak Visually. Create an infographic with Visme

Marketing Tip Number One:

It pays to give most products an image of quality. A first class ticket.

Marketing Tip Number Two:

Big ideas are what it takes to attract consumers to your product. (Which leads us to…)

Marketing Tip Number Three:

How to recognize a big idea.

Did it make me gasp when I first saw it?
Do I wish I thought of it?
Is it unique?
Does it fit strategy to perfection?
Could it be used for 30 years?

In a recent post I wrote about harnessing the power of mass desire on to your product, I covered why some ads run for 30 days and some run for three decades. You can check it out here.

Marketing Tip Number Four:

Positioning (what it is and what it isn’t)

Positioning is not a buzzword. Simply put, it is “What a product does and who it is for”.

Marketing Tip Number Five:

For local advertising you get [much] better results when you name the city/location in your headline.

Marketing Tip Number Six:

Recall increases by [an average factor of] 28% when you put your headline in quotes.

Marketing Tip Number Seven:

Story Appeal (use it). Add photos that arouse curiosity and entice the prospect to read the copy.

When it comes to marketing your business you have to take a unique approach, because after all, your business is unique and the problems you solve and face will be unique as well.

Copying what others do won’t get you there. Learning principles, tips and “hacks” that are proven effective will help. However, it’s up to you and your team to find the groove that makes your product irresistible to your customers.

These tips can get you some of the way there but don’t look for all the answers on the internet. Use your mind, trust your gut (you understand your business better than anyone else) and rely on the facts that can help you leverage your marketing efforts further.

When you’re creating your next marketing campaign try to remember these tips and this quote from Steve Jobs. I find it both insightful and motivating, I hope you do to!

“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.”
– Steve Jobs

How To Create Your First Hot Traffic Campaign

In the previous two articles we discussed cold traffic and warm traffic ad campaigns. If you haven’t already, jump over to those articles to get caught up.

(pro tip: hold down CTRL when you click the links to have them open in a new tab while still staying on this screen)

Now we are going to dive into Hot Traffic Ad Campaigns. This is the shortest section of the three and the last part of our funnel. Here we are going to re-market through the funnel to turn one-time buyers into multi-buyers.

Created byRobert McMillin

What’s the definition of Hot Traffic?

Mine is: “They know you, they like you and they have ‘shopped’ you before.”

If you’ve heard of the “Pareto Principle” you’ll be familiar with the 80/20 concept. Eighty percent of results will come from twenty percent of your actions. The principle applies to many things and here it applies to your customers. If you retarget throughout your funnel you’ll find that twenty percent of your customers or leads will account for eighty percent of your revenue.

This may be the shortest section in the series but it is, in my opinion, the most important.

One of the hardest things you’ll do is capture new customers for your business. One of the stupidest things many businesses do is they sell then abandon that customer in the pipeline, mark them as a conversion and move on to fresh leads.

That’s a mistake.

Many customers, once you’ve created authority and provided exceptional value, would be all too happy to purchase from you again.

Consider it for a moment…

You’ve done the hardest part. You’ve gotten them to (along with a few other things) take their credit card out of their pocket, put their info into your payment form and checkout.

Why would you not leverage this to provide more value, ascend the customer to a multi-buyer and create a scalable and repeatable process for increasing your customers lifetime value?

After considering you’re now faced with another question…

Will my business do the stupidest thing (not retarget throughout the funnel) after they’ve already done the hardest thing (capture and convert new leads into customers)?

When the it’s framed like that the answer is an obvious “no”, right? With that said…

Let’s get started with your Hot Traffic Ad campaign setup

Step 1: Navigate to your Customer Relationship Management (CRM) software and export a list of your buyers in a Comma-Separated Values (CSV) spreadsheet. All customer relationship management software has the option to export a list of your buyers

Step 2: Head over to your Facebook Ads Manager and navigate to “Audiences” like in the image below.

Facebook ads manager

Step 3: Once you’ve navigated to the “Audience” section of your Facebook Ads dashboard click “Create Audience” and select “Custom Audience” (like in the Warm Traffic Campaign) See the image below for more details.

Custom Audience

Step 4: Here’s what we’re going to do different than what we did in the Warm Traffic Campaign. We’re going to create a custom audience using the “Customer File” option. Here we’ll upload the comma-separated values (CSV) sheet to Facebook.

Here you will match the fields (First Name, Last Name, Email etc.) of your customer file. Facebook will then create a custom audience and match that data with those users on Facebook. This allows you to retarget and market to your known buyers on Facebook and gives you the opportunity to turn them into multi-buyers.

Bonus: Depending on your volume. You will be able to also create a lookalike audience of buyers. You won’t be targeting them for your multi-buyer campaign, because they are, after all, not yet buyers. However, they have a high likelihood of being buyers in the future based on the fact they are very similar to your known buyers. These would be great candidates for your Cold and Warm traffic campaigns and will have a higher probability of converting.

The Hot Traffic Offer

Our goal is to turn our hot traffic into repeat buyers. You’ve probably guessed that we’re going to be offering them additional products or services.

As an example, you sell a physical product. We’ll say it is XYZ Salad Dressing.

You know that the average person will consume the entire bottle within two and a half months. So, you could take your customer list (from Step 1), upload it to Facebook, and run an ad that says something like this…

“Did life get in the way? You forgot to re-order your XYZ Salad Dressing! Here’s 10% OFF your next bottle on us. Click Here.”

Or (still using salad dressing as an example)

“180 Times Better – Your favorite Salad Dressing just got even better! We’ve put together over 180 recipes you can make in less than 5 minutes. You’ve already got the secret ingredient, now it’s time to get the recipes! Claim your discounted Recipe eBook for $29.95 $9.95 – Limited Time Only”

You may be saying “Robert, hold up, I only have one product, what am I supposed to offer them”. If you’re wondering that very thing, my advice is to create another product. I’m positive that you and your team could at a minimum create an eBook and offer it for sale in less than a week.

Defining Success Metrics:

Cost Per Acquisition (CPA): They purchase something. (or cost per lead if you are sending hot traffic to a landing page as covered in the Warm Traffic Campaign guide)

  • Ad Objective: Repeat Buyers
  • Content/Offer: Retarget Through the Funnel
  • Success Metric(s): Cost Per Acquisition (CPA)
  • Bidding: Slightly higher than suggested bid
  • Budget: $5-$10 per day (as an example)
  • Target Audience: Previous Buyers (customer file)

To Break it Down For Ya….

Targeting: Customer file (CSV) containing your known buyers.

Content/Offer: You will be retargeting them via ads to purchase additional products or services.

Budget: In the land grab for customers this can be your lowest investment. I would recommend spending more on the cold and warm traffic campaigns and keeping a consistently operating low budget campaign running for your buyer list.

Success Metric: Straightforward. Do they buy or do they not and what is the cost to per sale (or acquisition). So, your success metric here will be Cost Per Acquisition (CPA).

For more guides and actionable digital marketing advice visit robertmcmillin.com or book me on my Book Like A Boss page for a free 15 minute consultation.