Most entrepreneurs just starting out usually have a very limited budget.  It’s therefore very important for new entrepreneurs to spend money as wisely as possible to get the most out of each dollar.  When you are getting ready to launch a product or service to the rest of the world, you want to do so in the most efficient way possible that is going to attract the greatest number of people.  Today we’re going to look at how you can use Google Adwords to do some cheap, but highly effective market testing  for your next idea!

Thinking outside the box

The name of your product or service is one of the most important components of any new business venture, but is often overlooked by first-time entrepreneurs.  You should be strategic with your name selection whether you are writing a book or starting a new business since it is the name of that new idea, which will bring visitors and traffic to your website (business).  I watched a presentation from Tim Ferriss a few days ago , which demonstrated the power this strategy I am share with you for selecting the best name for your next business or product launch to assure the greatest number of people see it.  Here now are those simple, but highly effective steps:

1. Make a list of primary keywords that summarize your product, service, or the content of your product.
2. Create several Adword ads using the keywords in step #1.
3. Set the “title” of each ad to a different potential name for your product or service.
4. Fill in a short summary of your product or service in the “description” box of each ad (variations)
5. Run the ad campaigns for about 1-2 weeks
6. Analyze data to determine, which ads received the most clicks
7. Most clicked ads will then show you, which titles or names your potential users will respond to best for your idea
8. Rinse & repeat!

Tim used this strategy to develop the title of his book, which has sold millions of copies in over 35 different countries.  I often reference Ferriss on this site due to his proven track record and because his views align very often with my own.  The key to remember is to make sure you have several ads running at the same time to provide variety in your testing.  Please note that the above method can easily be used with any internet ad service.  I selected Google for this example since it is one of the more popular ad services.  So go out there and give it a try.  Then come back and let everyone else know what you think.  I hope you find this as useful as I have.