Not enough market research
As entrepreneurs it’s easy to fall in love with an idea about how well your products are going to sell. Just build a better mousetrap and they will come. Well, in the online world that’s like waiting up all night to catch the tooth fairy. It’s just not going to happen.
Most entrepreneurs start an online business with the belief that their idea is going to be worth millions right out of the gate. But if you do the market research and look at the facts, you might discover that your idea is not going to work. In this case it may be better to ditch the idea in the planning phase than to waste time and money trying to make it work.
When you are doing market research make sure your find multiple people selling something similar to your product. That’s proof that other people have made it work and you can to.
Next, you need to visit their site to sign up for their email list and buy their product. Take note of the different products they offer for sale in their funnel.
Once you have this research together you will better understand the market dynamics and what you’ll need to have in place to compete successfully with them.
Not focusing on 1 thing until it’s done
Now that you have your market research done and have proof of concept that there is a healthy demand for your product, you need to focus on creating the product until it’s done. That means 100% done, not 99% done. As online entrepreneurs it’s easy to get side-tracked by bright shiny objects that are designed to make you part with your hard earned money. You can’t sell anything until you get it done. Don’t try to do multiple projects at once because it will just slow you down. Plus, you only need to have one front-end product completed to build your business.
Not using your own domain
You can’t judge a book by its cover, but you can judge an online business by its domain name. A lot of entrepreneurs will be pound wise and penny foolish by using a free hosting account or a shared domain name. That’s a sure sign of an ameteur. Your domain is your storefront. Make sure you have a self-hosted domain that reflects your business. Plus, the right domain name will inspire confidence in your buyers.
Not building your email list from day 1
The life blood of your business will be your email list. Think of them as your own tribe and you are their fearless leader. It’s up to you to lead them to whatever results you or your products deliver. Never be afraid to email your list because you know you are providing value.
Make email list building your first priority as soon as your site is live. I would suggest you use Aweber for your email marketing. They have a crazy deal where you can get 30 days free. Even if you don’t have your products ready for sale, still get an email form to capture emails on your blog.
Not building out your funnel
Now that you have your email capture up and running it’s time to review your market research to see what and how your competitors are selling their products. You need to really look at how they are positioning their products to the market. Are they the Cadillacs of the niche or do they have the Walmart mentality. You have to figure out your positioning before you create a product.
You also need to look at what types of funnels your competitors are using. Are they losing money on the front-end to acquire a customer only to promote high ticket items to them next week? Do do they make enough money from the front-end sales that they don’t have a back-end funnel. These are important details you need to consider.
Not focusing on recurring income
Even if you’re only selling 1 item, look at how you can take that one time sale and turn it into repeat sales. Or better yet offer some kind of continuity program to create recurring income. Often this is done with a product of the month, membership sites, newsletters, or product refills. This will be the source of the bulk of your long-term income. Plus, if you consider selling the business the recurring income and the email list will be the assets that buyers want the most.
Not wanting to spend money on advertising
This is where most entrepreneurs trip themselves up. You have be willing to spend money to get your offer in front of your target audience. It is just like in real estate– location, location, location. You can’t make sales if buyers never see your site. Paid traffic should be a line item on your cost of doing business. The entire internet is based on the model of using paid traffic.
Trying to do the techie stuff yourself
I’m a victim of this myself. I can’t count the times I should have spent my time growing the business instead of tweaking some code on the site or in the shopping cart. Don’t spend your time doing techie things. Technology is hard to learn, and often you will only use it once or twice. But technology is easy and cheap to outsource.
Go to AdWords.com and click on Sign up. Here you can either sign up with your existing I.D. or just login with your Google Account.
When you login to your AdWords Dashboard for the first time, you’ll see the screen that is shown above. Here you’ll have to give some details like your Email Address, Country, Time Zone and Currency. Make sure you give all the correct information here because once it is saved you won’t be able to change them again.
After you click on the Save and Continue button, you’ll see this screen. Either you can click on the “Create your First Campaign” or just go through the other checklist to learn more, then return to this step.
You can input the Campaign name in the specified text field. Make sure that you name the campaign in such a way that you will be able to easily identify what your campaign is about.
Make sure you choose “Search Network only” if you want to show your ads on the Google Search Engine. Don’t use Search Network with Display Select since you won’t be able to optimize the campaigns easily.
After Choosing Search Network Only, you’ll see some different options to choose from like “Standard,” “All Features,” etc. Make sure you choose “All Features” if you do not want to run ads for different types like “Mobile App Installs” and other options which will be discussed later on.
On the next tab, Google will ask you, if you want to include search partners or not. It is optional, so it depends on whether you wish to include them or not. We recommend that you use it.
As you scroll down, you can see the Devices tab where you don’t have any options to choose from. In the next tab, you can choose the location you want to target. Click on “Let me Choose” and then enter the country or region which you want to target.
The Advanced Search option will be discussed in the next Screenshot. There are some location options from where you can choose the option best suited for you.
When you click on Advanced Search, you will see the dialogue box as shown in the above screenshot. Clicking on “Radius Targeting” will give you an option to set a radius around the region you have selected.
On clicking on “Bulk Locations,” you can list around 1000 locations to add. This is the best option to choose for adding multiple locations at one time.
After you return from Advanced Location Options, the next tab will be for the Language you want to target. Keep in mind that Google will use the Google Interface as the language targeting. For example, if you target French, your ads will be shown to those people who use the Google.com.fr domain
Next is the Bid Strategy, in which you have two options. Under Basic Options you’ll see “I’ll manually set my bids for clicks” and “AdWords will set my bids to help maximize clicks within my target budget.” We highly recommend you select the first option, since the second option proves to be an expensive one.
Next you have to set a default bid. The minimum you can enter is $0.01. After this you have specify the budget for this campaign.
When you click on Advance Options you will see two more options to choose from which are “Enable Enhanced CPC (ECPC)” under Focus on Clicks. Based on your conversion tracking data, ECPC bidding can raise your bid up to 30% (after applying any bid adjustments you’ve set) for clicks that seem more likely to lead to conversions and can lower your bid as much as 100% for clicks that seem less likely to convert.
Next is Focus on Conversions where Google will use CPA bids provided by you and will try to get you a conversion within that stated bid.
NOTE: Both of these features become active only once you have around 15 conversions in the past 30 days.
Next you should see the Delivery method in which you have 2 options: “Standard” and “Accelerated.” If you select Standard then your ads will be shown evenly throughout the day hence, your ad may not be shown every time someone types in your keywords. Whereas if you select the Accelerated option, your ads will be shown every time a keyword is entered, which triggers your ad. This means your ad will be shown frequently until your budget is exhausted.
Next you will see the Ad Extensions tab. Ad extensions are a type of ad format that show extra information (“extending” from your text ads) about your business. Some can be added manually and others are automated. Let’s discuss all of them in the following screenshots.
Location Extension helps people nearby find your nearest storefront or give you a call. When you click on the extension tab, a new dialogue box would appear as shown in the screenshot. You need to click on “Add Location” to add your physical storefront address.
The Sitelinks extension helps you add links in order to help people find what they’re looking for. These are links of your website that are shown below the ad. You have to click on New Sitelink to add the sitelink to your campaign.
When you click on “Add Sitelinks,” the screenshot shown on the left will come up. Put in all the details about your link and click on “save.”
After adding all of the sitelinks, your ad will look the same as shown on the right side above.
The other Extensions can be added the same way. It is highly recommended to use Ad Extensions as they make your Ad look heavy and also have an effect on the Quality Score.
Next under Advanced Settings you would see the Schedule tab where in you can schedule your ads according to your needs.
Under Ad delivery: Ad rotation, you would see different options to show your multiple ads. AdWords has explained very well on the page itself, how all of the options work.
After setting up everything just click on “Save and Continue” from where you’ll be redirected to create an AdGroup for the Campaign.
The first step is to name your AdGroup in such a way that it will be easy for you to know what kinds of keywords will be in this specific AdGroup.
After naming the AdGroup, you have to create an ad. There are many guidelines for making ads which can be found here: AdWords Guidelines
You need to keep the Headline within the 25 Character limit and DL1, DL2 and Display URL under the 35 character limit. Do not forget to add a call to action in the DL2 and always try to end the Description Lines with either a full stop or an Exclamation Mark whichever seems relevant.
After making the Ad Creatives below, you’ll find a Dialogue box where you have to add the relevant keywords along with the match types.
NOTE: We have prepared a separate Keyword Research Checklist. Go through it to get more information on how and what type of keywords you can choose.
Next you have to set up a Max CPC Bid, which is the highest price you’re willing to pay when someone clicks on your ad. You’ll input an initial bid, but you can change your bid as often as you like.
After Clicking on “Save and Continue” you’ll be redirected to billing settings if you are using the account for the first time. You just need to put in your basic information and mode of payment through which you wish to pay Google for the advertisement costs.
After completing all the options stated above, your account would look like this.
This was a basic setup of an AdWords account. We will dive into deep details on how to use AdWords Editor to make bulk changes on the account.
Hey, this is Charles Kirkland, co-founder of the Media Buyer Association. Today we’re going to be talking about wearable technology. And you say, Charles. This has nothing to do with media buying. Why are you changing the subject on me? No. This has everything to do with media buying. It’s a little Jawbone. It’s blue. It costs a hundred something dollars. I’ve had it for quite a while, since they first came out.
Who are the people buying this stuff? Well, typically, upper income individuals who are health conscious. I don’t know about you, but I think those would make a great group of people to target. If you’re looking at that, start thinking about this. These things are only becoming more and more popular. The Apple watch recently came out. Samsung, all of these people, are going to have tons and tons of opportunities to have wearable technology. The question I am asking you is, are you targeting these in your campaigns.
If you want to go ahead and start targeting people that own these types of devices, just even through Facebook, you could target them through Twitter for that matter. By targeting these people, you’re typically dealing with a better quality prospect. And if you’ve got a health related product, great opportunity there, or anything athletic related.
So, with that said, are you targeting smarter? Are you going after these people, or are you just continuing to target the same group of people and hoping your campaign’s going to work. Target people with money, you’ll find it’s easier to sell things.
Anyway, this is Charles Kirkland. Hope you enjoyed it. And as always, if you’re not a member of the Media Buyers Association go ahead and grab your free account below. Click the link below, and I’ll see you on the other side.