Validate your Online Business Idea in 3 Simple Steps
** Can’t wait to start your online business? This course will help you to learn everything you need to know about validating your business idea. This course covers the most important business validation topics by taking you through the application of 2 free online tools and some level of boldness to select the winning idea.
The course is taught by a Google trained and certified Analytics and Adwords Account Manager and all that is taught is based on personal experiences and experiments spanning over 4 years.
** As a bonus, the course also shows you how you can come up with business ideas that will go through the validation process. In addition, the instructor also provides a free template and a workflow document to guide you through the process**
Welcome to the Online Business Idea Validation Course
In this video I introduce you to the Google Trends user interface. It is important to understand how the platform works because in the next video we will be digging deeper using the tool.
Google Trends provides data pointing to the popularity of a search term over time and the best use of the tool comes from its ability to compare more than one search term on the same graph. The ability to plot the data for different search terms on the same graphs helps us to have a visual representation of the trends for the different terms. In our case, the search terms represent our business ideas.
Thus, Google Trends will enable us narrow down to the ideas that are viable based on their popularity and interest stability over a period of time.
Most people get to see the success of different products and different brands, but they rarely get the opportunity to see the process. In the next few minutes I will show you how to use a free online tool to validate your business idea. So you ask why you should be doing this. It is because at the making of this video guys who have so far achieved online success state that this process helped them achieve that success with proof to boot. Some of the guys who preach validation include:
Noah Kagan of Appsumo, Tim Ferris athor of the four hour work week, and Ramit Sethi of I will teach you to be rich.
In this video I will be introducing you to Google Adwords. However for our purposes and intentions I will show you how to use Google Adwords not to develop and launch advertising campaigns but instead to validate your business idea.
After this section you should have an idea of how the Google Adwords platform is organized.
In the last video I introduced you to the Google Adwords toolbox and more specifically the Keyword Planner tool and I also gave you a brief tour of the user interface. In this video I will be sharing with you a technique that is highly effective in determining the commercial intent and search volume using the keyword planner tool. Using the Keyword Planner tool you cannot see a comparison of the search groups side by side so a notepad or you favorite text editor will come in handy to jot down the result of the different searches. From that information you should be able to identify the strongest idea based on intent and search volume.
From the information gathered and some simple calculations you will be able to determine the most feasible idea out of the ones that made it to the Google Adwords analysis.
The one thing that we all do before embarking on a venture is we ask around for people’s opinions. We gather this information to help us make the best possible decision to suit our situation. For example if you want to venture into a new business or you are looking to make a major life move such as moving into a new neighborhood or a new job we always ask the people around us for their opinions or experiences. You will most definitely ask a friend, family member or relative and tell them what you are about to do. Sometimes we go as far as seeking out professional advice, you will pay for consultation in order to get the answers to your questions. By doing all this, you are trying to gather information about the risks and benefits associated with the move you are about to make. You want to know the risks involved in order to avoid them or reduce them. You also want to know the benefits in order to do the complete opposite. In this case you want to know the risks and benefits associated with your business idea. Companies know the importance of validation and they do this all the time for their products and services. They most definitely use analytical tools to get some validation data and information but they eventually end up seeking reactions and opinions from real people by exposing them to their service or product.
Thus, in this lecture you will learn how to use social media platforms to reach out to your potential customers and prompt them to provide you with information that would help you make improvements to your product in line with their expectations and needs.