FBC – 283 – How to find your own personal goldmine

Today, we are going to talk about the process you need to follow to find your very own personal goldmine. Yes there is a method and a logic to it and we are going to cover that in this episode. This is going to separate you from the people who give up inches from the Promised Land…

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When you're running campaigns to basically get some people in the door and stuff. It's very frustrating. And it's very hard to wrap your mind around the fact that your first campaigns are not going to be profitable. But this is something you have to understand and to accept and to, well, actually implement.

So, when you are looking for your ideal customer or you're looking for customers, you have to understand that there is the first phase and it's the discovery phase. OK. So this discovery phase is expensive. It is expensive, but it does one thing. It helps you discover stuff.

Because. Let's say you have 100 people and in the beginning. You don't know who's likely to buy your stuff. So you need to do some questioning or something before you can actually find who's actually super motivated. And that takes time. You have to question everybody, and take them to lunch, etc. until you identify the good ones.

The beginning of the campaign, as frustrating as it might be, is a discovery. So you're going to need to accept the fact that you are going to spend money. You're going to overspend. You're going to pay more than what you should, because that will give you the knowledge.

You know what? I've found two people that I need in these hundred people and then afterwards, once you get these, this is how you make the big bucks. And it's a simple thing when you're running ads.

So just to give you an idea of what I'm doing, I'm using a platform. It's called Isoprene. Pretty cool platform. I'm going to, you know, put a link in the podcast for you.

But on this platform, you can track everything. You can track the country, the region, the city. You can track which network operator people have, like T-Mobile or something like that. You can track what time of the day they're connecting and converting. You can track all sorts of things. It's absolutely insane. All right.

So in order to track down and to have a cluster of data reliable, then you need to send some data there, you know, and the data you will actually cost money.

How to find your own personal goldmine

So right now, I'm running some campaigns and I've been able to identify people. So I know they're running on mobile, but they don't want it on tablet. They're not converting. So I can skip the tablets. Right. Then afterwards, I realized that the conversions I had were on, I think it was T-Mobile.

So I'd just shut down all the other ones. And then I looked at when are people converting the most? So I'm not saying that every single conversion came at that time, but the majority. So it came between, I don't know, like six a.m. and 10 p.m. or something. So I will focus only on this.

And I'm refining, refining, refining until afterwards when I'm running the campaign. It's going to be a success. And down the road, I'll be able to recoup the money that I spent doing the testing. And this is something that’s counter intuitive.

You have the impression that you are wasting money. You're not wasting money. You're getting knowledge. You're getting data that will help you make a lot of money afterwards. OK. So that's very important.

So one other thing that I'm doing is from what I heard about some statistical data of some people running ads and stuff. And they said that the most profitable or profitable states in in the U.S. were X, Y, Z and stuff. Which is not something I actually thought about because when you want to run an AD, what do you do usually?

You know, some people do just globally, bam. You know, let me target everybody. If you know your stuff, you're going to focus on one specific country. But within that specific country, you can actually and especially the U.S., you can drill down by state that you could actually drill down by city as well.

I mean, there are some cities where people have a lot of money there, millions of people in there. You could drill down just to these cities there, but you could start with the states.

Because there are some states that convert better than others. So what I did was I focused on a few states and once I have the data, now I've optimized the campaign and it's scheduled to run during the timeframe that I specified.

So I will see the results tomorrow morning. It seems to be converting well. So I've excluded all the mobile carriers that I didn't want, the times that I didn't want and stuff like that. And then afterwards, if it works, then I may extend to another state to see if I can convert more, because that data works the same way on the other states and stuff like that. And eventually I might end up covering all of the U.S. or something like this.

But this is the kind of things that you can you can do. But you have to understand, in order to be able to get that data, you will have to spend some money, to be able to acquire the knowledge. And then this is knowledge that you have forever. Right?

But, yeah, it's very interesting stuff, to be honest.

And I really don't think that its money wasted. Sometimes you might come across people saying, oh, you know what, I have this campaign. The campaign is killing it. I'm on top of the world and stuff. And people will tell you, dude, oh, you're so lucky. Right.

So I want you to understand that there is no luck involved. It’s testing and knowledge of the customer base in the beginning which will lead you to your own personal goldmine.