As a Malaysian, I want to say that we are lucky to be in Malaysia (in many ways). With the huge differences in exchange rate between Malaysian Ringgit and US Dollar, the entrepreneurship industry had skyrocketed to new heights. Entrepreneurs in Malaysia are coming up with new ideas to penetrate not only the local market, but as well as overseas markets especially in the United States and Europe.
Of course, this leads us to one question — how to test a product idea? Marketing Lancers is a digital marketing agency in Malaysia that specializes in social media marketing and we had helped a number of companies in Malaysia in idea testing and generation through social media platforms such as Facebook.
So, let's dive deep into the topic today, how to test a product on Facebook.
How To Test A Product Idea On Facebook?
I love doing product testing on Facebook because it has a wide database of users and I can easily reach out to thousands of potential customers in just a matter of days (not months).
1. Determine the targeted audience
You should have done your market research to find profitable products by now and your first step is to determine the targeted audience to test your product on Facebook.
A target audience should be specific in terms of:
2. Prepare an advertising budget
Do you know that having a fixed advertising budget is critical when you are testing a product on Facebook? An advertising budget will ensure that you don't overuse or under allocate marketing budget which can affect your ads performance dearly.
Do you know?
Most companies in Malaysia doesn't allocate sufficient budget for advertising. As a matter of fact, most of them only allocate a couple hundred of Ringgit just for the test. If you want to run a successful advertising to test product on Facebook, you need to allocate at least RM 1,000 to ensure that you reach the right audience and generate sufficient data to analyze at the end of the testing period.
3. Preparing visuals and content for advertising
The next step is pretty straight forward. Take sometime to prepare visuals and content for advertising because if your content is not good, you are not going to get much response.
Visual creation must be good (that attracts clicks) and content must be specific so that your product test will resonates perfectly well with the intended audience.
4. Scheduling ads
"How to test a product on Facebook?" — The test must run at least for 14 days and if you are selling high ticket products, allow the ad to run on a much longer duration.
In most cases, we see a lot of companies in Malaysia run Facebook ads for just a few days which is not sufficient to garner attention and getting the results they are looking for.
Therefore, scheduling ads with a longer time frame will allow your ads to get better interaction and reach a wider audience.
Bonus
When it comes to testing a product on Facebook using paid ads, you should schedule at least three variations to get the best results. Most companies do this make by only running one variation. Click here to ask us more about Facebook ads variation.
5. Analyze the results from your test product
After testing the products on Facebook, you should collect and analyze the results. Diving deep into the results will give you an idea on the business potential and opportunities, as well as the challenges you will face.
Always remember that you need to understand the consumer's mindset before you can successfully win the sale.
Summary
I hope you find this guide about "how to test a product on Facebook" useful and leave a comment on what you think.
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