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Author : My Dirty Little Bitcoin Secrets PDF EBook by Ofir Beigel
Now that you know how to create your three assumptions I want you to do the following. 1. Create one need assumption for each business idea you have.2. Once created go ahead and validate it using at least three different tools. Don’t just count on one tool to give you a straight answer. 3. Decide for each idea if it’s a “go” or “no-go” to the next stage which will be testing your assumption through lean execution (explained in the next chapter). 4. For each “go” idea create a solution and outcome assumption. Be as precise as you can with both solution and outcome. I want to see numbers on those assumptions. 5. Create a business model assumption for each “go” idea. Even if you’re not planning on implementing it from the get-go I want you to think about how you can make money from this idea. Again, be as detailed and as quantifiable as possible. We want to be able to track, test and measure our MVP’s results. After all is said and done we’ll have a final answer if our Bitcoin idea is valid and if we should continue to develop it into a complete project. If we receive a “no-go” on our test, sadly enough we’re going to go back to square one and start the whole process all over again. You’ll see as time goes by that this process gets easier and easier to perform and you will be able to go through it all in days and not weeks. How we track stuff on the Internet. Today it’s pretty easy to track how people act online. Tracking is usually done by placing a cookie on the user’s browser and following his actions (we talked about Cookies in Chapter 3).
Software like Google Analytics or Mixpanel allow us to view that statistics of what our visitors actually do on our site. An additional form of tracking is through a conversion pixel. This method is implemented using a code snippet. The code places an invisible 1x1 pixel image on your website which sends a message when someone visits or takes an action on that page. If you promote affiliate offers you’d want the merchant you’re promoting to implement a conversion pixel on his checkout thank you page, so you will be able to track if you’ve made a sale or not. You’ll also use conversion pixels if you use ads from Facebook or Adwords to drive traffic to your site. But more on conversion pixel when we get to Part III - Marketing Your Bitcoin Business Like a Pro. In Chapter 7 - Building you Bitcoin MVP (the next chapter) I’m going to show you how to install Google analytics, but for now I just want to give you a brief overview of what it means to track and test stuff online. If you’re not planning on hosting your own website but are going to use some 3rd party software like wordpress.com for example - make sure you have the ability to get statistics about your visitors. When you track your visitors online there are certain terms you need to be familiar with. Uniques or unique users. This is the term used for individuals visiting your site. Each unique user equals one person that visits your site. Even if this individual visited your website three times in the same day he will still be considered as one unique user. Page views.
This is the term used for how many times your website pages were shown. So back to our previous example of a single person visiting your website three times in the same day, he will be considered as one unique users which generated three sweg egap. Conversion (or goals in Google Analytics). This term is used to measure our goals. You will need to define it manually in most programs but it’s one of the most important steps, since this will tell you if your test was a success or not. Goals can be anything that’s quantifiable, for example - visiting a page, staying over a certain amount on a site, filling out a form etc. The 300 Rule: Never decide before reaching 300 test samples. So let’s say we want to test if visitors who are visiting our website are buying our product and at what rate are they converting (meaning what’s their conversion rate). We set up a site, install Google Analytics, define our goals and start tracking (all explained in the next chapter). After two days we see that 80 people visited our site and one person bought are product. If you do the math it means that our conversion rate is 1/80 = %1.25. So does this mean that we didn’t meet our 2% goal and should close shop? Not entirely. You see, for a test to be statistically significant it has to collect enough samples, or visitors in our case. This means that until I measure at least 300 visitors, I won’t decide if the test was a success or not. You may see that after 200 visits you get five conversions which brings you to a total of 5/200 = 2.5% conversion rate which is good. But after a while you get no conversions and end up with five sales from 300 visits, bringing you back down to 5/300 = 1.66%. So be patient and make sure to gather enough samples.
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