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Author : My Dirty Little Bitcoin Secrets PDF EBook by Ofir Beigel
I ended up with this. A Bitcoin website for beginners explaining how to buy Bitcoins with PayPal and a credit card. Pretty focused right? Now comes my favorite part - the assumptions. If you remember correctly we have three assumptions we need to make - The problem, the solution and goal, and the business model. Here were my assumptions. The problem - People are looking for ways to buy Bitcoins with PayPal. The solution and goal - If I supply people with a written tutorial about how to buy Bitcoins with PayPal at least 2% will buy at my recommended exchange. The business model - I will become an affiliate of the recommended exchange and generate commissions for each sale. Let’s prove each of these assumptions. We will start out with the problem assumption. In order to see if other people experience this problem as well I used the Google KW tool to see how many people are searching for this term each month. Here’s what I got. If you remember what we talked about before, over 1,000 searches a month is a good enough indication for me. So I had my first go. But that wasn’t enough for me, I then checked Google’s autocomplete feature to see if people where actually typing this into Google. Here are the results. Awesome! It’s the second autocomplete result after the very generic, “How to buy Bitcoins” query. So it was safe for me to say I proved my problem assumption. On to the next one. In order to prove my solution and goal assumption I had to set up some sort of a tutorial so I could test it and see if people actually followed my recommendations.
I also integrated my business assumption into this step, because if people follow my recommendations and become customers of the relevant exchange, I will get my commission. The obvious way to prove this assumption was to build a basic version of the website and test it. But I like to be super lazy if I can, so I decided only to write a Facebook note inside my Facebook profile. Here’s how it looked (you can find the original here). I also signed up to Virwox as an affiliate and made sure to put my affiliate links inside the post. It took me about 15 minutes to write this post and I posted it in two relevant Israeli Bitcoin Facebook groups. At the time there were only 800 people total in both groups. The problematic part about using Facebook notes is that you can’t track them. I also couldn’t track my posting on the FB groups. But what I could see was how many people saw the post (FB gives you that input as the original poster). I checked my stats on FB and Virwox after four hours and saw the following. 30 people saw my post in total on both FB groups. This doesn’t mean they necessarily read it, it only means they saw the link to my FB note. I got three conversions on Virwox (giving me a whopping $0.96). So even though I didn’t know my exact conversion rate, I could speculate that worst case scenario all 30 people who saw the post clicked on to Virwox and only three of them converted. That still gives me an amazing 10% conversion rate.
Now I know you’re probably thinking about what I said earlier and about how you can’t decide anything until you collect at least 300 samples and you’re right. But sometimes you won’t have the opportunity to collect 300 samples. Back then I didn’t know about all of the other Bitcoin traffic channels like BitcoinTalk and Reddit. I only knew these FB groups so that was my only source of traffic. Having said that, since I had such an off the charts conversion rate (usually it should be around 2%) I decided that even though I didn’t collect enough samples, I would move forward with my idea. So I’ve proven my solution and goal, and also my business model. But there was still one issue left - I have shown I could make money out of this idea, but I didn’t know if I could make enough money. That’s why I needed one last bonus assumption which was. Bitcoin is going to so big that I will be able to make at least $1000/month from this method. But in order to prove this assumption I would have to get some more traffic sources and to wait until Bitcoin is big enough. What I did at that point was turn to Search Engine Optimization (SEO). I wanted my site to come up at the top of the search results when someone searched Google for “How to buy Bitcoins with PayPal”. I’m going to talk a lot more about SEO in the next part of this book, but for now I’ll just say that because the competition was low I spent $80 on building a very lean and lazy website that got to the 1st page of Google in about four weeks.
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