I believe, all of my readers are smart that’s why they are visiting my website regularly. In this article, we will know about Psychometric Assessment and the way we can make money with it. Please follow up with me.
What is Psychometric Assessment or Psychometric Testing?
Psychometric testing is a method of assessing people’s abilities and aptitudes. It measures how well someone performs on certain skills, knowledge, attitudes, behaviors, etc. This information helps employers decide whether someone would fit into their organization. Psychometric tests are usually taken online. Some organizations use multiple tests to assess candidates’ suitability for a particular role. These tests include things like numeracy, literacy, language, problem-solving, decision-making, critical thinking, teamwork, leadership, communication, creativity, self-awareness, emotional intelligence, motivation, empathy, resilience, adaptability, flexibility, and many others.
Psychometric assessment is a specific type of test that is used by companies to test primarily three things:
- Potential & Personality
However, it is not only companies that do psychometric assessments. You can do it on your own.
If you are not sure about life, if you don’t know who your life partner should be, if you want to know which profession will be best for you – all these can be answered with a psychometric assessment test.
How Psychometric Assessment can be a Business?
Introducing, Practice Aptitude Tests, Check out the website.
This website gives you 1000s of different types of tests to do. They have free tests and they also have paid tests that you will have to buy.
Guess how much this website makes, just by selling these tests?
Here are some statistics:
- The website receives over 500,000 visits/month (most visitors come from India)
- They rank on page 1 of Google for things like psychometric tests, aptitude tests, etc. Their primary marketing method is Email Marketing and SEO.
- On average, a test costs $29 USD/month if you want to buy – but they also have a bundle plan.
- Even at a 0.5% conversion rate (actual conversion rate might be up to 2-3%) – they receive anywhere from 1500-2500 orders/month for their tests.
- The website makes roughly $58,000-$80,000 USD/month – based on my estimation.
The best part is the whole thing is automated. You set up the tests once – that’s done. You set up the website once – it’s done. The only thing that’s continuous – is their email newsletter and search engine optimization-based marketing. Such a cool business to operate. No overhead, no drama – simple product – and it works.
I think this one can be replicated, however, if I would do it- I wouldn’t do it for the whole test market. I will be more specific. I will only target intelligence-based tests, or just employee retention tests, or just personality tests. I can also divide it by position – just tests that will help me hire a better CMO, CEO, HR Professional, Email Marketing Manager, Public Relations Officer, etc.
Once done, I will try to promote it through Cold Email Marketing, Search Engine Optimization, and Regular Email Newsletters to existing clients.