You have been struck with a business idea which you believe is pure gold but is it? You know you have to test the idea but how? Especially if you have no cash. Here are three steps to testing your idea.
STEP 1: Do research online
You need to do a macro study of your idea. Google the keywords related to your business idea on Google and Google trends. Take note of the related search terms Google offers you at the bottom of your search.
You should also do searches about the industry by looking up “XYZ industry report” or “XYZ market analysis” this will give you a good idea of the trends in the industry and if the market you wish to enter is shrinking or growing. Furthermore, you should do a study of who your competition may be. When you have the company in mind, you should look at what the company is doing in the industry and who their competitors are. You can use the following phrase to find the competitors of the company “Competitor company product vs.”
With the research, you will have a wide view of your idea and understand if there is a demand for the product or service you are looking to launch.
STEP 2: Find your customers
Now, that you have your business idea. You need to understand if the demand truly does exist by talking to your target market. You could start by talking to your friends and family. This will help to boost you. You should also be aware that they may be a bit biased, so you will have to speak to strangers. You can do this by going to a coffee shop and approaching people who fit your buyer persona or you could attend networking events where your target audience will be present. Another way to talk to potential clients is to join groups or forums online.
STEP 3: Test your product
If you are able to create a prototype you can invite your customers to a focus group and have them beta test your product. With the feedback from these sessions, you can refine your product.
You can also consider creating a landing page. It is important that you create a landing page for the minimum viable product (MVP). This will make it easier for you to produce the product should you get a good response. Your landing page should also highlight the key benefit of the product which you are producing. Another aspect to consider is to make your clients go through a few steps before you ask for their email address so that you get a qualified lead. You could do this by having the email capture page on the pricing page or on the contact us page.
You will need to drive traffic to your landing page and you can do this by creating a Facebook page or an Instagram page. You could go to groups or create a group to attract those people who would be interested in your product.
After you have done all this research, you will be well on your way to developing a product which satisfies the need of your consumers.
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