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4 Tools For Quick
Market Validation



                            @explorics
              Aggressive Market Testing
                 Lean Startup Coaching
@explorics
www.explorics.com



@briangladstein
bg@explorics.com
about market validation
if you build it, will they come?
Market Validation:
•The first step before spending significant time and
money on product development
•Validate demand, business model
•Eliminate risk, increase reward
a “famous” example
http://www.youtube.com/watch?v=7QmCUDHpNzE
another “famous” example
  http://mixergy.com/andrew-mason-groupon-interview/


                    “All we did was we took a WordPress
                    Blog and we skinned it to say Groupon
                    and then every day we would do a new
                    post with the points embedded. It was
                    totally ghetto…
                    “It was so cobbled together. It was
                    enough to prove the concept and show
                    that it was something that people really
Andrew Mason        liked.
Founder & CEO
   Groupon          “The actual coupon…was all FileMaker.
                    [We’d] email the coupon PDF to people.
a good market validation test:

  1. Is built around a
     pre-determined
     hypothesis

  3. Doesn’t require
     much up-front
     investment

  5. Reaches Your
     target customers
     (and not the ones
     you already know)
organizing your test




          Target      Communication        Offer
         Customer        Channel

         Pain Point     Message       Interest / Value



• Define what you know, what you are testing
• Test one variable at a time
a great starting point
                                      The Business
                                      Model Canvas
                                      The whole business plan,
                                      on one piece of paper.

                                      Identify gaps, unknowns,
                                      risks – this is where to
                                      start testing.

LEARN MORE AT OUR NEXT WEBCAST
Thursday, May 10, 2012 @ 2pm ET
www.explorics.com/upcoming-webcasts
the tools
Create surveys and send them to your ideal
What It Is
             market segment.

Why You      The hardest part of surveying is finding the
Need It      right people.

             • Target market
Use It To
             • Pain points & opportunities
Validate
             • Value proposition
When to         Goal is to better define your
build a test     target market.
around it       B2C or similarly broad
                 target.
                You can narrow down on
                 specific, actionable
                 information.

Let’s See!
Access to over 40,000 experts in an
What It Is
             incredibly diverse set of fields.

Why You      A little guidance can have an enormous
Need It      impact.
             • Market & Competitive Landscape
Use It To
             • Buying & Purchasing Processes
Validate
             • Partnerships
When to         Niched, B2B, or hard-to-
build a test     reach target market.
around it       Direct sales of some sort
                 involved (inside, field,
                 channel).
                Expertise in the sales cycle is
                 valued.

Let’s See!
Users see an image (like a web page) for 5
What It Is
             seconds, then provide feedback.

Why You      Do people really see what you think they
Need It      see?
             • Key Messages & Takeaways
Use It To
             • Clarity
Validate
             • Design
When to         Goal is to measure a first
build a test     impression
around it       Broad audience can be used
                 for validation (“imagine if…”)
                You can access a community
                 for extra juice


Let’s See!
Create, publish, and optimize landing pages
What It Is
             quickly and by yourself.

Why You
             In market testing, conversion is king.
Need It
             •   Messaging
Use It To    •   Qualification of Target Market
Validate     •   Calls To Action
             •   Conversion Expectations
When to         Goal is to establish or
build a test     improve conversion
around it       Steady, online source of
                 target customers
                Multiple engagement offers
                 available
                A/B Testing
Let’s See!
recap


The hardest part of     A little guidance    Do people really    In market testing,
surveying is finding      can have an       see what you think   conversion is king.
 the right people.     enormous impact.          they see?



• Target market        • Market             • Key takeaways      •   Messaging
• Pain points            landscape          • Clarity            •   Qualification
• Value prop           • Buying process     • Design             •   Calls To Action
                       • Partnerships                            •   Conversion
Thank you!
Follow Us!                          Questions?
http://explorics.com/blog           @briangladstein
                                    @explorics
Upcoming Webcasts                   bg@explorics.com
http://upcoming-webcasts
                                    www.explorics.com
Thursday 5/10, 2pm ET
Living Lean Startup: The Business
Model Canvas

Thursday 5/24, 2pm ET
Inbound Marketing: Shifting
Budgets, Shifting Expectations

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4 tools for quick market validation

  • 1. 4 Tools For Quick Market Validation @explorics Aggressive Market Testing Lean Startup Coaching
  • 4. if you build it, will they come? Market Validation: •The first step before spending significant time and money on product development •Validate demand, business model •Eliminate risk, increase reward
  • 6. another “famous” example http://mixergy.com/andrew-mason-groupon-interview/ “All we did was we took a WordPress Blog and we skinned it to say Groupon and then every day we would do a new post with the points embedded. It was totally ghetto… “It was so cobbled together. It was enough to prove the concept and show that it was something that people really Andrew Mason liked. Founder & CEO Groupon “The actual coupon…was all FileMaker. [We’d] email the coupon PDF to people.
  • 7. a good market validation test: 1. Is built around a pre-determined hypothesis 3. Doesn’t require much up-front investment 5. Reaches Your target customers (and not the ones you already know)
  • 8. organizing your test Target Communication Offer Customer Channel Pain Point Message Interest / Value • Define what you know, what you are testing • Test one variable at a time
  • 9. a great starting point The Business Model Canvas The whole business plan, on one piece of paper. Identify gaps, unknowns, risks – this is where to start testing. LEARN MORE AT OUR NEXT WEBCAST Thursday, May 10, 2012 @ 2pm ET www.explorics.com/upcoming-webcasts
  • 11. Create surveys and send them to your ideal What It Is market segment. Why You The hardest part of surveying is finding the Need It right people. • Target market Use It To • Pain points & opportunities Validate • Value proposition
  • 12. When to  Goal is to better define your build a test target market. around it  B2C or similarly broad target.  You can narrow down on specific, actionable information. Let’s See!
  • 13. Access to over 40,000 experts in an What It Is incredibly diverse set of fields. Why You A little guidance can have an enormous Need It impact. • Market & Competitive Landscape Use It To • Buying & Purchasing Processes Validate • Partnerships
  • 14. When to  Niched, B2B, or hard-to- build a test reach target market. around it  Direct sales of some sort involved (inside, field, channel).  Expertise in the sales cycle is valued. Let’s See!
  • 15. Users see an image (like a web page) for 5 What It Is seconds, then provide feedback. Why You Do people really see what you think they Need It see? • Key Messages & Takeaways Use It To • Clarity Validate • Design
  • 16. When to  Goal is to measure a first build a test impression around it  Broad audience can be used for validation (“imagine if…”)  You can access a community for extra juice Let’s See!
  • 17. Create, publish, and optimize landing pages What It Is quickly and by yourself. Why You In market testing, conversion is king. Need It • Messaging Use It To • Qualification of Target Market Validate • Calls To Action • Conversion Expectations
  • 18. When to  Goal is to establish or build a test improve conversion around it  Steady, online source of target customers  Multiple engagement offers available  A/B Testing Let’s See!
  • 19. recap The hardest part of A little guidance Do people really In market testing, surveying is finding can have an see what you think conversion is king. the right people. enormous impact. they see? • Target market • Market • Key takeaways • Messaging • Pain points landscape • Clarity • Qualification • Value prop • Buying process • Design • Calls To Action • Partnerships • Conversion
  • 20. Thank you! Follow Us! Questions? http://explorics.com/blog @briangladstein @explorics Upcoming Webcasts bg@explorics.com http://upcoming-webcasts www.explorics.com Thursday 5/10, 2pm ET Living Lean Startup: The Business Model Canvas Thursday 5/24, 2pm ET Inbound Marketing: Shifting Budgets, Shifting Expectations