marketvalidation

Do you want to know how to validate your product cheaply and easily?
I’m going to show you top 3 strategies that you’ve probably never thought about, in this video!

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In this episode, we will be talking about CHEAP and EASY PRODUCT VALIDATION.

The Ecommerce industry is getting bigger and bigger, and everyday there are always new online stores set up by business owners who want to try their luck in online selling. They create a Shopify store, run some Google Ads, and wait for results. These are also the type of people who easily get scared and quit Ecommerce if they don't see any sales after spending $300 on their ads.

This happens all the time! But there are hundreds of ways to make sure you there is a demand for your product, before you even spend a dollar.

Yes! You read it right! I will show you how to validate your product without having to shred hundreds of bucks from your bank account! I’m going to talk about 3 SUPER EASY product validation process that you can use to test the market demand of your product.

How to Test Product Market Fit:

1. Talk to people in real life.
No one even thinks about this because they’re so focused on making money online that they forget that they’re dealing with REAL people. It might sound weird to just talk to random people but you will be surprised at how open people are as long as you are polite and positive.

2. List your product on eBay.
You don't need to setup a new website and you wont have to pay eBay anything unless you actually sell. Just create a new listing and get your product up there.

3 Set up a basic Shopify website and track interactions
You can start by posting the website into Facebook groups and forums where your ideal customers hang out. Make sure you contribute to these groups and add value before getting them over to your site. Add value first and don’t just spam.

💁 HELPFUL LINK:
FREE LIVE CHAT SOFTWARE - tawk.to

🎥 Watch the video version of this episode here: https://www.youtube.com/watch?v=3x7822CnkPc

✅ For tips and tricks on growing your Ecommerce store remotely make sure to subscribe: https://keycommerce.com/Subscribe

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#ProductValidation, #ProductTesting, #MrSamBaldwin

In this episode, I'm going to talk about an amazing strategy for validating your products for your Ecommerce store and saving a tonne of time and money figuring out what your customers REALLY want.

🔴 Subscribe to my YouTube channel for more tips just like this: https://keycommerce.com/Subscribe​

Want to test the market demand of your product? In this episode, I will talk about how to validate your product by selling at local markets.

Performing market research is a powerful way to start your Ecommerce store because you can save so much time and money during the initial phases. And amazing strategy to do this is by selling at local markets.

Selling at local markets is an incredible product validation testing method to identify the market fit of your new product idea. This strategy will help you find out exactly what your target are looking for.

This product validation process only takes a small amount of effort but it’s worth it because you will save months of time that you would have spent collecting data and thousands of dollars in ad spend.

Product testing in local markets are just one way to talk to customers. But the important thing is that you are having a two-way communication with your customers: You talk to them, they talk to you.

Ask the right questions to find out what their big problems are and craft your product to solve your customers' problems!


🎥 Watch the video version of this episode here: https://www.youtube.com/watch?v=SFTwJkAgs2E

✅ For tips and tricks on growing your Ecommerce store remotely make sure to subscribe: https://keycommerce.com/Subscribe​

--------------------------------SOCIAL--------------------------------

📝 Key Commerce Blog - https://keycommerce.com/blog​

👥 Facebook: @MrSamBaldwin

🐦 Twitter: @MrSamBaldwin

📸 Instagram: @MrSamBaldwin

#ProductValidation​, #MarketResearch​, #MrSamBaldwin

On this week's show, we will wrap up the series of shows on the innovation framework known as FIRE. We will discuss the part of the innovation framework known as execution. Execution is composed of making your best ideas into something real. 

Execution

I have used the FIRE (Focus, Ideation, Ranking, Execution) framework for more than 20 years, and thousands of organizations use it. Focus is defining where your problem area is. Ideation is the process of creating ideas to address your problem areas. The process consists of individual and team ideation, which, when combined, generates 30% more ideas than when done individually. Ranking is where you prioritize your ideas. This process is through dot/wow voting and criteria ranking.

Execution, the last element of the FIRE framework,  is how one turns ideas into innovation. Done through two phases; it involves testing and validation and launching the MVP (Minimum viable product). Execution is not easy. 92% of CEOs say innovation is critical to their organization, but only 35% of them have confidence in executing these ideas. 

What to Expect

In my opinion, innovation consists of ideas made real. One quote I repeat all the time is, "ideas without execution are a hobby, and I'm not in the hobby business." At this point, you've ranked your ideas, but need to figure out how to make these ideas a real innovation. Going into this, you won't know all of the answers. Expect a very messy process because there might not be a clear path from point A to point B.

It would help if you were adaptable and ready to learn things. It would be best if you innovated around the idea frequently. Be ok with an unexpected outcome, as it is an experiment. Innovation projects have to be measured differently than a typical product development project. One of the measurements of success is learning throughout the process. Stay away from innovation antibodies. Innovation causes conflict, prompting these antibodies to come out. These include ego response (stepping on someone's toes), fatigue (people who have tried and failed at it before), no risk response (CFO or legal counsel), comfort response (we don't need to change). 

Steps of Execution

The first step to making an idea real is creating the pitch. The pitch is your way to tell the story around your idea, also known as strategic storytelling. The key is to tell your idea's story so that they see what life will be like when your idea is delivered.

The second step is to create the funnel. There are four funnel gates: market validation, customer validation, limited launch, and global launch. The key here is to convey the point that not all the ideas will go forward. Market validation is where you ask if the problem exists. One way to do this is through gorilla idea validation. Talk to people you don't know to get brutally honest feedback rather than people you know, who might tell you what you want to hear. Customer validation is where you see if your idea solves the customer's problem.

I use the Michelle test. I would take a product we built at HP and bring it home and leave it on the counter for my wife. She would take it out of the box and use it, giving it her honest evaluation. My wife is not a technology person to receive some solid feedback from a different perspective.

A limited launch is where you launch in a limited space. I use the buy test to build a product and advertise it, putting it into retail stores like a real launch. When people try to buy it, you give it to them for free in return for their feedback. Global launch is where you put your pedal to the medal and push the product out. At this point, you've gone through all of the steps and should have confidence in your product's success. 

Summary

This week's show focused on taking all of your ideas and making them real. Many innovators have great ideas but struggle to find funding. There could be an issue with their pitch. Learn and readjust the pitch, and understand all of the elements that go into it.

When Steve Jobs and Apple worked on the iPhone, the product was ready three years before the launch. They knew that they needed to wait to get a faster processor and another generation of touch screens. They had the discipline and patience to wait, which paid off in the long run.

I use the lean canvas to help me and my team stay on track and stay focused. The innovation lean canvas is in place of a typical plan. It is an overview of the critical areas at a glance, which frequently updates as the product evolves. We will discuss the lean canvas in a further episode of the show, so stay tuned. 

Check out the Disruptive Ideation Workshop here to teach your team the FIRE framework.

In this episode of Small Business Connections, Ann talks with the Founder, President and Chief Finacial Fitness Trainer of Bissett Financial Fitness, Inc., Tracey Bissett. As a financial detective, Tracey wants to help as many people be as profitable as possible. Tracey shares that money can be harnessed and used as a tool. It is important to quantify financial issues as it permeates every aspect of your life.   

We discuss:

Common Biz Money Mistakes

What Entrepreneurs are Doing Right!

What Entrepreneurs Need to Be Accountable For

Cash Flow is Key

How to Price Your Offer

Plus, more great tips!

Tracey is passionate about taking the mystery out of money, helping her clients understand and improve their level of financial fitness with the goal of increasing confidence and utilizing their financial skills to become successful in their financial lives. Tracey has a money meeting agenda download you may access as a benefit of listening to this podcast. Just go to BissettFinancialFitness.com (linked here in the show notes)

Tracey lives in Toronto, Ontario, has a really cute dog, Rosie, loves live music and enjoys rollercoasters. 

Tracey's Favorite Books of Business

Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones by James Clear

There's No Plan B for Your A Game: Be the Best in the World at What You Do by Bo Eason

Ann's mentions-

The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business by Mike Michalowicz

Reminder: September is Suicide Prevention Month and Ann shares the important message of her Charity, Burgers & Bands for Suicide Prevention - You Are Not Alone. Sometimes the hardest part is asking for help. Please ask, there is help available. Being an entrepreneur can be very lonely. Don't go it alone, ask for help.

The Small Business Connections Podcast is hosted by Ann Brennan, owner of ASMM Digital Marketing. The podcast was created to help her clients build a community around their brands. Since its inception, the podcast has grown to include guests from around the world and has been listened to in over 20 countries.

Thanks for listening and be sure to subscribe.