12 Jul Will It Work? The Ultimate Guide To Testing Your Idea
All of us have ideas and for me, that’s around 10 a day! But how do we know which ones are going to work?
Well if you’re serious about starting your own business or you want to expand into a new area, you want to test it first. The biggest challenge is taking action on your idea in the first place, so if you’re already taking action, congratulations! Now, lets make sure we’re taking the right kind of action…
First off, don’t overcomplicate it! Keep it simple so that you can start to get some real, live feedback which will help you decide whether this path is for you and how you can make that path as smooth as possible.
Right, keep your computer on because the very first thing I want you to do is test that people will pay for your product, service or solution, before you even start! In our online course training we call this your MVP (Minimum Viable Product).
These are my 4 steps to test any business idea online and it works for any business, whether you have a product or a service.
1. Set up a landing page ‘test’
Landing pages have traditionally been used for data capture, which we are going to do, but for this, we’re doing more than just that.
Key things that an experimental landing page needs:
- A price point. If you don’t test this, we won’t know whether our target customer will actually buy from us or not. Will they see the price and click through or click away? Dependent on results, you can then split test different pricing to see which one converts best.
- A call to action (CTA) – what do you want your prospective customer to do next? Be really clear about it and only give them ONE option. Choice is the enemy of decision.
- Demonstrate that the product or service is already in existence. People are skeptical as there is a lot of ‘noise’ out there – your job is to make them feel secure. A short testimonial is a great way to do that and wherever possible, include a photo of the person who has given the testimonial.
- Great copy. The key here is to keep it simple, but powerful. Be clear about the product / service and describe what it’s going to DO for your potential customers, not just how great it is!
NOTE: You can build a quick and easy landing page over at Leadpages.
2. Find your audience
OK, so now you’ve got to find the people to test your landing page on. There are some great ways to do this – with or without a budget. First off, share in any Facebook Groups like The Freedom Collective that you belong to (just check each group’s rules for when you can share promos). Then make sure you share across your own personal page and your business page – just don’t share everything all at the same time as this is really annoying for your friends who might belong to similar groups as you and suddenly see the same post 5 times in their feed! Please NEVER do this, as it’s a surefire way to switch people OFF.
Next up I would recommend spending some money on ‘cold traffic’ – i.e. people who don’t know you. For me, FB Ads work best for this and I think that’s true for most people. You don’t need to spend much, maybe just $100-$200 (and not all at once!) to test the first page that you create and then maybe a second page, if you’re testing different price points.
Finally and no surprise from me I guess is FB Live! Yes, I know video can be daunting, but it’s the best way to engage with an audience and then send them to your landing page to test your idea.
3. Results – what does good / great look like to you?
In order to know whether your idea works or not, you need to get some metrics in place. I always like to have 3: OK, Good and Great. ‘OK’ will be your lowest acceptable numbers, ‘Good’ is where you would look at the results and be proud, ‘Great’ is where you look at the results and jump on Facebook to tell everyone!
So make sure you set up your metrics and targets BEFORE you launch your landing page.
So now the results are in, you’ve got some money in the bank and you can analyze the data to see whether you should take the idea forward or not. So you’re all done, right? Nope. Now is the time to reach out to those who signed up and start engaging with them and building your tribe. What was the most compelling reason for them to buy? What ONE problem do they need help with the most? These will be hugely valuable insights.
But what happens if you got low sales or even no sales? Well, that’s a great result too because now you know it’s probably not going to work and you’ve saved yourself a ton of time and money that can be used on the next idea!