I'm currently in the process of validating two ideas, one being a membership group and another a lead generation business. So, I had to search how to do it and created a two-part method.
Before trying this I would recommend running your idea through the CENTS framework. However, if you want another approach on top of it and the next validation steps then read on.
Phase 1 - 11 Questions to test your idea (inspired by the YouTuber and multi-millionaire Alex Becker):
1. Can I be or am I 10x better than my nearest competitor? (differentiation and value skew)
2. Is it a huge problem that hasn't been solved? (commandment of need)
3. Is it a mass market or a market with deep pockets? (volume or magnitude or both)
4. Is the problem solved (adequately)? (are you going to be just another competitor? see n1)
5. Can I bring a fresh business model? (can you offer a different approach)
6. Do I have a huge traffic advantage? (e.g.: YT ads are underutilized as of now)
7. Do I have a Marketing or Copywriting advantage? (previous experience)
8. Is this a model that can be replicated quickly? (commandment of entry)
9. Can I serve an underserved sub-market? (niche down and specialize)
10. Can I be the #1 or #2 in that market? (dominate and create the CocaCola of your niche)
11. Could I work on this for the next 5 years with no return (assuming that you do not starve)? (are you in it for the value too or just the money)
If your idea fits the best possible answer for each question then you can move on to the next stage. If it doesn't then you can reconsider the idea if it has too many bad answers or just try it anyway to get the experience.
Phase 2 - Validate your idea (this post is a really good start)
Step 1. Run Ads
Spend $100 or 50 to 100 clicks on Google and FB Ads and send the traffic to a landing page with the offer, which in order of relevance is sale > call > email. Try to get one of the three. The closer you get to a sale the more validation you have.
Step 2. Analyze results
If the Ad converts at 1.5%+ CTR it is a good sign.
Good page conversions:
Sale - 1 to 5%
Call - 8 to 15%
Email - 15 to 40%
Step 3. Talk to the customers/subscribers
Understand what they are really trying to solve. Create a questionnaire or book discovery calls with them. DON'T SELL YET.
Step 4. Get your first sale
Tweak your product offering according to the interviews and ask them to buy it at 50% when it releases.
Step 5. Launch
If you can make Ads profitable use them to scale. If not build an email list of your target market and launch it to them when it is ready.
Before trying this I would recommend running your idea through the CENTS framework. However, if you want another approach on top of it and the next validation steps then read on.
Phase 1 - 11 Questions to test your idea (inspired by the YouTuber and multi-millionaire Alex Becker):
1. Can I be or am I 10x better than my nearest competitor? (differentiation and value skew)
2. Is it a huge problem that hasn't been solved? (commandment of need)
3. Is it a mass market or a market with deep pockets? (volume or magnitude or both)
4. Is the problem solved (adequately)? (are you going to be just another competitor? see n1)
5. Can I bring a fresh business model? (can you offer a different approach)
6. Do I have a huge traffic advantage? (e.g.: YT ads are underutilized as of now)
7. Do I have a Marketing or Copywriting advantage? (previous experience)
8. Is this a model that can be replicated quickly? (commandment of entry)
9. Can I serve an underserved sub-market? (niche down and specialize)
10. Can I be the #1 or #2 in that market? (dominate and create the CocaCola of your niche)
11. Could I work on this for the next 5 years with no return (assuming that you do not starve)? (are you in it for the value too or just the money)
If your idea fits the best possible answer for each question then you can move on to the next stage. If it doesn't then you can reconsider the idea if it has too many bad answers or just try it anyway to get the experience.
Phase 2 - Validate your idea (this post is a really good start)
Step 1. Run Ads
Spend $100 or 50 to 100 clicks on Google and FB Ads and send the traffic to a landing page with the offer, which in order of relevance is sale > call > email. Try to get one of the three. The closer you get to a sale the more validation you have.
Step 2. Analyze results
If the Ad converts at 1.5%+ CTR it is a good sign.
Good page conversions:
Sale - 1 to 5%
Call - 8 to 15%
Email - 15 to 40%
Step 3. Talk to the customers/subscribers
Understand what they are really trying to solve. Create a questionnaire or book discovery calls with them. DON'T SELL YET.
Step 4. Get your first sale
Tweak your product offering according to the interviews and ask them to buy it at 50% when it releases.
Step 5. Launch
If you can make Ads profitable use them to scale. If not build an email list of your target market and launch it to them when it is ready.
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