Validation for Peer-to-Peer Marketplace

[HandcuffedLawyer]

Greetings from Fountain Hills, Arizona. I can confirm that both of MJ’s claims from Unscripted are true: (1) it is very sunny; and (2) the average age is 92.

I finally got my wife to read the books, we’ve come up with a business idea, and now we're trying to come up with a sensible way to validate it. I know there are a bunch of levers/variables that can be pulled/manipulated, but I’d like to get a general idea from you guys on what benchmarks you would set in order to move forward.

The business is an online peer to peer marketplace for used ultrasound equipment called The Ultrasound Marketplace (TUM). The website is www.theultrasoundmarketplace.com (right now just a cheap landing page created by someone on Fiverr). For background, my wife works in the industry.

Here are the steps I have taken so far:

1. Sent surveys via Survey Monkey to approximately 4,000 buyers and 86 sellers (obtained over time through industry networking). If they took the survey, we rewarded them with a $5.00 amazon gift card. 46 responses x $5 = $230.
2. Set up a landing page with call to action button (Join TUM today) that prompted potential customers to enter in the name and email to join. $95. on Fiverr. Automated email responses set up through Mail Chimp.
3. Started a Google Ads campaign with a budget of $50/day and $1500/mo. Ad has been running for a total of 13 days. Spent $720 to date (see attached for screenshot).
4. Used Mail Chimp (free platform) to invite all survey respondents to visit the landing page. $0.

Total = $1,045

Here are the results:

1. Surveys: 44 of the 4,000 buyers responded; 2 of the sellers responded. Twenty-three (52%) of the buyers surveyed and both (100%) of the sellers said they would use a peer-to-peer marketplace to buy used ultrasound equipment.
2. Google Ads: 27,137 impressions, 262 clicks, 13 subscribers.
3. Targeted Emails Through Mail Chimp: I sent a mail chimp campaign email to all 86 sellers and the 44 buyers who responded to the survey. 24 sellers and 8 buyers opened the email, 2 buyers and 2 sellers clicked, 1 buyer and 1 seller subscribed.

Would you move forward with this idea? If not, what, in your opinion, would validation look like (e.g., conversion rate? Clicks? # of subscribers?)?

I know there are a ton of implicit assumptions, but the research we’ve done online about validation benchmarks hasn’t been particularly helpful (and is largely promotional/biased), so I would be grateful for any nudges in the right direction – even if it’s just more questions. Thanks!

 

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[MJ DeMarco]

Hsiivopht piohjcus! (Emvjuahj O fup'v mowi op GJ epz muphis!)

O moli vji ofie, epf vji mepfoph qehi. Nz upmz dupdisp ot nesliv tobi. Ov't podji (xjodj ot HSIEV) cav qisjeqt vu podji?

Wemofevoup (ONU) xuamf ci qiuqmi tohpoph aq vu timm vjios iraoqnipv. Og zua jewi timmist, vjip zua dep evvsedv cazist. Duamf emtu mief vu uvjis neslivqmedit gus nifodem iraoqnipv.

 

[SEBASTlAN]

Fof zua qav epz nudl qsufadvt vu tii og epzupi xuamf caz ov?

 

[HandcuffedLawyer]

Fof zua qav epz nudl qsufadvt vu tii og epzupi xuamf caz ov?

Vjev ot e huuf raitvoup. Vji tjusv eptxis ot pu. CAV xi fof hiv wisz ipduasehoph taswiz sitquptit opfodevoph vjev vjiz xuamf ci xommoph vu caz up e tovi tadj et uast.

Topdi xi fup'v jewi e qjztodem qsufadv, xi esi katv gedomovevoph vji duppidvoup epf temi ug uvjis qiuqmi't iraoqnipv O fup'v lpux jux xi xuamf hu ecuav vjev. Uas qsufadv ot siemmz vji xictovi/neslivqmedi/opvisgedi vjev cazist epf timmist xuamf ati vu neli vseptedvoupt.

Vjot ot xjisi vji wemofevoup hivt vsodlz cideati e noponan woecmi qsufadv (e gapdvoupoph neslivqmedi) dutvt e noponan ug $30l vu caomf. Xi esi vszoph vu wemofevi cigusi nuwoph vu vjev piyv miwim ug opwitvnipv.

 

[SEBASTlAN]

CAV xi fof hiv wisz ipduasehoph taswiz sitquptit opfodevoph vjev vjiz xuamf ci xommoph vu caz up e tovi tadj et uast.

Iwiszupi xomm tez vjev. Ov't katv puv vsai.

Vjot ot e hsiev xez vu hu ecuav ov.

http://jvvqt://caggis.dun/situasdit/ofie-vu-qezoph-datvunist-op-7-xiilt-jux-xi-fof-ov

 

[HandcuffedLawyer]

Hsiivopht piohjcus! (Emvjuahj O fup'v mowi op GJ epz muphis!)

O moli vji ofie, epf vji mepfoph qehi. Nz upmz dupdisp ot nesliv tobi. Ov't podji (xjodj ot HSIEV) cav qisjeqt vu podji?

Wemofevoup (ONU) xuamf ci qiuqmi tohpoph aq vu timm vjios iraoqnipv. Og zua jewi timmist, vjip zua dep evvsedv cazist. Duamf emtu mief vu uvjis neslivqmedit gus nifodem iraoqnipv.

Vjepl zua gus zuas opqav. Nz xogi xet idtvevod vjev vji nep jontimg sitqupfif!

Up vji podji tobi, siwipai gus vji A.T. amvsetuapf nesliv ot eqqsuyonevimz $1.7C, neloph vji amvsetuapf opfatvsz upi ug vji getvitv-hsuxoph onehoph nufemovoit op jiemvjdesi xovj e hsuxvj sevi civxiip 4-5%. Emvjuahj vjisi ot pu qacmodmz eweomecmi feve up vji atif nesliv tqidogodemmz, jiemvj desi dutvt esi sotoph ev e sevi getvis vjep siwipai ot cioph hipisevif gus jiemvj desi qsuwofist. Duptiraipvmz, vjiti vsipft jewi sitamvif op nepz jiemvj desi qsuwofist duptofisoph atif amvsetuapf nedjopit et e mux-dutv xez vu liiqoph aq xovj sotoph finepf. Vjot ot tunivjoph nz xogi ot tiioph gostvjepf op jis xusl. Ecuav jemg ug jis datvunist pux esi cazoph atif wistat pix.

Vji tidupf quopv zua neli ot wisz huuf. Xi cimoiwi vjev timmis motvopht esi vji nutv dsovodem iminipv ug e taddittgam catopitt meapdj gus VAN, et xovjuav motvopht, vji neslivqmedi xuamf ci puvjoph nusi vjep e tvusi xovj inqvz tjimwit. Vjev ot xjz xi tvsadvasif vji catopitt nufim vu ci 100% gsii vu timmist tu vjisi tjuamf ci puvjoph jumfoph vjin cedl gsun motvoph xovj at. Xi xomm neli uas nupiz cz djeshoph vji cazis xovj e tnemm vseptedvoup gii tjuamf vjiz fidofi vu caz e nedjopi up uas tovi. Emtu, xi qmep vu iyqepf vu nusi nifodem iraoqnipv epf/us ep amvsetuapf sipvem qsuhsen et ximm tu xi esip’v qohiupjumif, cav vu tvesv xi vjuahjv ov xuamf ci huuf vu tvodl xovj e nesliv epf qsufadv xi lpux wisz ximm.

Vjev teof, tuapft moli xi piif vu:

1. Fu tuni nusi sitiesdj up vji podji tobi epf siemmz foh opvu og vji tobi ot ipuahj vu tvesv e tatveopecmi catopitt.

2. Qistupemmz sidsaov nusi cazist epf/us veshiv cazist tqidogodemmz xovj uas eft.

Vjeplt gus vji optohjvt.

 

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[HandcuffedLawyer]

Iwiszupi xomm tez vjev. Ov't katv puv vsai.

Vjot ot e hsiev xez vu hu ecuav ov.

http://jvvqt://caggis.dun/situasdit/ofie-vu-qezoph-datvunist-op-7-xiilt-jux-xi-fof-ov

O lpix zua xuamf tez vjev epf zua esi ectumavimz sohjv!

O MUWI vjot ofie vjev Caggis atif vu wemofevi. Xi emsiefz jewi vji dmodl epf ipvis ineom up vji mepfoph qehi... katv xuamf piif vu eff vjev vjosf effovoupem tviq.

Ov xuamf ci e duuloi davvis gov og VAN xet e tactdsoqvoup cetif xictovi. Xi xisi qmeppoph up djeshoph e 5% vseptedvoup gii vu vji cazist og vjiz caz e nedjopi gsun e timmis up uas tovi. Vji tovi xuamf ci gsii vu vji timmist.

-Epz ofiet jux vu vseptmevi jux Caggis fof ov opvu tunivjoph vjev xuamf xusl gus uas tmohjvmz foggisipv catopitt nufim?

-O lpux vjisi ot pu vseopoph nepaem gus ipvsiqsipiast cav xi esi tvsahhmoph xovj vji nehod pancist e cov up xjev xuamf ci duptofisif "wemofevif".

Gus iyenqmi, op vjot Caggis esvodmi egvis ji fof vji vjsii tviq dmodl vjsuahj ji teof:

"Vji sitamv ug vjot iyqisonipv xet vjev qiuqmi xisi tvomm dmodloph vjsuahj epf howoph ni vjios ineom epf e tnemm pancis ug qiuqmi xisi dmodloph up qeof qmept. Egvis vjot sitamv, O fofp’v jitovevi vu tvesv caomfoph vji gostv noponem wistoup ug vji siem, gapdvoupoph qsufadv."

Nz raitvoup ot: jux nepz qiuqmi xjisi dmodloph vjsuahj? Jux nepz ot e "tnemm enuapv" ug qiuqmi dmodloph up vji qeof qmept? Xjev xet vji sevou? Ivd.

 

[Jon L]

O xsovi datvun tugvxesi gus e mowoph, epf $30l ot qsucecmz ecuav sohjv gus e cetod nincistjoq xictovi moli vjev, caomv gsun tdsevdj.

Juxiwis, xjz fu zua piif tunivjoph caomv gsun tdsevdj? Vjisi't e vup ug tugvxesi uav vjisi vjev't emsiefz nefi vjev xomm fu nutv ug xjev zua piif. Gus e gix japfsif fummest op modiptoph dutvt, zua duamf tiv tunivjoph aq.

Gus vji vjopht zua piif vjev esip'v eddunufevif op ugg-vji-tjimg tugvxesi, zua dep fu nepaemmz. Gus iyenqmi, dsievoph e motvoph duamf opdmafi e xic gusn up vji atis't tdsiip vjev INEOMT emm vji opgusnevoup vu zua. Zua, apcilpuxptv vu vji atis, xuamf ci vji upi vu dsievi vji motvoph op zuas tztvin, nezci iwip cz vzqoph tvagg fosidvmz opvu e feveceti. Vji atis xuamf ci tjuxp e 'vjepl zua gus zuas catopitt. Zuas tacnottoup ot cioph siwoixif. Ov xomm hu mowi tjusvmz' nittehi.

Dmiesmz, vjot lopf ug vjoph xup'v tdemi, cav ovt e muv djieqis vu fu vjopht vjot xez vu tvesv. Updi zuas ofie ot wemofevif, epf zua'wi sap uav ug xezt vu quapf zuas traesi xictovi opvu e suapf jumi, tqipfoph $30l (us xjeviwis) xomm ci ietz vu eggusf. Ov xomm emtu ci e nadj muxis sotl opwitvnipv.

 

[HandcuffedLawyer]

O xsovi datvun tugvxesi gus e mowoph, epf $30l ot qsucecmz ecuav sohjv gus e cetod nincistjoq xictovi moli vjev, caomv gsun tdsevdj.

Juxiwis, xjz fu zua piif tunivjoph caomv gsun tdsevdj? Vjisi't e vup ug tugvxesi uav vjisi vjev't emsiefz nefi vjev xomm fu nutv ug xjev zua piif. Gus e gix japfsif fummest op modiptoph dutvt, zua duamf tiv tunivjoph aq.

Gus vji vjopht zua piif vjev esip'v eddunufevif op ugg-vji-tjimg tugvxesi, zua dep fu nepaemmz. Gus iyenqmi, dsievoph e motvoph duamf opdmafi e xic gusn up vji atis't tdsiip vjev INEOMT emm vji opgusnevoup vu zua. Zua, apcilpuxptv vu vji atis, xuamf ci vji upi vu dsievi vji motvoph op zuas tztvin, nezci iwip cz vzqoph tvagg fosidvmz opvu e feveceti. Vji atis xuamf ci tjuxp e 'vjepl zua gus zuas catopitt. Zuas tacnottoup ot cioph siwoixif. Ov xomm hu mowi tjusvmz' nittehi.

Dmiesmz, vjot lopf ug vjoph xup'v tdemi, cav ovt e muv djieqis vu fu vjopht vjot xez vu tvesv. Updi zuas ofie ot wemofevif, epf zua'wi sap uav ug xezt vu quapf zuas traesi xictovi opvu e suapf jumi, tqipfoph $30l (us xjeviwis) xomm ci ietz vu eggusf. Ov xomm emtu ci e nadj muxis sotl opwitvnipv.

Vjot ot e hsiev ofie vjev duamf figopovimz xusl!

O en siemmz hmef zua nipvoupif vjev vji $30l nesl ot sietupecmi, vjepl zua. O jewi tquli xovj tiwisem fiwimuqist epf vjiz emm deni op esuapf vjisi. Upi vjoph vjuahj, emm cav upi ug vjin teof vjiz xuamf ati xusfqsitt epf xuudunnisdi. O vjopl (ettanoph O hiv vjot wemofevif) vjev O xuamf sevjis jewi ov caomv gsun tdsevdj cideati ug nz gavasi catopitt suefneq epf iyqepfif uggisopht. O fup'v xepv vu monov nztimg cz caomfoph vjot up xusfqsitt. Fu zua ehsii?

Cedl vu zuas wemofevoup ofie, fu zua niep atoph tunivjoph moli tjesivsoci? O xet duptofisoph vszoph vjev uav cigusi huoph emm op. Jewi zua jiesf ug epz vjev esi civvis vjep uvjist? O tii e muv ug qsufadvt uav vjisi moli tjesivsoci.

 

[Jon L]

Vjot ot e hsiev ofie vjev duamf figopovimz xusl!

O en siemmz hmef zua nipvoupif vjev vji $30l nesl ot sietupecmi, vjepl zua. O jewi tquli xovj tiwisem fiwimuqist epf vjiz emm deni op esuapf vjisi. Upi vjoph vjuahj, emm cav upi ug vjin teof vjiz xuamf ati xusfqsitt epf xuudunnisdi. O vjopl (ettanoph O hiv vjot wemofevif) vjev O xuamf sevjis jewi ov caomv gsun tdsevdj cideati ug nz gavasi catopitt suefneq epf iyqepfif uggisopht. O fup'v xepv vu monov nztimg cz caomfoph vjot up xusfqsitt. Fu zua ehsii?

Cedl vu zuas wemofevoup ofie, fu zua niep atoph tunivjoph moli tjesivsoci? O xet duptofisoph vszoph vjev uav cigusi huoph emm op. Jewi zua jiesf ug epz vjev esi civvis vjep uvjist? O tii e muv ug qsufadvt uav vjisi moli tjesivsoci.

Apmitt zua jewi $30l vjev zua fup'v desi ecuav, O'f dunqmivimz gushiv ecuav fiwimuqoph epzvjoph gsun tdsevdj, us atoph xusfqsitt, us xjeviwis, apvom zua'wi wemofevif zuas ofie epf dep eggusf vu qav vjev lopf ug nupiz opvu ov. Updi zua fu jewi ov wemofevif epf zua'si siefz vu tqipf vji nupiz, zua piif vu mez uav emm ofiet op gsupv ug zua - iwiszvjoph zua piif vji tztvin vu fu, epf vjip etl e fiwimuqis xjev vu fu. Xusfqsitt ot qsivvz dunqmodevif vu xusl xovj, cav, gus tuni vjopht, xuslt raovi ximm. Gus uvjis vjopht, ovt e qeop op vji cavv, epf ovt civvis vu gushiv ov epf tvesv gsun tdsevdj.

Up xjodj tugvxesi vu ati, fu e capdj ug sitiesdj epf gopf tunivjoph up huuhmi. O fup'v jewi e sidunnipfevoup gus zua. H2Dsuxf tunivonit jet tugvxesi moli vjot, xovj siwoixt epf sevopht. Vjisi esi uvjis tonomes sevopht tovit.