Two Factors That Affect Your Research
Sometimes your idea may actually be pretty awesome, but your research isn’t showing it. Here are two factors that can affect your conclusions:
- Poorly worded survey questions. If your surveys and focus groups aren’t enthusiastic, check that you don’t have a biased survey or otherwise poorly worded questions. Get feedback from those who do market research to see if they can uncover any problems with your questions.
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- Low-converting sales copy. This is a problem if your competitors don’t have good sales with similar product ideas, and/or if you’ve tested an idea with a lead page or sales page and your response rate is poor. You may want to have a professional copywriter look it over.
Next…
Launch a Fundraiser
Want to know if you’ve got a good idea? Try crowdfunding your idea by using a platform such as Kickstarter.com or IndieGoGo.com. If people are really interested in your fundraiser and your idea, that’s a sign that your prospects may be interested in it too.
Review Other Niches
The idea here is to do some research to see if your general product idea works outside your niche. If it works in other niches, then there’s an increased chance it will work in your niche too.
For example, if you’re decided to start a “busy moms” line of weight loss products, then check outside your weight-loss niche to see if “busy mom” positioning works in general.
Understand User Priorities
You can have a good idea for a product, service, business, ad campaign, or anything else – but if you don’t understand your user priorities, the whole idea can do a belly flop.
Let me give you an example…
Let’s suppose you design baby shoes, and you focused on creating tough shoes that would last “forever.” This is your whole schtick. This is how you planned on separating your shoes from what everyone else is selling.
Guess what?
Parents don’t want shoes that last “forever,” because the baby is only going to wear them for a few months before he or she outgrows the shoes. In other words, the “long-lasting” benefit is NOT a user priority, so the idea is likely to fall flat. Instead, focusing on comfort, style or other features and benefits would make the audience more receptive to your idea.
Bottom line: you’ll need to do some research and some thinking in order to understand what your market really wants and what they prioritize, so that your idea can reflect these wants and priorities.
Test Your Value Proposition
Once you’ve figured out what your prospective customers’ priorities are, then you need to select a value proposition based on those priorities. A good way to validate your ideas is to test out these various value propositions to see which ones your audience responds to the best. Here’s how:
- Tweak your lead page to feature your value proposition.
- Try placing a paid ad with your value proposition predominantly features.
- Test a sales page that features your value proposition.
- Transmit your value proposition over social media.
If you’re not getting a positive response to the value proposition, that’s a sign that it may fall flat with your audience.
Think Through Your Idea
When you’re working through the idea validation process, you’ll want to spend some time thoroughly thinking through your idea. Ask yourself these questions (take note that not all of them will be relevant to your situation, depending on the type of idea you’re validating):
- Is the market reachable?
- How will you reach them?
- What will your sales funnel look like?
- How will you position your idea in the market?
- Is this the type of idea where you need to educate the market (because they’ve never really heard of this solution before)? If so, what is your plan for educating them.
TIP: In some cases, it’s easier to be the second or third person to bring an idea to market if the idea requires a lot of education. That’s because someone else can go through the time and expense of educating the market, and then you can swoop in to a waiting audience.
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An example: autoresponders. When autoresponders first came about, the market had never heard of them and needed to be heavily educated about how they worked and why marketers needed them. The first autoresponder companies struggled because they had to invest so much in this education, while others coming after them flourished.
Next…
Outsource the Validation Process
You don’t need to validate your idea all your own if you don’t have the time, experience or inclination. Instead, search for “outsource idea validation” and choose an experienced company to do it for you.
Now the next step…
Keep Reading: How To Implement The Idea: Create a Plan
Previous: How To Validate Ideas: Create a Related Lead Magnet
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