Step 4: Test your idea using widely available digital tools
There are many ways to get your idea in front of future customers. This is the perfect opportunity to return to the Facebook and Reddit pages you used for testing your idea. Repost with your MVP and ask for more feedback. If you’re lucky, you’ll even get some preliminary sales off of it!
Another great way to get feedback and learn valuable lessons is to offer your product or idea for free. Start by getting in front of as many people as you can. Even if you have to give away 20 products or a few hours of your time, you’ll learn what needs to be said and done to get your first set of paying customers.
The absolute best way to gauge real life feedback is to run a small Facebook ad test. Some folks out there may suggest Google Pay Per Click, but honestly those have become too expensive (a lesson I learned the hard way), so nowadays Facebook is the way to go. Two years from now I may be singing a different tune.
Use the data you gathered from the previous steps (i.e, gender, ages, likes and dislikes of those who responded well to your idea) to create profiles of people who will see your Facebook ads. Then, use a free online tool to create an eye catching ad.
Here are some tools for creating eye catching ads:
Here are some guides on how to make targeted Facebook ads:
Here are some guides on how to implement a Facebook Pixel:
Run your ads for 2 weeks and spend somewhere in the neighborhood of $200 - $500. Make sure your ads lead to a page that encourages people to leave their email address if they are interested in your product/service.
After two weeks, dive into the data that Facebook gave you! It allows you to see what groups were most receptive to your idea. If you could run the ads again knowing what you know with this data, how many people will leave their email address? Let’s say 75% of them become paying customers, is that enough to justify the ad cost?
If the answer is yes, congratulations! You have a hands down winning idea. But if the answer is no (and this happens more often than not), then you have some work to do. Go back, take everything you’ve learned to-date and modify your offering, your messaging, your price, and your ads. Try changing one variable at a time until you find the right combination.
STOP: Do not pass go, do not collect $200. You are not to move onto Step 5 until your testing shows that:
When you put $X into ads you will get X (ish) amount of customers, which in turn will MAKE you money, not LOSE your money.
If you move on before you crack this nut, you’re only setting yourself up to spend a lot more money on an idea that isn’t ready yet. It’s important to be honest with yourself, you will do yourself no favors by jumping ahead to the next step. Trust me. I was there.
If you need help determining if you’re ready to move on, call a friend who is good with numbers, and they’ll give you a frank rundown.
Step 5: If you’ve made it this far, NOW it’s time for the legal mumbo jumbo
Legal is boring and expensive. I am no lawyer, nor do I play one on the internet, so please do me two favors:
Spend a little time coming up with a good name for your company.
Contact someone who knows this stuff inside and out.
HZQ IS HERE TO HELP
No matter where you are in the process, HZQ is here to help you grow mighty. From helping you test your idea to taking established businesses to the next level, we have the experience and tools to help you do what you love everyday of your life.
Click the button below to schedule a 15 minute chat with us. We have a no hard sell guarantee. We just want to hear where you’re at in the process, lend any helpful advice, and see if we can be of service either now or in the future.