4 Tools For Quick

Market Validation

@explorics
Aggressive Market Testing
Lean Startup Coaching
@explorics
www.explorics.com

@briangladstein
bg@explorics.com
about market validation
 if you build it, will they come?
Market Validation:
•The first step before spending significant time and
money on product development
•Validate demand, business model
•Eliminate risk, increase reward
 a “famous” example
http://www.youtube.com/watch?v=7QmCUDHpNzE
 another “famous” example
http://mixergy.com/andrew-mason-groupon-interview/

“All we did was we took a WordPress

Blog and we skinned it to say Groupon
and then every day we would do a new
post with the points embedded. It was
totally ghetto…
“It was so cobbled together. It was
enough to prove the concept and show
that it was something that people really
Andrew Mason liked.
Founder & CEO
Groupon “The actual coupon…was all FileMaker.
[We’d] email the coupon PDF to people.
a good market validation test:

1. Is built around a
pre-determined
hypothesis

3. Doesn’t require
much up-front
investment

5. Reaches Your
target customers
(and not the ones
you already know)
 organizing your test

Target Communication Offer

Customer Channel

Pain Point Message Interest / Value

• Define what you know, what you are testing

• Test one variable at a time
 a great starting point
The Business
Model Canvas
The whole business plan,
on one piece of paper.

Identify gaps, unknowns,

risks – this is where to
start testing.

LEARN MORE AT OUR NEXT WEBCAST

Thursday, May 10, 2012 @ 2pm ET
www.explorics.com/upcoming-webcasts
the tools
 Create surveys and send them to your ideal
What It Is
market segment.

Why You The hardest part of surveying is finding the

Need It right people.

• Target market
Use It To
• Pain points & opportunities
Validate
• Value proposition
When to  Goal is to better define your
build a test target market.
around it  B2C or similarly broad
target.
 You can narrow down on
specific, actionable
information.

Let’s See!
 Access to over 40,000 experts in an
What It Is
incredibly diverse set of fields.

Why You A little guidance can have an enormous

Need It impact.
• Market & Competitive Landscape
Use It To
• Buying & Purchasing Processes
Validate
• Partnerships
When to  Niched, B2B, or hard-to-
build a test reach target market.
around it  Direct sales of some sort
involved (inside, field,
channel).
 Expertise in the sales cycle is
valued.

Let’s See!
 Users see an image (like a web page) for 5
What It Is
seconds, then provide feedback.

Why You Do people really see what you think they

Need It see?
• Key Messages & Takeaways
Use It To
• Clarity
Validate
• Design
When to  Goal is to measure a first
build a test impression
around it  Broad audience can be used
for validation (“imagine if…”)
 You can access a community
for extra juice

Let’s See!
 Create, publish, and optimize landing pages
What It Is
quickly and by yourself.

Why You
In market testing, conversion is king.
Need It
• Messaging
Use It To • Qualification of Target Market
Validate • Calls To Action
• Conversion Expectations
When to  Goal is to establish or
build a test improve conversion
around it  Steady, online source of
target customers
 Multiple engagement offers
available
 A/B Testing
Let’s See!
 recap

The hardest part of A little guidance Do people really In market testing,

surveying is finding can have an see what you think conversion is king.
the right people. enormous impact. they see?

• Target market • Market • Key takeaways • Messaging

• Pain points landscape • Clarity • Qualification
• Value prop • Buying process • Design • Calls To Action
• Partnerships • Conversion
 Thank you!
Follow Us! Questions?
http://explorics.com/blog @briangladstein
@explorics
Upcoming Webcasts bg@explorics.com
http://upcoming-webcasts
www.explorics.com
Thursday 5/10, 2pm ET
Living Lean Startup: The Business
Model Canvas

Thursday 5/24, 2pm ET

Inbound Marketing: Shifting
Budgets, Shifting Expectations