Mobe Matt Lloyd Tips and Training for Business Success – Nine out of ten startups fail. The reason? Some of them produce products or services that no one wants. A CB Insights study revealed that around 42% of startups failed because of poor product-market fit. While this particular study focused on small businesses, there is also proof that large corporations are not immune to these mistakes.
Despite the great hype surrounding its launch, Amazon Firephone failed to impress consumers. It was not only high-priced and inferior to competing smartphones in terms of features, but it also failed to provide service to a variety of wireless carriers in the U.S. Sales flopped, forcing the company to make a $170M write-off on inventory. Mobe Training assists Branding for Digital Marketer. Coke, in a move to improve its flagship soft drink taste, has launched the “new taste of Coca-Cola” in 1985. Many who loved Coke’s classic taste rejected the product, causing boycotts and protests—proof that even known brands are never “too big” to bomb.
Regardless if you’re a known brand or an aspiring entrepreneur, Mobe Matt Lloyd suggests you to perform an idea validation test to avoid huge failures. It is the process of obtaining insights from customers before you launch products or campaigns to the market. Instead of deciding on gut instinct, you can draw accurate information by performing this step-by-step idea validation process.
1. Brainstorm and Business Plan
A business plan is a must for every starting business. It could help you:
- Identify your goals and your market.
- Gather data and assess your business condition by conducting a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis.
- Know your competitors and your revenue opportunities on the local, regional and national level.
- Back up your proposal with graphics, financial projections and historical data.
- Identify specific actions that you need to undertake to materialize your ideas.
Furthermore, constructing a good business plan will help you secure funding and will serve as your guide for ongoing market engagements.
2. Market Research
Conducting an in-depth marketing research is your starting point for creating effective sales and marketing campaigns. The information you draw from your research is what will help you understand your demographics, set your marketing direction and build your strategies. Identify the things that you want to know, draft questions around them and form hypotheses on how people will answer.
Then, choose the right group of people for your market research. Once you have identified them, gather data through face-to-face interviews, focused group discussions, polls or surveys. Free tools such as SurveyMonkey, Typeform, Google Forms, ZoHo Survey, Survey Gizmo and Survey Planet can be used to gather customer information and feedback. They vary in terms of the number of respondents, number of questions, question type, templates, customization, data export and reporting capabilities. Matt Lloyd Review about What New Marketers Should Be Doing Right Now?
Another way to get more data for your market research is to gather data from public resources, government information and statistics to know if your business idea can be a viable product or service.
3. Consult an Expert
According to the International Franchise Association (IFA), franchised small firms have higher success rates than independent small businesses. In fact, around 92% of U.S. franchised businesses are still operating five years after inception, as opposed to just half of 28 million independent small businesses. A similar study by the Small Business Association revealed that the average franchise earns five times the revenue of average independent small businesses in their first year. What could be the difference?
It is because franchised businesses operate based on a proven system. Franchisors dedicate resources in IT, HR, sales, training, accounting and marketing to support franchisees. They provide guidance, training, expert advice and consulting so that companies no longer have to reinvent the wheel. Because they have experts guiding them through the process, franchisees can already hit the ground running immediately after launch.
Startup Nation, PartnerUp and SmallBusinessForums.org are some of the online communities that you can join to gain real-world insights from fellow entrepreneurs. Similarly, you can explore active Slack communities such as #FemaleFounders, #Startup, #Launch, #nomads and Bootstrapped Chat. However, if you want a more comprehensive session on targeted topics, you may check out MOBE’s live events and masterminds. These expert-hosted summits provide a wealth of information to help businesses start, grow and manage their business wealth.
4. Test Your Idea
To validate findings gathered from your target market and the industry experts, you need to verify the sustainability of your idea by putting it to the test. There are ways to do this without shelling out serious funding.
One way to do this is to create landing pages or simple Facebook advertisements with a call-to-action to determine if anybody is interested in your idea. You can also run a Facebook ad using geo-location and other metrics according to your target market’s profile. Click-through rates, signups, and downloads provide an indication if it has the potential to generate demand. You need to know the facts now so you can do something about it, no matter how daunting the results can be.
5. Review and Findings
Finally, it’s the last step in the validation process where you examine feedback and results. Positive or negative, embrace these insights and remember that everything you’re doing is for the customer and not you. When people have nice things to say about your business idea, it is an indication that you need to take a step forward and proceed.
In Anand Srinivasan’s book, “How We Did It: 100 entrepreneurs share the story of their struggles and life experiences,” and in this article, you will see how entrepreneurs have succeeded in taking cues from market feedback. If you find not so good results, accept the fact that you have to drop your business idea, but that shouldn’t stop you from trying out another one.
There you have it, your step-by-step guide to gauge if your brilliant business idea has that earning potential. By doing this validation process, you can decide whether to push through with an idea or not. Now, companies won’t waste resources on building and launching something that the market does not need or will not use.
Whatever results you gather, study it and use it as a basis for your next move. Customers are the reason businesses exist so make sure that you satisfy their needs rather than your own.