Different marketing channels have different characteristics, and you should never let your fundamental reason for using a channel be, “that’s what everyone is using,” or, “that’s the most expensive, so it must be the most effective.” Without market research, you’ll be leaving your relevance and reputation up to chance. But who has the resources for market research?
You do. And getting started won’t cost what you think.
In his experiment, “The 30 Day Validation Challenge,” entrepreneur Ryan Robinson is proving that you can validate a business idea, explore and confirm the right marketing channels, and build an audience from scratch with a tiny ($500) budget and 30-day timeframe. Ryan is showing that, with the wide reach and low cost that we all enjoy through various digital social platforms, we have the tools to get creative in our market research, using a multi-task approach in which you’re building your product in small intervals while you simultaneously test it. Think of it as building a plane while you roll down the runway.
Testing a business idea even while you build it is actually an exercise in efficiency, because it keeps you from building too much without testing, and from testing too much without building. After all, Ryan doesn’t have the capacity to put all his time into any idea that’s not yet validated, or to spend 500 hours validating an idea without a more timely return on investment. He only has enough capacity to test as he goes, on the side, which is a type of work that he’s very familiar with.
By starting small, he’s proving to all of us that we can make our market research fit our resources, whatever those resources are. He starts by forming a small feedback group through email and text message (text message?!). Then, even while he continues to do research and gain feedback, he starts to grow both his influence and his insight using more robust tools– but still nothing that’s out of anyone’s league. Soon, his idea is gaining lift. He’s reaching out to influencers on social media, and they’re reaching out to their audience. The community that he’s building is starting to build itself. Within thirty days, he’s ready to push the throttle and go all-in with confidence that his newly-defined product is backed with market research.
We think his experiment is awesome, and we’re excited to see how his newly validated product performs in the marketplace. We hope that, through his experiment, you’re inspired to let your resources and your goals define your exploration of marketing channels. Don’t settle for any wasted effort or cost just because it’s “what everyone is doing.” Every time you want to launch a new idea, ask yourself:
Is there any way I can validate this idea to make sure it’s a fit for my niche, my resources, and my desired results, while I taxi down the runway?
By Keech Media | Written By Michael Finnern