The first step to launching/ marketing a new business, product, or service is to make sure there is a product/ market fit.
The lean startup methodology says identify customers BEFORE you deploy resources to build a product or service
You must ID product market fit before any other work happens otherwise you risk wasting resources building the wrong thing. Instead of spending countless hours and tens of thousands of dollars building a product that no one wants you can test small and determine if your product solves a problem people want solved. Most products or services can save thousands in development by learning what customers want instead of guessing.
Lets say we are going to launch a new line of trendy kids clothing patterns for toddlers that moms can download and sew called KidCouture
Here is what you need
A description of your customer
Who will buy this? it’s not the toddlers. It’s probably moms, and not just any moms but moms who like to sew and make clothes for their kids. Not just any clothes though, trendy clothes. Now that we know who we are serving we need to figure out why they will buy from us.
A clear value proposition
This must be a one sentence or phrase description of what you will deliver to your prospective customer. This is the center of your business model.
The narrower the focus the better. Even if your product will do lots more figure out the shortest way to describe the core benefit of what you will do.
For our clothing patterns we think that moms will want these patterns because they are trendy, easy to make, and cheaper than fashion brands. So we will want to test Three functional Benefits
- Easy to make
- Value for money
- Design conscious
Remember we are testing here so we can see if we have a fit with the market. we don’t want to test just one idea we want to test a couple ideas and see which one connects.
Our first 3 value test value props are:
- KidCouture downloadable DIY clothing patterns you can easily make for your toddler.
- Clothe your kid for less without looking homespun KidCouture downloadable patterns you can sew.
- Have the best dressed baby on the block download designer patterns you can sew for your toddler from KidCouture
Remember we are looking to see if people want this so all we need now is a way to test if they will respond to one of these value propositions.
Describe how you plan to deliver on the value proposition
The value proposition gets the potential customer to come to our test page. From there we want to see if we can get signups for our mailing list. We need to give them just a little more info to support the value prop, then get out of the way and let them respond.
We can test a description like:
KidCouture takes top designs from brands like Burberry, Ralph Lauren, Prada, and Alexander McQueen and shrinks them to toddler proportions then provides you with a pattern and some ideas for colors and materials to bring the designer look to your DIY Kid clothes.
All of our patterns are easy to follow and will have your kid looking fierce in no time.
Ask for an email address
You are looking for early adopters here so they are people who like to be first and like to know what others don’t. play on that. you will revise once you have some established market to go after the middle of the bell curve but right now we only need to talk to the early adopters because they are who will try us out anyway.
Get on the insider list to receive our first sample patterns the minute they are available signup with your email below.
Promote the Page
Your value propositions will be your ad text. since we want moms we are going to Facebook first. Where we can target
who live in the United States
between the ages of 25 and 45
inclusive who are female
who like #Sewing, #Fashion, diy fashion make clothing 3 or making clothes
who are in the category Parents (child: 0-3yrs)
We can reach these moms on facebook for less than $0.75 per thousand impressions. To get a good sample we want to get at least 50k impressions so a budget of $37.50 is enough for our first test
Track Your Results
There are three key metrics we want to find from this campaign.
- how many ad views does it take to get a click to the landing page
- how many landing page views does it take to get an email signup
- Are there enough customers in this market assuming a 2 to 5% conversion rate from your email signups?
This quick test should take just a few days to run and give you information that you can continue to build from to make better decisions about product market fit.
If the numbers support moving forward you can go into product development. If the numbers do not support going forward go back and re-test with market parameters, or with different value propositions until you have enough results to decide to move forward, or pivot your concept.