Market Research Series: The Pat Flynn Way (Part 4: Flight Simulator)
Based on Pat Flynn Book, Will It Fly? How to Test Your Next Business Idea So you Don’t Waste Your Time and Money
Part 4: Flight Simulator
Objective: To test and validate an idea on a small scale so that you can make sure it works
The Validation Method
What it is? The purpose of testing anything is to answer the simple, yet crucial question: does the idea work?
Why is it important?
- You will receive valuable feedback from the action people take.
- You get early experience selling something.
- You can get money in your pocket upfront.
- It will motivate you to follow through and get things done.
How does it work?
Step 1: Get in front of an audience.
a. Targeted Advertising
Validation of business idea thru paid advertisement like Google Ads and Facebook Ads
b. Private Targeted Advertising
Serving the ads on specific websites where you know your target audience already exists. This time you will use the list of People and Places you collected in the previous exercise.
c. Guest Posting
A guest post is an article that you write that you publish on another website.
d. Forums
Pick two or three of the forums in your database and spend at least a week posting valuable information and responding to questions before asking for anything in return.
e. Groups
Similar to the forum, you will also provide useful information for the members before asking anything in return.
f. The “Poster Child” Formula
Be the poster child or the proof of the teaching of an influencer.
g. The Derek Halpern Strategy
When you provide value to others, more often than not, especially if they get results from what you share, they are going to want to find ways to pay you back for it.
h. Offline Audiences
Given a chance to speak with your target audience, talk you them and tell them what they can say about your business idea.
i. Crowdfunding Platforms
An all-in-one validation method that allows you to share an upcoming project in a marketplace where there are existing users who, if they are interested, will pledge money to support you and your campaign in exchange for the future build of the project.
Benefits:
- You get the exposure from the existing audience that those platforms have
- They are trusted marketplaces where people are comfortable using the platform to pledge and pre-order items.
- The platforms enable you to communicate with people about your project, even after the pledge period ends so you can keep them informed about the project build and other news.
- You can begin to build a following.
- It’s possible to generate a sizable amount of income, even beyond what your pledge goal might be.
Step 2: Hyper-target (a.k.a. Hand Raise)
This is to narrow down your potential clients or customer. It is unlikely that 100% of your target market will like your ideas. People who are responsive to your blog post, email or surveys fall under this exercise.
Step 3: Interact and share your solution.
Now, that you pinpointed potential buyers, it is time to interview them. Ask them what their problem is and share your solution. This is the best way to know the viability of your idea on hand.
Pat Flynn’s Tip: In conducting Interview
1. Take a minute to learn about them first (while also confirming they are in the right place).
2. Qualify yourself. Tell them who you are and the reason why you doing the interview.
3. Be honest about what you’re up to.
Step 4: Ask for the transaction.
Ask for pre-order before creating the product. This is to ensure that there are buyers before you launch your beta-product.
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You may also check for:
Market Research Series: The Pat Flynn Way (Part 1: Mission Design)
Market Research Series: The Pat Flynn Way (Part 2: Development Lab)
Market Research Series: The Pat Flynn Way (Part 3: Flight Planning)
Market Research Series: The Pat Flynn Way (Part 4: Flight Simulator)
