Is your market ready for you? Finding market validation may not seem like a priority, but it is! There you are, planning your next big business idea. You identified a problem. You have dreamt up a solution and are finally putting tangible pieces together. Your idea is now taking shape and you are itching to get this in front of your ideal customer. But before any more time or money is spent, I challenge you to ask yourself: are my ideal customers ready to pay for this?
If the answer is yes, and you have the data to support it, then it’s safe to consider your idea valid.
If not, then your next step is to understand your customer through market validation.
What is Market Validation?
Market validation is how we measure customer interest. Are they aware of the problem that you’ve identified? Do they know of your solution? Are they ready to pay for your services? These questions may seem simple, but they can make or break the success of your launch.
Imagine if you could take your ideal customer out to coffee before they had a chance to form an opinion about your next big idea. You’d find a cute little shop that matches the design look and feel. The two of you would walk up to the counter where you’d offer to pay, already giving them the feeling like your full attention is on them. Oh, the questions that you’d ask them!
This may seem like an impossible task these days! You’re often selling to customers you never meet. This can leave the customer relations side up to the luck of the internet. What if I told you that there is a way to test your idea with real conditions? Before you invest another day into your new service, we can use market validation!
Lilia Kazban with MindK defined market validation as being “aimed to provide you with first, paying customers, and lay the foundation for potential growth.” – https://www.mindk.com/
Validation is aimed to provide you with first, paying customers, and lay the foundation for potential growth.
— Lilia Kazban, MindK
By testing your idea, you’re able to start gathering your ideal customers together. Through their validations, you have confidence that your business idea will be successful. Keep reading for market validation strategies that our sales development reps use today!
7 Market Validation Strategies
We’re going to break down the top strategies. These are what our sales development reps use to get our clients ready to make decisions based on validation. With your services in front of real people, we can ask them the right question. Only then can we confirm that your idea is ready for release.
1. Search Engine Results
We are in a digital age! Whatever the problem, it’s in our nature to turn to search engines for the answer. So, we start our validation process by looking at popular search engine results. By plugging in our service’ keywords, we’re able to see what our customers will see.
Let’s take Google as our example. You are a technology company that has been working on a new idea that you know your customers will love. But how will they find you? By studying the Google trends of your industry, we’ll be able to make decisions based on data.
2. A/B Testing Paid Ads
With our high-ranking keywords, we can tighten our customer search through paid advertisement. By testing two similar ads, we’re given some real-life data that will tell us which ones our customer likes. Do they like photos or videos? Do they like a variety of colors or should we keep it to one? These are the type of answers we’re going to know!
New to the idea of testing a series of advertisements against each other? It is a skill! Studio Zao published a guide on “How To Select A Test To Get Market Validation For A Business Idea”. In this resource, they show 13 startup tests to get market validation for a new business idea.
3. Prospect Nurturing Your Market
Sales representatives love to nurture prospects in person. Remember the example of taking your customer out to coffee? Just because we’re in a digital-first world, doesn’t mean we can ignore this. We may not be able to take someone out to coffee, but we are able to make them feel valued. This may come as sending them a virtual gift card to their favorite shop! It’s okay to get creative these days! Your customer will appreciate it.
4. Landing Pages for Market Validation
In case you haven’t caught on, market validation doesn’t stop with the first hello. We’ve worked hard to create a digital environment for our potential customers, and we don’t want to stop now! Your search engine keywords are ranking well. It’s clear which paid ads they are clicking on, and you’ve shown them an appreciation for their time! But what if they end up on a section of our website that we aren’t ready for them to see? By creating a specific landing page! Your landing page will continue to present your new business idea to your prospect. Landing pages are your secret weapon to personalize your market validation process.
5. Confirming Appointments and Rescheduling
It’s easy to group your ideal customers into a social media following or an email list. But it’s important to remember that there are real people behind those numbers. As a sales rep, we could overlook the opportunity to book an appointment with our prospect. Instead of removing this step, we can adjust! By scheduling a webinar or going live on social, you will be able to connect in real-time with your audience.
6. Survey Prospects in Your Market
When looking at your data, how do you know if your service is ready for launch? If this is based on your opinion, then you’re missing out! The value of receiving feedback can create a successful launch. Without it, there may be a disappointing investment. By utilizing surveys, we are asking our prospects to think of their life with and without us. This type of nurturing will provide us with quality feedback! And we can improve their experience.
7. SMS Follow-Ups
Don’t stop now! You’ve bought your ideal customer through 7 steps of validation! You can confidently say now whether your market is ready for your new idea! And what better way to keep your brand engaging than through SMS? Text messaging has become a key touchpoint when connecting with your customers. After all, we always have our phones on us! By sending them a message directly, you’re cutting out the noise from search engines and social media.
SMS Follow-Ups is a newer strategy and Heymarket posted a great article on How to Automate SMS Follow-Ups for Sales.
“A texting service for business also empowers you to automate SMS follow-ups so they reach customers at just the right time.”
— Heymarket
Conclusion
We know how exciting a brand-new idea can be! It’s easy to get lost in the development stages. After all, you have created this offer for a specific set of customers. But are you able to identify them? It’s important to get your service in front of your customers! If not, then you won’t have the best data. Bringing a new idea to life is always a risk. You are asking for a commitment from a group of people who may or may not be ready for you. With a thought-out strategy, you will be able to make decisions based on real-life data.
Next Steps for Market Validation
Now that we know 7 of the top strategies, which one will you try first? Your first instinct may be to send out a mass email asking to schedule a meeting with anyone who is on your email list. Sounds like a great idea? You could get potential clients that aren’t ready for that meeting yet. Instead, let’s try to nurture our current customer base. Think back to our example of the virtual coffee shop. Spend a few moments to show your appreciation for their support up until now.
Then, a few days later, you can follow up with an email asking about their experience. The goal here is to get the conversation started. Once you have their attention, let’s simply ask them what they’re looking for. This is an easy way to survey your market without feeling like you are “selling them” on anything. Once you hear what their problem is, you can present your services as the solution! Landing pages, Paid Ads, and Google Trends will follow once you hear the problem in your market’s own words.
Want more information on Sales Development? Check out our post explaining what it’s all about!
Sales Development? What is it all About?
Sales development has shifted from a more tactical to a more strategic function driving revenue. Learn more about improving sales by reading our latest post!
Looking to have another set of eyes on your service? We’d love to help! At TopLead, we have seasoned sales representatives ready to get your market validation ready! Send us an email at sales@toplead.io to get started.