How to Litmus Test a product before a Launch
Without being ‘salesy’ and even if you have no following
First things first; when it comes to selling something you need to validate your product. This enables you to know that you actually have potential customers and that all the potential time and money you are about to use isn’t for nothing.
The most effective way of doing this is actually getting people to spend money on it. You may wonder how and why would anyone use their hard-earned cash on something not complete. Well here’s how:
You create an MVP
No this is not the ‘Most Valuable Player’, instead this is a ‘Minimum Viable Product’. A definition for this is:
“a minimum viable product is a version of a new product which allows an entrepreneur to collect the maximum amount of validated learning about customers with the least effort”.
So practically this is creating a prototype of sorts or having a staggered start with your launch. The most well-known use of this is a Pilot in a TV show. It enables studios to save a lot of time, money, and effort as they can get a lot of feedback relatively easily.
Three different MVP tests which are relatively easy are:
№1: Social Media
Put your concept online and see the response. You will always get the odd negative comment, however, public opinion online is often a solid indicator of the success of your product.
№2: Interview call
Have a call with potential clients/ customers. See their intentions and really work out would they put their money where their mouth is and purchase your product. How many times do you know someone who has said they will do something and they won’t. Make sure they follow through.
№3: Digital product sale
Today we have an abundance of sites to work to test out whether your project may work; popular ones include:
Kickstarter
IndieGoGo
Crowdfunder
Patreon
Go Fund Me
If you're not sure whether your product has longevity, this is a great way to go. If you are in the service industry; offer a taster of your offerings. If you are wanting to sell a course; provide a lesson for people. If you are wanting to write a book; write a short story. If you are wanting to make a film; make a Youtube channel.
These are lower-risk products and don’t cost you nearly as much energy and prevent you from releasing a very expensive and time-consuming product. They also give you guidance for pricing. With a test, you can show what value you provide, and then down the line, people aren’t surprised with a big-ticket item.
T.B.P- Transformation Based Pricing
With people seeing the transformation and value in your MVP offering they connect in an emotional way. They will want more. This is a successful litmus test- next up is taking on the world with your full product launch, don’t worry you’ll smash it!