Enterpreneurs Don't Guess: Building an MVNP
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The document discusses market validation techniques for entrepreneurs, emphasizing the importance of both primary and secondary research in understanding target markets. It introduces the concept of a Maximum Viable Non-Product (MVNP) as a cost-effective method for testing business ideas and gathering customer data. Additionally, it provides practical tips on creating landing pages, utilizing social media for advertising, and leveraging resources for market research.
Enterpreneurs Don't Guess: Building an MVNP
- 3. @ConversionSci Today • A bit about me. • Nothing much about Secondary Research. • Lots about Primary Research • How to use website optimization techniques to test your business ideas.
- 4. @bmassey Founder of Conversion Sciences Website Optimizer Author Your Customer Creation Equation Lab Wear Fashion Model The Conversion Scientist Blog Contact:
- 6. @ConversionSci Secondary Research What others say about your target market.
- 8. @ConversionSci Things to Search For Research about my marketplace. Competitors who offer alternatives to my thing. Things that are Complimentary to my thing. Blogs about my thing.
- 9. @ConversionSci Primary Research What you can learn about your target market.
- 10. @ConversionSci
- 11. @ConversionSci
- 12. @ConversionSci
- 13. @ConversionSci
- 14. @ConversionSci
- 16. @ConversionSci Humans are programmed to be liars
- 18. @ConversionSci The best data requires you to launch something.
- 19. @ConversionSci Maximum Viable Non-Product (MVNP) What’s the most product you can launch before it exists?
- 20. @ConversionSci Less expensive than a Minimum Viable Product (MVP) Image Source
- 21. @ConversionSci Less expensive than a Minimum Viable Product (MVP) Image Source MVNP
- 22. @ConversionSci “Can I come up with a product and a message that will get people to buy it?”
- 23. @ConversionSci Why Launch an MVNP? • Most valid market research. • Build list of well-qualified prospects. • Low-cost way to test an idea. • Tests both idea and ability to market the idea.
- 24. @ConversionSci Types of MVNPs They come in all colors.
- 25. @ConversionSci Components of an MVNP • An offer relevant to your target audience. • A measurable conversion, usually a form. • Copy and images that communicate the value of your offer. • Analytics to track results. Consider a free Google Analytics account.
- 26. @ConversionSci 1 Create a Landing Page
- 30. @ConversionSci Wordpress / Theme Forest + Google Analytics
- 33. @ConversionSci Highly Targeted Ad Platform
- 34. @ConversionSci Test a variety of ads
- 37. @ConversionSci Kickstarter, Indiegogo, and smaller competitors
- 38. @ConversionSci Who’s Looking for Me? Keyword Research
- 41. @ConversionSci Discover 1. What keywords would someone looking for my thing use? 2. How many people are using those search keywords? 3. How much will I pay for those clicks on those search keywords? 4. What are people who don’t know about this solution looking for?
- 43. @ConversionSci Inform me when product launches.
- 46. @ConversionSci Buy now at one of these price points.
- 47. @ConversionSci Who will you try it on? Even MVNPs need visitors.
- 48. @ConversionSci Try These • UsabiltyHub (www.usabilityhub.com) • Helio (helio.app) • UserTesting (www.usertesting.com) • Ask Your Target Market (AYTM.com) • Others: • https://conversionxl.com/smoke-test/
- 52. @ConversionSci The Email List of a Complimentary Company
- 53. @ConversionSci Your Resources Your resources determine what approach to take.
- 54. @ConversionSci Your Resources • An existing site • Relevant Social network • Relevant Mailing List • Prototype • Existing customers and Testimonials • Identifiable investors • Content: Video, photos, eBooks, reports, blogs • More people than money • More money than people
- 55. @ConversionSci “What if my idea gets stolen?”
- 57. @ConversionSci
- 59. @ConversionSci
- 60. @ConversionSci
- 61. @ConversionSci Behavioral Qualitative Positioning Messaging Visuals Layout Launch Improve Live Chat Transcripts Ratings and Reviews Prototype Conversion Sciences Data-Driven Design Map
- 62. @ConversionSci Brian Massey Conversion Sciences LLC brian@conversionsciences.com Blog: www.ConversionScientist.com Services: www.ConversionSciences.com @bmassey on Twitter
Editor's Notes
- #8: Two similar products Four star rating with 250 reviews Five star rating with 5 reviews. Which do we believe? [audience interaction] This is a 4 star product. We know intuitively that a larger sample size is better than a smaller sample size. Statistics: n for number in sample. Statistics is built in. What else can we infer from this? [audience interaction] The first product hasn’t been on the market for very long or isn’t selling well. The population of buyers is probably small. Statistics Big N=population size.
- #9: Two similar products Four star rating with 250 reviews Five star rating with 5 reviews. Which do we believe? [audience interaction] This is a 4 star product. We know intuitively that a larger sample size is better than a smaller sample size. Statistics: n for number in sample. Statistics is built in. What else can we infer from this? [audience interaction] The first product hasn’t been on the market for very long or isn’t selling well. The population of buyers is probably small. Statistics Big N=population size.