How to Validate an Idea- How do you Know What to Sell (& When)

 

In Lesson 1, I spoke about Validating an Idea. So I am going to explain this further.

As entrepreneurs we all have heaps of ideas of what to sell.

But how to know what will sell the best? Make the most money? Be a major success? Or a failure?

So, you have an idea for a new product line or service.  How do you know it will sell?

Well its only by one way- By selling it.

This is called Validating an Idea.

Let me give you an example, A new boutique is coming on the market and they aren’t sure whether to sell t-shirts, dresses or leggings or dinner wear.  They don’t know how many will sell of what size and design. 

So what do they do? One way is they can get some great photos and ask for pre-orders to secure an order.

 In this way they start to get an idea of what will sell the best and how much to order.

So you can do the same in creating your new product or service.

Instead of spending time trial and testing a recipe, writing that book or course or tutorial, or getting a whole new website page and making no sales.

That will be a waste of time and money.

Instead, go ask people if they would order it. And get them to order it before you actually do it. Simple.

Here are the steps to know you have a great sell-able product.

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8 Steps to Validating Your Idea

1.    Ask.

Straight up and ask people if they would purchase.

You can do this by email, text, phone, Facebook message, LinkedIn message, Facebook groups. Wherever your target market are ‘hanging out’, ask for their advice and feedback.

You can’t sell a secret.

2. Write some ‘sales copy’

Sales copy is the ‘persuasive language’ of what your product is. It is kind of like an advert.  A little bit of a title or description, the benefits, results expected, guarantee, and what value people will receive from it.

3. Give a deadline or sense of urgency

We humans love making decisions at the last minute.

That is pretty normal human behavior. So, tell them this new product/service you are offering at an ‘early bird special’ or ‘pre-orders’ end at a date and time.

4. Make it scarce

Again, we love something other people don’t have.

By saying that you can only take a limited amount of people along for the deal, makes people want it more.

5. Contact several times

Send out a series of (at least) 5 emails/texts/FB messages/phone calls reminding people of the offer and the deadline. Change the sales copy around to see what people respond to more positively.

The sale is in the follow up.

It’s not our customers job to follow up with us you have to do it.

6. Give a call to action

People need simple action steps. Give them the direct one (1) next action step they need to do to get your goodies.

So, it could be ‘hit reply to this email and write I’m interested’ OR ‘click this Add to Cart button below’ OR ‘book in your free 20 minute consultation below’ OR ‘comment below for more details’.

With clear steps, so that there is no confusion about what the next step is. 

Because we all know confusion leads to indecision.

7.  Ask for payment

Before creating the new product or service. Before writing and putting together a new website page. Before writing the book or course or tutorial. Before creating that content.

Sell it.

Ask for the sale, giving an exclusive deal (being a discount or bonus or special) and ask for money to be transferred into your bank account. This is the difference between people who aren’t willing to hand over money vs. people who do value your idea.

And there will always be people who say ‘yes’ at first but don’t say ‘yes’ with their wallets.  

We want the customers who say yes with their money, don’t we?

8.  Fill those orders!

This is where you fill the delivery of your promised idea.

In a timely manner, you follow through with what they have purchased. Book in that new cake order, write that book and email out, start writing that course or tutorial, fulfil on those bonuses.

Essentially you create the content last. When you know it is sellable, because you have money in the bank.

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What if it doesn’t sell?

If you don’t get the sales and just hear nothing… Then refund people’s money ASAP.

You have learnt a valuable lesson that that particular idea isn’t sell-able.

It could also mean your Sales Copy need tweaking/changing or different price point or more follow up is required.  

At least you won’t have spent time and money doing something that didn’t sell.

Remember only create what sells.

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So, I would love to hear from you

Do you have a product, service or package that you have been thinking about selling?

How could ‘Validating the Idea’ work for you?

Send me an email, I would love to hear from you!