Tue, 20 September 2022
The Acid Test of Startup Ideation
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
It’s easy to generate startup ideas.
It takes work to research and validate them.
Once you qualify an idea apply the acid test to it.
The acid test is can you set up a repeatable process for generating revenue with it.
Create a low-cost, simple version of the product you can use to test it.
Build a landing page on your website and then use a small amount of money to buy online ads and drive traffic to it.
Track the number of people who come to your page and how many clicks through to buy.
Track how much express interest in buying your product.
If you can provide a version of your solution at this stage fulfill the sale.
Communicate with the prospect to answer their questions and learn why they are buying your product.
This is a great way to learn how to improve the product.
Track the conversions to purchase.
Run this process again and see if you get the same results for traffic, click-throughs, and orders.
If you can show a repeatable, predictable process then you have the core of a working business.
You can test different price points and product positionings to improve it.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
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Direct download: Startup_Funding_Espresso_--_The_acid_test_of_startup_ideation.mp3
Category:general -- posted at: 5:00am CST