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5 Strategies for Product Market Testing on a Budget. Check out more The Journey content at https://bit.ly/GDTheJourney.

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⏰TIMESTAMPS⏰
00:30 - What is product market testing?
02:25 - Do your market research
02:49 - Use your network on Facebook
03:10 - Leverage sign-up forms and landing pages
04:20 - Using surveys to learn about your market
04:45 - Using Google AdWords to get in front of searchers

Have you got a big idea? If so, we’re sure you’re super stoked to get it out there and start selling. Take it from us, though, it pays to take a break and do some product market testing first. If you want to give yourself the best chance to succeed, then you absolutely must find that product/market fit.


What is product market testing?
Product market testing is the first step to finding what is called product/market fit. The fit means that you’re selling the right product to the people who’ll benefit the most from it, and, of course, the people who will pay you for your product.


Here are five suggestions for product market testing before you go broke launching things no one wants to buy.


1. Research your market
There are multiple options for crunching the numbers. For local businesses, start with Yelp to see who the competition is and how many there are. If your service is online or serves an anywhere customer base, then you’ll have to dive into the numbers available online. Making sure your target market has the money and motivation to buy from you.


2. Use your network on Facebook
It’s not merely your network, but your network’s network that you can reach. So if you have a big idea, share it on Facebook and ask who’s interested. You might get a great reaction and your first customers.


3. Leverage sign-up forms and landing pages
Getting someone to say they like your idea is easy. The challenge is making that first little bit of investment, even in the form of an email. When people are eager enough to get your product that they join a virtual queue, you know you have a market that likes your product.


4. Use surveys to learn about your market
If you’re not sure about who your market is or their needs, then surveys are an awesome way to test your product/market fit. Try to boil down your questions to be as simple and useful as possible. The longer your survey, the more costly it gets and the less likely people are to answer your questions. Aim for one or two items, but certainly less than five questions.


5. Use Google AdWords to get in front of searchers
If you’ve gone ahead and created a landing page as we recommended above, you can use AdWords even if you don’t have a website yet and see if people sign up or pre-order. You don’t need to spend a lot, only enough to see if the market exists for your product. So don’t think you need deep pockets or you need to run costly campaigns, it’s just research.


Any engineer knows you build a small prototype first. The same rule applies when it comes to launching a new business. Before you invest your retirement in a new venture, give yourself a head start by testing your assumptions first.


The Journey is what everyday entrepreneurs, like you, need to follow in the pursuit of online success. Our experienced GoDaddy Guides are here to take you through all the steps, both big and small, that you encounter every day.

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