Welcome to Days 3 & 4 of the Product Creation Masterclass Experiment!
OK, so I got bogged down last week on lesson 3.
The lesson was about how to validate your product idea. The basic premise is that you should connect with some of your potential customers to make sure they’ll buy what you’re making.
Makes complete sense…do a survey, make some phone calls, e-mail your list, or all three. Whatever it takes to contact a few people from your target market, see what their burning pains and interests are and then adjust your product idea(s) accordingly.
Right there is where I got stuck. I have no chiropractors on my list that I know of and I only know one personally, so none of the options above really worked for me. In my mind, the ConvertKit process assumes you’re not starting from scratch, and so I went other routes to gain some level of validation.
Stuck in Product Validation
I went to Quora and Reddit, emailed the one chiropractor I know and asked him for some help, and posted a request in several Facebook groups I’m a member of.
To date, I have one person from a Facebook group and the one guy I know that have offered to answer questions. But I haven’t actually talked to them yet.
I decided to put together a survey to gather info from them initially rather than doing it on the phone. I think it will be less imposing on them and their time. Plus, I’m going to offer an incentive for them to send the survey to their chiropractor friends. I’ll let you know if/how that works.
Goal Setting and Clarifying Your Purpose
After validating my product…which is still in progress, of course, I set about clarifying exactly what I want the product to accomplish for my customers…what is its purpose?
Luckily, that’s fairly simple for me…
Goal for my first eBook
My eBook will teach chiropractors how to use press releases to get on page 1 of Google for low to mid competition keywords, greatly increase the likelihood they’ll be included in the Google Maps 3 pack results and increase their organic rankings over time.
The next step in day 4 is to clarify goals for this product and its launch.
But before we do that, I’ll let you in on a little secret of mine…please don’t tell anyone…
I don’t usually set goals.
They just don’t really motivate me. Especially at the start of a project. Truthfully – even if my product validation was complete and it went well – I don’t know enough to set realistic goals. In my mind, there are too many variables – many of which I even haven’t discovered yet – to be able to build a goal or series of goals around it.
But, like I said in the intro to this series, I’ve been doing it my way for a long time and it hasn’t worked for me. So in the interest of trying it another way, I went ahead with the exercises. I do see the value in having goals and tracking progress toward them…I truly hope it works!
Just this week, my wife and I bought a new car…it’s a 2011 Toyota 4Runner. And it came with a $400/month payment; plus a $25/month increase in insurance over the 2005 Honda Odyssey we traded in.
So that’s what I decided to use as my goal…$425.
Ultimately, I’d like the product to bring in $425/month, but initially, I’ll set that as a total income goal. Once I know it can bring in that much, growing it is a matter a systemizing what works.
We haven’t discussed pricing yet in the Product Masterclass, but based on what I know about eBook pricing, I’m thinking my initial price will be $29. I may adjust that later, but this is good enough for planning purposes.
Email Lists Change Things (or Setting a Goal for the Size of Your List)
If I had a well-developed list of chiropractors already, it could inject a little more reality into these figures. The reason is because there’s an industry standard estimated response rate of 2% when you mail your mailing list. In other words, for every 100 people on your list, 2 of them will buy.
So you can figure a goal like this:
- subscribers on your list X 0.02 = number of buyers you need
- number of buyers needed X purchase price = income goal
You can also figure it backwards to get an estimate of how large a list needs to be to reach a certain sales goal. For example:
- income goal ( in my case, $450) / purchase price ($29) = buyers needed (15)
- number of buyers needed (15) / 0.02 = email subscribers required (750)
That 750 number kind of depresses me considering the trouble I’ve been having during validation!
Drop a comment below if you have any questions or thoughts on the masterclass so far.
* Featured image by organic maven, cropped