How do you validate the value proposition?
Hi everyone,
our team is about to practise different ways to validate the value proposition, and I'd like to share with you how we are planning to do that.
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Facebook Ads - the most important thing is to indeed set the right target audience. The most difficult aspect of this - a creative part. The message must resonate with the buyer persona.
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Google Ads - that is a bit easier than Point 1. A person who sees the ad is already interested in the sphere of your product. They are searching for it. The right message is under thorough examination here.
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Website Copy - when you are 100% sure you get the right traffic (with your target audience), your website is supposed to convert them into signups. If that doesn't happen, you either have wrong traffic sources or improper website copy.
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Community response - teach what you preach, right? Tell the communities more about your expertise, related to your product.
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Cold sales - put the value proposition into the messaging and watch the conversion rates.
Can you add anything else to this list of value proposition validation ways? Any comments? Do you have any experience with these activities?
p.s. stay tuned for the results :)
Here is my approach to validation, from 0 to scale
1 - Determine how many site visitors you need to meet your MRR Goal
2 - Can you drive sufficient traffic? (validate channels)
3 - Are site visitors providing email on landing page? (validate problem)
4 - Are visitors becoming customers? (validate the problem is worth solving?
5 - Are customers loyal? (validate the solution solves the problem)
6 - Do customers refer others? (validate the solution is scaleable)
Working on a blog post that gets into more detail.
I built a free calculator to estimate how much traffic is needed (step 1)
https://launchmuse.com/tools/traffic_calculator
Regarding ".. your website is supposed to convert them into signups. If that doesn't happen, you either have wrong traffic sources or improper website copy."
Other things that could be wrong: CTA (button) copy, button color, onboarding flow, reassuring (eg social proof)... There are many things that happen after someone clicked on a ad. Depending on the amount of traffic that you're going to send with the ads you could A/B test with some of these things.