The Quiet Light Podcast How to Test Market a Product without Buying Inventory – From a Shark Tank Alumni
Mar 21, 2018
38:50
Kevin Williams was the guy investors would call to come in and make sure their venture capital monies were being well spent. Often times he discovered they were not. This experience lead him to a methodology that enables him to test the viability of a product and see how the audience reacts, before investing monies in inventory.
He does this with a few hours of his time, and a relatively small budget.
Kevin's path also has led him to work with patent holders who are experts at what they do, but do not have the online direct marketing experience needed to take a product to market. One of his recent deals, Brush Hero was featured on Shark Tank! Kevin talks about his positive experience with that process and how it helped his business.
Episode Highlights:- Test a product concept without inventory.
- Fail fast and don't fall in love with a product.
- Know what you are looking for. Set up the test and let it run. Don't micromanage it.
- Use Facebook advertising for testing. It is not rocket science.
- Landing pages are designed and up in an afternoon, and FB testing runs for a week.
- The budget is small, $50-100 per campaign (2-3) per day for 7 days.
- A CTR minimum is established. Write the goal down, put it in an envelope, then check the number i 7 days.
- More testing can be done if the results are positive. Negative ones are scrapped.
- Licensing deals with patent holders are ideal.
- His Shark Tank experience was fantastic…did he get a deal?