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Business Idea Validation

Published on Nov 18, 2015

Determine if anyone cares before you build it. By Diffactory.com CEO, Kevin Oldham

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PRESENTATION OUTLINE

1.

Business Idea Validation

Determine if anyone cares before you build it.
Photo by aunullah
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Kevin Oldham
CEO Diffactory
Consultant @BetaBlox
Founder of three marketing companies
Past: CMO of United Real Estate Holdings

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Topics

  • Zero to One
  • Your idea may not be awesome
  • Vitamins and Painkillers
  • Tactics for evaluating your idea
  • Discussion
Photo by edmittance
4.

Topics

  • Zero to One
  • Your idea may not be awesome
  • Vitamins and Painkillers
  • Tactics for evaluating your idea
  • Discussion
Photo by edmittance
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Story of Two Personal Failures

  • Retirement Adventure Kit
  • FSBO Accelerator
Photo by moparx
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"It's easier to copy a model than to make something new: doing what we already know how to do takes the world from 1 to n, adding more of something familiar.

Photo by Luc Van Braekel
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But every time we create something new we go from 0 to 1. The act of creation is singular, as is the moment of creation, and the result is something fresh and strange." Peter Thiel

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Your Idea May Not Be Awesome

It is better to find out now vs. building something no one wants
Photo by kennymatic
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"I have an idea for an app!"

Photo by Cristiano Betta
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The Truth: No One Cares...Yet

We have to tell stories and build companies in a matter that makes people care.
Photo by Stuck in Customs
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Vitamins and Painkillers

What are you building?
Photo by veo_
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Painkillers

  • Solve an obvious need
  • Relieve a specific pain
  • Often have quantifiable markets
Photo by Brandon Heyer
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Vitamins

  • Do not necessarily solve an obvious pain point
  • Instead, appeal to users' emotional rather than functional needs
Photo by escapedtowisconsin
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Most Zero to One companies created vitamins. We didn't know we needed them until they became part of our everyday lives. We are now hooked.

Photo by LoKan Sardari
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Vitamins may be costly to build (time, money and resources).

Make educated decisions based on your resources
Photo by Yasunobu Ikeda
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Validation Tactics

Photo by MattC.
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Listen, Be Aware and Be Curious

People openly share frustrations in the world.
Photo by Thomas Hawk
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Research: Be A Fly On The Wall

  • Quora
  • Reddit
  • Niche Forums
  • Facebook Groups
  • Anywhere online your customers congregate
Photo by jpctalbot
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Research: Evaluate Competition

  • Amazon
  • Udemy / Skillshare
  • Google search - look at instant auto suggestions
  • Keyword research - Spyfu
Photo by MichaelKreil
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Build Avatars of Customers

Photo by Phillie Casablanca
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Copy is King

Tell your Avatar a story that makes them beg to become a customer.
Photo by Andi Licious
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Copy Resources

Photo by Robert S. Donovan
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Run Tests

  • Quantify everything
  • Create the cheapest, fastest MVP
  • Get one customer who isn't a relative or close friend, then get more
  • What was your cost of customer acquisition (time and money).
  • Rinse and repeat
Photo by DaveBleasdale
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Curiosity Is Everything

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KOldham@Diffactory.com

Kevin Oldham