R17 Ventures, a top digital firm, provides this advice for business owners, founders, and product developers: use social media advertising to evaluate your product or market-fit before spending thousands or even millions of dollars.
In a webinar held on July 5, 2023, the agency—a worldwide performance marketing partner and venture builder with thirteen active businesses—shared its technique for testing product and market fit. The webinar’s speakers, R17 CEO and creator Raphael Rohner and R17 Digital Growth Specialist Jono Duguid, emphasised the need of anticipating how well a product will perform utilising social media marketing before developing it.
The two provided three business scenarios for which the methodology might be used:
1.Identifying a minimal viable product (MVP)
2. Packaging: ascertain the most effective packaging.
3. Market-fit: Evaluate if a product or service is marketable.
The three steps of R17 Ventures’ product and market-fit testing process are as follows:
1.Mock up packaging, products, claims, and business models, for example.
2. Create a Shopify store or landing page to test the aforementioned.
3. Using the mocked-up content, create Facebook, Instagram, and TikTok advertisements that point customers to the appropriate landing page or Shopify store.
Once a customer decides to buy, businesses have two choices:
1: Market a product that doesn’t exist and immediately issue a refund to the customer.
2: Gather subscribers and use heatmaps and related technologies to assess all data from the website.
Option one is advised by R17, who asserts that “actions speak louder than words” and notes that “there’s a big difference between asking someone if they would buy your product, versus them actually doing so” (Duguid).
When asked why sponsored social channels are preferred over search engines, Rohner responded that the latter are intent-based, meaning that the demand is constrained, and that in order to expand one needs to generate demand, which is where social media advertisements excel.
The two continued by listing further advantages of this research, such as learning about price elasticity of demand and gaining insights into consumers’ demographics, locations, and other factors. They also demonstrated how the process functions in the gaming industry, which they do with InfluencerApps, one of their businesses.
In his closing remarks, Rohner encouraged business owners looking for a partner to get in touch and present their venture.
Source : PR Newswire