How To Test A New Business Idea For $100

How To Test A New Business Idea For $100

One commonality that is shared amongst small business owners is the need to test out new ideas.  Ideas are the key to growing your business because it is imperative that you keep up with competitors.  This means creating new services, products, or restructuring previous offerings. 

Often, research and development (R&D) can be extremely expensive.  However, this does not have to be the case.  Here’s an easy way to test out a new business idea for $100. 

Creating Web Forms

One extremely effective way to conduct market research is to have a form, using Wufoo or Typeform, on your website that gathers information about customers.  This form can include data collection about your customers, such as their locale, email address, or other information.  This information can then be used to better hone into your customers interests, likes and dislikes – especially as it relates to the new idea.

Using Targeted Ads

You can then use this information to specifically target ads to these interests.  This is an extremely effective, but low-cost-in-the-long run solution to testing out new brand ideas.  For instance, if you have a new product that you would like to launch, but are not sure how many products you should release in the first run, you can use this methodology to target a small subset of your customer base.  This would then give you better insight into how much interest your current customer base has on this product.

There are multiple ways you can use this method, but all of them can you reach the goal of testing out new ideas.

When you can test out new product ideas you can then be more strategic with getting your brand and its products and services out there.

Need help with product testing or brand analytics?  We can help!