“But, this is much more powerful, faster, and cheaper than traditional market research to validate a new business idea!”, told me Xiang (a student from the Jiao Tong business school who was visiting London with her MBA class) and Savinien (who’s taking an Entrepreneurship elective class where I occasionally teach at IMT, a French engineering school).
In these 2 lectures, I gave about 15 examples of techniques developed by startups, to validate customer demand for the products they wanted to build, and which can be used … even before you have spent the time and money to build the actual product. For those of you familiar with MVP and the Mom test, that may sound familiar. But telling the insiders stories behind what Monese (a Fintech), Voodoo (a game studio), or even Santander (a large international bank) used really brings it to live.
By the way, special kudos to Nasseh who had the guts to spend 10 EUR on actually launching a Facebook campaign to the landing page he created with his school mates just … 1 hour before : As we had a full day at the IMT, I had a group of ~30 students applying 5 of these techniques (Writing a press release like Jeff Bezos, Building a landing page, Driving highly segmented traffic to it to test conversion, applying the Mom test, and the Advisory board) to their own personal projects.
The playbook is out there, so don’t hurt yourself building products that nobody want. And do share your favorite hack for validating new business ideas before product stage with me, so I can feature it in the next session (use the comments below or email me)
And do let me know if you want a copy of the presentation, I’ll be happy to share.