Monthly Archives: February 2014

Customer Validation

What most people do

  • don’t brainstorm with other people
  • don’t do research

What you will do

  • do homework
  • talk to experts

Customer is willing and able to buy and you are willing and able to provide=Good Idea

Rules

  1. Do Not Talk About Your Idea
  2. Do Not Ask About The Future

Question For Prospects (Open Ended Questions)

  • What’s the hardest part about                ?
  • Can you tell me about the last time that happened?
  • Why was that difficult?
  • What, if anything, have you done to solve that problem?
  • What don’t you love about the solutions you’ve tried?
  • Have you ever paid for something like this?
  • What’s your typical budget for these types of projects?
  • How high of  priority is this for you?
  • What factors are most/least important when deciding who to hire?
  • What has been your biggest frustration with service providers in the past?

Ask Questions Without Selling the Product

Questions For Providers

  • What types of clients are most receptive to this idea?
  • How and where can I get in touch with prospects?
  • What’s a reasonable rate to charge a client for someone at my skill level?
  • Here’s my plan. Would you do anything differently if you were me?
  • I’m new to this. What would be the most effective way to learn this skill on my own time?

Open Ended Questions start with What, Why, How, Who, Where, and Can.

Do not use Do or Have

Marketing

The 4 P’s of marketing

  • Product- what you’re selling (service or tangible)
  • Price- what you sell your product for (odd even pricing strategy)
  • Place- where you sell your product/where items are located in a store (geographical placement and physical placement)        
  • Promotion- advertising the product being sold (gain awareness of the product)

 

 

 

 

Demographics

What are Demographics? Demographics is the age group or group of people that are being targeted to buy a product. Adidas’s is targeting anyone and everyone that wears shoes, so that’s their demographic. Gym’s target people who like to work out or people who need to work out. That’s what demographics is.

Student Presentations

Presentation #1- Ryan & Jack

Profitability- $28.15

Problem?- people needed/wanted to eat while family played basketball

Solved the Problem?- bought food and sold it

Total Time Invested- 5 hours

 

Presentation #2- Josh

Profitability- 150% profit

Problem?- needing something to shoot siblings with

Solved the Problem?- made and sold darts for $2

Total Time Invested- 6 hours

 

Presentation #3- Brooklyn & Jordy

Profitability- $11

Problem?- not enough treats for people to eat at the basketball games

Solved the Problem?- made cupcakes and sold them

Total Time Invested- 1 hour

 

Presentation #4- Gidget & Andrea

Profitability- $30

Problem?- parents need to relax without their kids around

Solved the Problem?- babysat

 

Presentation #5- Gabe & Robert

Profitability- made none

Problem?- people need food

Solved the Problem?- set up delivery system

 

Presentation #6- Justin

Profitability- $112

Problem?- garbage cans lying in the street

Solved the Problem?- pay $4 a month to take garbage cans back in

 

Presentation #7- Nate

Profitability- none

Problem?- nobody wants to clean their cars

Solved the Problem?- decided to clean and detail their cars

Total Time Invested- 1 hour