How To Validate Your Niche By Launching A Minimum Viable Product (MVP)

Do you sometimes feel that you're not very confident actually selling your products? Or maybe you're not confident on your topic in a coaching business? In this particular podcast, I'm going to be teaching you how to create a minimum viable product even before you launch.

So you don't need to launch a full fledged product until you test and see if there's a market responsiveness. Now in this particular podcast, I'm going to share with you a ten step formula on how to create a minimum viable product or in other words, and MVP even before you launch. Now, if you look at the way that I scaled my business, my first product was an affiliate marketing product where I was selling people a course on how to make money by selling other people's products. So that was more of a digital product based course. In fact, when I started off, I did not have my own product. I was just selling my mentors products and I was making commissions. Now once I understood there was a responsiveness in that particular topic, I created my own product. And then when I created my product, the first version of it was all around affiliate marketing. But then once I started to get more feedback from my customers, the people who bought the affiliate marketing, you know, course that I was selling back in the day, they wanted to learn more about marketing, they wanted to learn about how they can create their own courses and how they can create their own products and they wanted to build their own ecosystems. So that really triggered me, or gave me the direction change to start teaching people how to create digital products. And then I started to sell additional products. And the next phase of the journey is as more and more people started to, you know, become my customers, many of them are not getting results just like me, because they were not building communities, they were only product sellers. So I took that as a feedback and then I started to build a whole ecosystem around how to build digital communities. And that went on for a while and then I realized, okay, don't sell products, let's sell memberships. And that's how the whole concept of a silver membership, a gold membership, a diamond membership, a quantum membership, all of these started to come into play because of this five year journey that I went through. Okay, so the reason I'm sharing this with you is because I never planned what I was going to do way back when I started, okay, all was based on the minimum viable product concept. So I want you to take notes and understand that there are 10 steps on how do you make this work now, especially if you're somebody who's starting off or maybe you are already running a funnel, but it's not working. There are not many people buying a product, or there's not much of a responsiveness, or. Or maybe you don't feel confident if all of these things are going through your mind. Trust me, what I'm going to share with you in this particular podcast is going to blow your mind away. It's going to make it simple, easy for you to go get results fast. Okay, so the first step is pick one problem that you want to solve. Okay? Close your eyes, go deep within and think about what problem you see in the world that you want to solve that you feel aligned with when it comes to solving. Whether it's a business problem, a career problem, a health problem, a wealth problem, relationship problem, or even if it's a creativity problem where you want to help people in areas of music or painting or creative arts. The second step is pick one market that you want to serve. Do you want to serve only parents? Do you want to serve working professionals? Do you want to serve entrepreneurs, business owners, only mothers, or only young professionals? Now, the ideal target market is somebody who's just like you. When I started off on this journey, I targeted people are just like me, but just maybe two, three years behind time because I had gained some experience. And where I was two, three years behind time, that was the target market. I was going after people who are into, you know, personal development, who have young families and who wanted to make a difference in the world and who wanted to create extra income for themselves and for their family. So that was my target market. And I was also targeting people from my own location, from Bangalore and Chennai. The third step is pick one process or one method by which you can help them solve the problem. Like in my case, I picked the method of affiliate marketing to solve the money problem. Now, there are many ways to make money. You can make money through real estate, you can make money through stocks, you can make money through, you know, insurance or selling other kinds of products. But I decided to take the method of how to make money online by selling other people's products in the starting phase of my journey. So in your case, the third step is pick one process or one method to solve that problem. Just like for example, if someone has to lose weight, there are many methods to lose weight, but you pick one method which you are aligned with and you are confident with. Now here's where the magic starts. Step number four is you create something called as a survey gift. S U R B E Y G I F T Survey gift now the survey gift strategy is a strategy where you make posts and post content on social media and you tell people that, hey, I'm going to be launching, I'm planning to launch a, a product, you know, a new training in the next three months worth 10,000 rupees and I'm willing to give it for free just to a few people if you answer this survey. Now in that survey you collect all the different points. Talk about asking them if they are facing that problem. Ask them what is their demographics and ask them a little bit more questions on if they had to solve that problem or if they're looking for a solution, what exactly they're looking for. Okay, so let's say if the problem is how to lose weight, if that's the thing, then ask them what all have you tried before, what all has not worked for you? What do you, what do you think is a big resistance that you have when it comes to losing weight? And you start collecting data. This is more about gathering data from an audience on social media. And even if this data is, this audience is small and if the data set is small, still it is going to give you some better validation on the direction that you need to move before you create a digital products. Okay, so the fourth step is to create a survey gift. The fifth step is then conduct one to ones with these people who have actually filled the survey to get some patterns. So you can send an email as soon as somebody has filled the survey. You can say that hey, thank you so much for filling the survey and I'm going to be giving you this, you know, 10,000 rupee course when I actually launch it in the next few months. Thank you for your time. Now if you want to just connect with me for a 15 minute call, I normally charge people for this, but I'm going to give it to you for free. Just 15 minute call where let's just have a chat and you can explain to me more about your problems so that I can get more feedback from you before I create this particular product. Now give a calendar appointment link and get on a zoom call. It's going to be a free call and just connect with them one to one and build a human to human connect with these people. Now let's say over a span of three months you're able to have conversations with at least 50 people. Okay. And maybe you've collected around 100 data points. Now this is going to be a solid set of ideas for you to then start creating your product. Now the fifth step is to conduct one to ones and get patterns. Now the sixth step is then you go and create your minimum viable product, okay? So you create your MVP based on the inputs that you have got from your customers. Or you may already have some idea before, but you can improve it and enhance it based on the feedback and the conversation that you had. And the best part is now that you've had a touch point and a conversation with these people and you had a human to human connect. Every time you post something on social media, every time you have a valuable piece of content that you post, in most cases these people will start to follow you and they'll start to engage more with you because they have not transacted with you, but you've added value to them. And of course you can also add value in the one to one call. The seventh step is let's say you do this for a month to two months and, and you have a group size or let's say a list of at least a hundred or 200 or 300 people. And you can even share this link for your survey gift across social media, across different, different platforms. Even on WhatsApp, you can do it. Let's say you have a sizable group. Seventh step is invite these people to a MVP webinar, Invite them to a webinar. And in this webinar step number eight is sell your minimum viable product. Okay? And of course many of them, you said you would give it to them for free. What you can do is you can even invite a cold audience. You can do a test selling, okay? Meaning you can even tell them that if, if I was going to be charging you, you know, 9,999 for this particular product, what more would you want? You can even do like a survey in a group webinar and see if you can do a test selling. And you can tell them that I'm planning to launch more advanced courses or more advanced information around this particular topic. If you'd be interested, let me know. But you don't sell anything in that webinar. It's more like a test cell. Test cell is to see the responsiveness, if they would be ready to pay. In fact, one of the polling data you can do in that webinar is would you be willing to pay, you know, say 9999 for more advanced information? Even though I'm going to give you a free course because some of them would be having a free, they've already done the one to one with you. But would you be willing to pay so much if I If I do more research and if I create something for you. Now, this test cell webinar is going to be the most important thing for you to understand the responsiveness of your topic. Okay? Now the ninth step is that you create that product, okay? Create the product, give it for free to all these 30, 40, 50 people and collect testimonials, okay? Collect testimonials. In fact, tell them that I. Normally I was going to be charging this as 9999, but because you filled the survey, I'm giving it to you for free. But one thing I would request from you as an exchange, you know, in reciprocation of this gift that I'm giving you, is if you can review my course within seven days and give me a testimonial on what you thought about this information and if, and if this information has made any difference to you or not, okay? And then once you collect these testimonials, what you do is you use these testimonials to start doing your real selling, okay? Then you do another webinar where you actually do a proper sale and sell this product using these testimonials and nurture your customers. So that leads me to step number 10. So step number 10 is sell. So we finished, we did test selling in step number eight. Step number nine is collecting testimonials and, and step number sell. Step number 10 is the real sales webinar, okay? So real sales webinar is where you actually get the money in and you know, and you keep building and nurturing your community and your audience in the meantime. And once people come in, you'll know whether you know, first of all, it's your own confidence in the product will show. The second thing is the testimonials that you got from those people. Even if you have five testimonials, that's good enough for you to do a sales process and a sales pitch. And in this real sales webinar, if you see there's a good response in the topic, then you can start to hit the gas pedal, hit the accelerator and go much more deeper into that. You know, you can maybe start running ads and doing multiple other things. Now, in case it does not work, let's say you do. You do this real sales webinar. Try it three or four times, but let's say somehow it is not responding well or whatever, right? Then go back to step one. Pick a new problem, pick a new market, pick a new method or a process, create a new survey gift and do this two or three rounds if it's not working. And the best part is the second or third time, you'll do it much faster than the first time. And this is how you create a minimum viable product. Now just imagine once you have, you know, understood the sweet spot after going through the minimum viable product process, then when you hit the gas pedal on traffic, on organic content, on marketing, on ads, you know, at that point of time you'll be able to easily scale. A lot of people don't get results because of neglecting this one step. I hope you found this podcast useful. If you are already a member in my community, upgrade to diamond membership because that's where I'm going to be telling you more about how you can make this and how you can scale much faster in our training and coaching business. And if you are not a part of our community, of course there's a link below in the description. Click on the link. Attend my next webinar and I'd be more than happy to help you long launch a super profitable digital product business to over six figures a month without any office. Catch you in the next episode.