Since I started this experiment I’ve narrowed down my potential target market by utilizing Facebook Ads and Google Adwords. Despite some issues at first with the Facebook ad (due to the initial lack of a privacy policy on the Feedbaq landing page), they eventually approved it. I used the Facebook targeting module to break my target market down to the following demographics:
- who live in the United States
- between the ages of 24 and 34 inclusive
- who are male
- who like #Seed accelerator, #Entrepreneurship, #Startup company, #Entrepreneur or #Business incubator
- who have graduated from university
- who are single, in a relationship, engaged or have not specified a relationship status
- who speak English (US)
- who are in the category Technology Early Adopters
A handy additional piece of information was that Facebook gave me the number of users who fit that profile (70,500 people). This will help as I continue to assess my TAM, SAM and SOM as part of the Lean Canvas / Customer Development methodology (in addition to gathering information on the Market Research industry at large). I’m assuming that a good percentage of this user group (around 70%) are entrepreneurs who have started or hope to start a venture.
Gaining a better understanding of the language used by the Target Market
As I’ve been driving people to the Feedbaq landing page using a variety of ads with different copy, I’ve been able to get a better understanding of the type of language that attracts clicks and sign-ups. An example of the ad copy I began with is:
“Feedback from Customers: Test Your Idea Before You Waste $ – Get Feedback For Your Idea Now: http://www.feedbaq.net”
That copy attracted 0% conversions with over 570 impressions at position 3 or better. I had 5 ads running at the same time, and based on click-throughs I found that the following copy was the most attractive:
“Startup Customer Feedback: Don’t End Up in the Deadpool! Get Feedback for Your Idea Now: http://www.feedbaq.net“. This ad converted at 0.5% with 1000 impressions (5 clicks).
Another ad that converted well was:
“Startup Market Research: Real Feedback from Target Markets at an Affordable Price: http://www.feedbaq.net”
As I received stats on which copy converted best, I began to adjust the landing page to better fit that language, resulting in more social shares and signups each time (once again, unfortunately, using LaunchRock I can’t A / B test landing pages at the moment).
That’s the progress so far with paid experiments (for $20 dollars of advertising budget so far), next installment I’ll share some of the free experiments I’ve tried, alongside another paid experiment on one of the biggest websites in the world…
#Summary:
I’ve narrowed down the assumed target market
Optimized the language that I’m using in all copy
Assessing TAM, SAM and SOM using online research reports
Updated the Lean Canvas with new information
The post Testing a New Idea Using Lean Startup and Customer Discovery – Part 3 appeared first on Jacob E. Dawson.