How Our Startup Studio Validates Startup Ideas In Under 3 Months
How should we validate ideas for our startup studio?
Do you focus on market demand? Talk to customers? Build a MVP?
Today, we share how we’re (attempting) to validate startup ideas for The $3M Challenge.
And without burning all our cash.
Here are the topics discussed in today’s episode:
- What is product market fit
- How to measure market fit
- What can you do to increase market fit
- What are definitive examples
- Best sample sizes
- Pitfalls and variables
Get the full episode right here
DID YOU MISS LAST WEEK’S EMAIL? Here are the top articles.
People enjoyed A Step-by-Step Guide to Landing Pages that Convert and 31% of you liked GrowthHit’s $3M Challenge December 2021 Update.
Here are the articles that caught my attention this week:
Want to be a NY Times best seller?
Scribe Media is the “book growth agency” you should hire to pull it off. They have written the playbook on how to do it and pulled it off multiple times.
This article is packed with 30+ tips for growth hacking your book to 10,000 books sold.
It’s also a great read for getting some growth hacks from a different business model. Some of my favorites include:
- Target local media instead of national
- Do speaking gigs and have them pay in books sales
- Incorporate shareable content around other people in your book
Most content marketing initiatives fail because (1) you don’t have a dedicated person, and (2) you don’t have a content system that fits into your day to day process.
Pamela Wilson came up with this framework that breaks your content strategy into 4 days and 4 doable tasks. Ideally, it fits into your busy schedule.
- Day 1: Build your content backbone (Write a headline and an outline)
- Day 2: Create your first draft (Write intro, fill our the subheads, & write a CTA)
- Day 3: Polish and prepare to publish (Edit and add images)
- Day 4: Publish and promote (Go live and distribute)
I like this because my best content involves me revisiting it more than 3 times like this.
Are you sick of competing for attention on Black Friday or cyber Monday?
Did you know that promotions on unusual ‘Special Days’ (e.g. World Tourism Day, anniversary of first purchase) are more effective at increasing sales?
In one experiment, people were 25% more likely to buy.
Special days must be creative and original while fitting to your brand and product. They won’t work if many competitors use them too (e.g. Father’s Day).
Which one should you try? Here is a chart below for inspiration on timing.
In e-commerce these days, chances are there are whole websites devoted to that niche you need.
But, there are niches in their infancy or have just recently grown from fringe interest to mainstream. Here are 5 that are about to take off:
- CBD Products
- Conscientious beauty products
- “Buy-it-for-life” (See the Feetures example below with the lifetime guarantee)
- Eco-friendly feminine products
- Next-gen smartphone accessories
Writing engaging SEO copy is a combination of two separate tasks — writing creatively and writing for search. These two tasks feel doable on their own, but when they’re combined, you’re left scratching (or patting) your head in frustration.
The good news is that search engines are on our side. They want to rank content that is interesting and helpful to their users.
- Write for your readers
- Earn your readers’ trust
- Write with a purpose
THE $3M CHALLENGE
Our Growth Team Launched a Startup Studio
We launched a startup studio and we are growing 3 companies to $1M in sales each. Specifically, an agency, a D2C brand and a SaaS Company. As a bonus, we’re documenting every step along the way. We’re calling it The $3M Challenge. Follow the journey to $3M right here.
Here is our update for December 2021.