How To Validate Digital Product Ideas 2022 (Guaranteed Success)
Summary
TLDRThis script offers strategies for validating digital product ideas, emphasizing landing page creation for interest-based validation and pre-sale validation for more accurate data. It advises on using email automation and early bird discounts to boost conversions. The speaker also recommends researching search volume, trends, existing content, and competition before launching. Influencer marketing is suggested as a cost-effective alternative to ads for testing multiple products.
Takeaways
- đ **Interest-Based Validation**: Create a landing page showcasing your product idea and collect email addresses from interested parties.
- đ **Timing is Key**: Mention an exact launch date rather than saying 'soon' to build anticipation.
- đ **Email Automation**: Utilize email automation software to manage and notify interested subscribers.
- đ **Freebies for Engagement**: Offer additional freebies to collect emails and re-market to potential customers.
- â ïž **Caution with Freebies**: Be wary of distractions that might reduce actual product conversions.
- đž **Pre-Sale Validation**: Conduct a pre-sale to validate interest and gather funds before product creation.
- đ° **Funding Before Creation**: Use pre-sale funds to finance product development or outsourcing.
- đ **Conversion Rates**: Be aware that pre-sales might have lower conversion rates due to the 'not yet available' status.
- đĄ **Incentives for Conversion**: Offer early bird or pre-launch discounts to boost conversion rates.
- đ **Driving Traffic**: Consider influencer marketing over ads for a potentially larger reach with a smaller budget.
- đ **Market Research**: Investigate search volume, trends, existing content, and competition before launching validation methods.
Q & A
What is the simplest way to validate a digital product idea?
-The simplest way to validate a digital product idea is through interest-based validation. This involves creating a landing page that highlights the product's benefits and features, and collecting email addresses of interested users for a pre-launch.
Why is it important to set a specific launch date during product validation?
-Setting a specific launch date creates a sense of urgency and commitment for potential customers. It also makes your product feel more real and increases the likelihood that people will opt-in to learn more or purchase it.
What are the potential downsides of using email collection as a validation method?
-The main downside is that people expressing interest by providing their email does not guarantee they will purchase the product once it is available. Additionally, some potential buyers might miss the email notification about the product launch.
What is pre-sale validation, and how is it different from interest-based validation?
-Pre-sale validation involves not just collecting interest but actually selling the product before it's created. Customers pay for the product, knowing it will be delivered later. This provides more accurate data on buyer commitment compared to interest-based validation.
What is a key benefit of using pre-sale validation?
-A key benefit of pre-sale validation is that it allows you to generate funds before creating the product, which can be used to cover development costs. It also provides more accurate data on the number of customers willing to purchase.
What is a potential challenge of pre-sale validation?
-A challenge of pre-sale validation is that if the product doesn't receive enough interest, you may need to refund the customers, which can be inconvenient and could negatively affect your payment gateway reputation.
How can offering an early bird discount improve conversion rates during pre-sale validation?
-Offering an early bird or pre-launch discount can incentivize more people to purchase the product early, which helps boost conversion rates even though the product isn't immediately available.
What are some non-paid methods to drive traffic to product validation pages?
-Non-paid methods include partnering with influencers on platforms like Instagram, TikTok, or YouTube. This can be more cost-effective than ads, especially for reaching a larger, more targeted audience.
Why can using ads for product validation be costly?
-Using ads can be costly because it takes time and money for the ad algorithms to optimize and identify the ideal audience for your product. Testing multiple products can quickly increase the cost, especially with limited budget.
What steps should be taken before starting product validation through ads or landing pages?
-Before starting product validation, you should research search volume, analyze trends on Google Trends, check whether content is being created around similar topics, identify if thereâs a problem your product solves, and review the competition to ensure market interest.
Outlines
đ Digital Product Validation: Interest-Based Approach
The speaker introduces the concept of validating a digital product idea using interest-based validation. This method involves creating a landing page that showcases the product's features and benefits as if it already exists. The landing page should include a pre-launch announcement with an opt-in form for interested parties to leave their email addresses for updates. The speaker suggests using free software with drag-and-drop features to create the landing page and email automation tools for managing the collected emails. A pro tip is offered to consider giving away a freebie to collect emails even if the visitors are not interested in the product, allowing for future remarketing. However, caution is advised as this could lead to distractions and potentially lower conversions for the actual product. The speaker also warns that expressing interest does not guarantee a purchase and that many who sign up may not follow through. Additionally, the timing of the product launch and the potential for missed emails are discussed as factors that could affect the success of this validation method.
đŒ Advanced Validation: Pre-Sale Strategy
The second paragraph discusses a more advanced validation method: pre-sale validation. This approach involves setting up a sales page where customers can actually purchase the product before it is created, with the understanding that it will be delivered at a future date. This method provides more accurate data on conversions since it involves actual monetary transactions. The speaker suggests using the funds from pre-sales to finance the product creation, especially if outsourcing is required. Potential downsides include the need to refund customers if the product idea is abandoned and the risk of lower conversion rates due to the product's unavailability. To mitigate this, offering early bird discounts can boost conversion rates. The speaker also addresses the importance of driving traffic to the validation methods, suggesting influencer marketing as a cost-effective alternative to ads, especially when testing multiple products with a limited budget.
đ Initial Steps for Digital Product Validation
The final paragraph emphasizes the preliminary steps to take before engaging in product validation methods. These steps include researching search volume using plugins, checking trends on Google Trends, assessing the popularity of related content, identifying if there's a problem that the product can solve by looking at forums and social media, and evaluating competition within and outside the niche. The speaker advises that these steps are often overlooked but are crucial for a successful validation process. The paragraph concludes with an invitation to check out the speaker's website for additional resources, engage on social media platforms, and provides a call to action for viewers to like, subscribe, and turn on notifications for future content.
Mindmap
Keywords
đĄDigital Product Validation
đĄInterest-Based Validation
đĄPre-Sale Validation
đĄLanding Page
đĄEmail Opt-In
đĄInfluencer Marketing
đĄSearch Volume
đĄGoogle Trends
đĄRemarketing
đĄEarly Bird Discount
Highlights
Interest-based validation is the easiest way to validate a digital product idea.
Create a landing page showcasing your product as if it already exists.
Use drag-and-drop software to create your landing page for free.
Include an opt-in form for email addresses of interested customers.
Mention a specific pre-launch date rather than saying 'soon'.
Consider offering a freebie to collect email addresses even if there's no interest.
Be cautious about distractions when offering additional freebies.
Interest expressed does not guarantee a purchase.
People who express interest may not see the launch email.
Some customers may want the product immediately and not wait for the launch.
Pre-sale validation involves actually selling the product before it's created.
Pre-sale allows you to collect funds before creating the product.
Offer early bird or pre-launch discounts to increase conversion rates.
Driving traffic is crucial for validation; consider influencer marketing over ads.
Influencer marketing can reach a larger audience for the same budget.
Before validation, check search volume and trends for your product idea.
Ensure there is existing content and interest around your product niche.
Identify if people have a problem that your product can solve.
Examine the competition to understand the market for similar products.
Use the provided freebies and resources for further assistance.
Engage with the creator's social media for growth hacks and updates.
Transcripts
there are a couple different ways how
you can validate your digital product
idea based on your resources and aside
from that I'm also going to give you
some tips that can either break or make
your digital product validation so first
of all we got interest based validation
so this is the easiest way how to go
about trying to validate your product
idea first of all what you need to do is
you need to just create a landing page
and I'll leave some of the softwares
that allow you to do this for free and
very very simply would drag and drop
options so you want to create a landing
page that showcases all of the different
things about your product as if you
already have the product so all of the
outcomes the benefits if you want to
include Futures all of these type of
different things and what you want to
say is that you are pre-launching this
product so this product is coming out
it's the best if you can say exact date
rather than just saying it's launching
soon and you have an opt-in form for
people to put in their email address if
they are interested so then they will
get notified once you actually launch
your product so this is the easiest way
because you really just need to create a
landing page and that is it and you just
collect those email addresses you just
use an email automation software again I
will leave some of the links where you
can do this very very simply but
basically you don't need to do anything
else aside from that a little Pro tip if
you are already putting in so much work
and effort getting people to that page
if they're not really interested in your
digital products you can still give out
another freebie so you still collect
their email addresses and then you'll be
able to remarket to them test different
product offers so on and so forth
however do you be cautious about this
because
usually when you are selling a specific
thing you don't really want to have any
additional distractions so do you take
this with a pinch of salt that this
might also result in you having less
conversions for your actual product but
this is just something additional that
you might want to consider so the pros
of this are obviously that it's a very
simple way to set up this kind of
testing however obviously there are
certain cons as well a lot of people
make a mistake that they think oh if
someone told me that they are interested
in this they actually even told me yes
once the product comes out they are
going to make purchase
honestly that really doesn't mean
anything unless people actually make
that purchase them telling that they are
interested or telling that they're going
to purchase honestly does not mean
anything so you have to understand that
this data is not going to be as accurate
because all of those people that said
they're interested once you have your
product a whole bunch of them believe me
a whole bunch of them are not going to
actually make the purchase also another
thing is that if you do remarket to
those people you do send them an email
later on once you decide for example if
you are going with a digital product not
everyone is going to see that email so
there might have been some people that
put in their email and they actually
want to purchase the product they might
have purchased the product on the spot
but later on they simply do not see your
email that you have launched your
product and of course also because you
are are telling people that you are
launching this in the future not right
now a lot of people might want that
specific product right there and then
especially because it's a digital
product so there is going to be a chunk
of people as well that might have
otherwise purchased however because
there is some weight they are going to
drop out by the way I have some very
useful freebies on my website some free
best digital product ideas so do check
out all of the links in the description
and make sure to follow me on my social
media on my Instagram Twitter on my Tick
Tock where I have some very quick and
actionable growth hacks alright so the
second way is pre-sale validation so
this is a little bit more advanced what
you want to do first of all you want to
create again a sales page a landing page
however the difference here is that
instead of of just saying I am
pre-launching this soon and leave your
email address here you are doing a
pre-sale so you are actually selling the
product letting people to purchase a
product but letting them know at the
same time that the product is not
created yet and it's coming out at a
certain date so the purpose here is that
this data is going to be much more
accurate because people are actually
putting their money so you can
understand how many people are going to
convert and the really cool thing here
as well about this method is that you
can get all of the money for sales
before you actually even created your
product so then you can take that money
and use that in creating your product if
you're not creating your product
yourself if you're Outsourcing which I
do suggest and again I'll leave some
links for places where you can find
people to Outsource of course there
might be some cons as well so as I I
mentioned before the same as with the
first method there might be some people
that are not going to make the purchase
right away just because they might need
that product right now and they're not
willing to wait a little bit longer and
the main problem with this method is
that if you decide that you're not
really going with that specific product
and usually I suggest you try a few
different products and see what actually
works but if you decide that you didn't
get enough sales and attraction not high
enough conversion rate then you will
need to refund those people and that can
be kind of annoying and cannot and might
not look good for your payment Gateway
depending on what kind of payment
Gateway you're using a little tip here
because as I said you might have lower
conversion rates due to the product not
being ready right there what you can do
is you can give a special early bird
discount on your or like pre-launch
discount on your product so that is
obviously going to increase your
conversion rate so just make sure that
you don't give out too big of a discount
where it doesn't really reflect what
it's going to sell like when the price
is going to go back to normal however
you can use a little bit of incentive to
see how that affects your conversion
rate now the very important question is
how do you actually Drive traffic to
these different validation methods and
there are obviously so many different
ways how you can drive traffic a lot of
people they want to go straight into ads
and that's going to work great for a lot
of different cases however if you are
testing a few different products and I
suggest that you do try different
products
you will need to spend quite a bit of
money to optimize Those ads so for
example if you have only let's say a
couple hundred dollars to spend on your
ads to test out whether a product is
going to work or not because also
consider if you have 10 different
products that might turn into a couple
thousand dollars or so just for testing
the validation of an idea so what this
means is the way ads work in general you
start spending some money on the ads and
at first the ads have to figure out who
exactly is the best the perfect customer
for that specific product and that takes
time ads just don't as good as the
algorithms are and they are very very
good it takes time to optimize it takes
money and time to actually figure out
for the ads who is the best potential
customer so if you have just a couple
hundred dollars it's going to be
difficult for you to really properly
validate the idea using ads because it's
just not going to be enough data points
and I'm not saying that you can't do
that if it works for you it works for
you that's great however what I would
suggest if you don't have a huge budget
instead of running ads what you can do
is you can find some influencers whether
it's someone on Instagram or some blogs
or Tick Tock whatever YouTubers whatever
it actually is you can ask them to do a
promotion for you because if you are
already going to spend those couple
hundred dollars with ads on an audience
that's not so well optimized you might
as well do that with influencer
marketing and you're going to probably
if you do this right you're going to hit
much larger audience for the same amount
of money so those G methods are really
something that you must must do that I
see every single person out there
skipping but aside from that before you
even get into those validation methods
what you need to do is you need to take
some basic steps so the obvious step you
want to do first of all is you want to
look into the search volume so look into
your idea related topics the niche
itself just look what are the numbers so
there are a lot of different plugins
again I'll try to leave some of the
links but basically they show you what
exactly is the search volume for a
specific keyword then you want to also
check Trends so just go to Google Trends
type in your product idea your Niche
whatever it is and just see whether that
is going up or down to understand
whether this is good investment over
longer period of time you want to see
also whether there is good content out
there about your specific product so it
doesn't have to be exactly your specific
product but something that is around
that topic is there content being
created that's very popular among people
that's good indication for you that
there is a lot of interest kind of
related to that as well you want to
see whether people are actually having a
certain problem that you are solving so
once again if you go on forums you go on
social media wherever it is you want to
see whether people complain about a
certain thing that your product can
actually fix and lastly you want to see
whether there is competition again
competition might not be creating
exactly same product this is a nice
thing about digital products that you
can create all of the different kind of
product that no one might have created
before so it's better than physical
products in that sense but in general
you want to still find some competition
someone who's selling similar maybe ish
products within your Niche or you can
even go outside of your Niche if it's a
similar product but in a different Niche
and see how exactly that is performing
so hope you found this useful as I said
I have some very very useful freebies so
do check out all of the links in the
description if you have any questions
leave them down below in the comments
make sure to check out my social media
follow me on my Instagram my Twitter my
Tick Tock where I have some very quick
and actionable growth hacks if you found
this useful smash the Thumbs Up Button
subscribe put on those notifications
stay awesome and I'll see you soon
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