Eric Ries, Ash Maurya and Steve Blank have great frameworks for validating businesses models, new and old business models. After putting to practice the LMC/BMC frameworks, "getting out of the building" to conduct customer interviews, rigorously following the Build-Measure-Learn methodologies, I acquired my first paying users and have sinced applied these concepts in my day-to-day marketing activities.
My partner and I validated our first business model under the name, Fitset. A B2B fitness subscription pass that gives customers access to unlimited group fitness classes. This is a far-cry from what we were taught in MBA-inspired marketing courses. After scaling it to 5+ cities, my partner and I sold it to another partner who still runs it today.
Did you know there's a science to validating new markets? We can start by asking ourselves a couple of questions. Do we have a sales track record or are we looking at new markets? Are there patterns we can take note from our sales history? If yes, we can design A/B and multivariate tests to see what messages work and don't work. Develop landing pages and hooks to test if our hypothesis are true regarding our value prop assumptions in channels like Google Search to target high-intent buyers or platforms like Facebook that are serving your target audience on the regular. If your value prop is on point, it's likely that that your prospective client will click on the link (CTR), and if your promises can potentially solve their challenges, they will leave their contact information or buy (CTA). What if we don't have a sales record with these new markets, what then? As Ash Maurya would suggest, come up with a couple of hypothesis regarding the buyer personas and test them out! Running these tests today don't cots very much. If you set aside $30 to $500, you can learn a lot about who are and are not your clients.