How to effectively test your business assumptions before launching a brand or product

If you have been following me for a while, I have mentioned a couple of times that I'm planning to launch another brand, BLACK RISE BUT before I burn the cash I earned or the cash of my investors (I don't have one yet but they will come) I have to make sure I'm launching a viable business idea. I'll be sharing business vlogs on socials (Instagram and Tik Tok) so make sure to find me.

Testing my business assumptions before launching a brand or product is crucial for ensuring the success of my venture. By gathering data and seeking feedback from potential customers, I can identify potential problems and opportunities, and make informed decisions about how to proceed. In this week's article, I'll discuss five strategies for effectively testing your business assumptions and which one I will apply.

Conduct market research:

Conducting market research is an essential step in the process of launching a new product or brand. By understanding my target market and their needs, preferences, and behaviours, I can validate my assumptions about the viability of your product or service.

￡24 billion per year in the UK is the estimated cost of lost opportunities within black communities.?

Black Rise is an innovative app/platform that connects accomplished and successful individuals in the black community to bridge the networking gap to enable collaborative growth solutions, sharing opportunities, knowledge and insights.?This is the hook

There are a variety of research methods you can use to gather data from your target market, including surveys, focus groups, and interviews. Each method has its own strengths and limitations, and the best approach will depend on your specific goals and resources.

In my case, I'll be launching a gamified waitlist where I'll be building rapport, trust, and advocacy with my audience.

Create a minimum viable product (MVP):

A minimum viable product (MVP) is a simplified version of my product that allows me to test key assumptions with a smaller investment of time and resources. An MVP typically includes only the core features of a product and is designed to be quickly and easily deployable. By creating my MVP and gathering feedback from my early adopters, I can refine and improve my product before launching it to the wider market. This approach allows me to test the market demand for your product and identify any potential problems or issues that must be addressed.

This is phase 2 for Black Rise, I'm not planning to launch the MVP until I have 50,000 individuals on my waiting list.

Run pilot tests:

There are more options you can also explore such as running a pilot test involving testing your product or service in a real-world setting with a small group of users. This can help you identify any problems or issues that must be addressed before you launch your product to the general market. Pilot testing also allows you to gather valuable feedback from your target audience and use it to improve your product or service.

Use social media:

I have created successful brands using social media so why stop now? Social media platforms are a great way to test Black Rise assumptions and gather feedback from potential customers. We plan can create polls, surveys, or focus groups on social media to gather data and insights about your target market. Social media also allows me to engage with my audience and build a community of loyal customers.

Seek feedback from experts:

Last but not least. Seeking feedback from industry experts or advisors can be a valuable way to validate your assumptions and get valuable insights into your product or service. I will ask for feedback on my business plan, marketing strategy, or any other aspect of my business. My trusted experts will provide valuable perspectives and guidance that can help you make informed decisions about your brand or product launch.

By testing my business assumptions, I plan to increase my chances of success when launching Black Rise. By gathering data and seeking feedback from potential customers and experts, I can identify potential problems and opportunities, and make informed decisions about how to proceed. By using these strategies, like me, you can effectively test your assumptions and increase your chances of success.

If you find this article useful, share it before someone launches another terrible business idea.

This is one of my favourite videos because... watch and you'll see why