Market Testing for Better Decisions and Results, How Lego’s New Business Strategy Doubled Sales Overnight Find Angel Funding & Venture Capital for Business Startups, Entrepreneurs, & First Time Founders – Episode 7

Market Testing for Better Decisions and Results, How Lego’s New Business Strategy Doubled Sales Overnight 
 
Find Angel Funding & Venture Capital for Business Startups, Entrepreneurs, & First Time Founders – Episode 7
 
 
Market testing is simple. Go out and try to sell. Calls, emails, social media, digital ads, networking are all easy ways to test your business plan. 
 
After finishing your first set of market tests, you need to evaluate the results. It helps you determine whether your business strategy is working or not. It also saves you money down the road if you are not pursuing the right opportunity.
 
When it comes to assessing your results, you need to evaluate:
Market Reaction - What do people think about your product or service?
Sales Performance - How many leads turned into customers who bought your product or service?
Return-on-Investment (ROI) - Are you profitable?
 
Ask yourself the following questions while going through this exercise.
What worked? 
What did not work?
What were the strengths and weaknesses? 
What did I like? 
What did I not like so much?
What should I change about my business strategy? 
Which part of the business is perfect the way it is?
 
After you thoroughly evaluate your test results, you can make an informed decision about your business strategy and next steps. Do you need more market testing? Should you consider a pivot? Are we ready to move forward?
 
This really depends on you. If you feel like there is too much room for improvement, keep working. However, this can take days, weeks, months, or even years if you let testing and perfecting get out of control. I suggest get comfortable with an area you are making traction and move to the next step. 
 
Remember the famous statement by Reid Hoffman, founder of LinkedIn and a member of the Paypal Mafia, if you are not embarrassed by the first version of your product than you waited too long.
 
Through market tests and customer feedback, Lego discovered that only 9% of their users were girls in 2008. This obviously excluded about 50% of the children’s toy market. In 2012, Lego came out with a product line known as “Friends.” These figurines were slightly larger to accommodate accessories such as handbags and hairbrushes. They were also more colorful to appeal to young girls. It turned out to be a great success, and sales for that year were double of what was projected!
 
Do you want more? 
https://rencarlton.blogspot.com/2021/06/market-testing-for-better-decisions-and.html
https://www.linkedin.com/pulse/market-testing-better-decisions-results-how-legos-new-ren-carlton
https://youtu.be/WS29ShO8fIQ
 
Previous Post - How Entrepreneurs Create a One-Page Executive Summary for Finding Angel Investors, TaskRabbit One-Pager, $38 Million Funding Success Story – Episode 6
https://rencarlton.blogspot.com/2021/06/how-entrepreneurs-create-one-page.html 
https://www.linkedin.com/pulse/one-page-executive-summary-finding-angel-investors-38-ren-carlton 
https://youtu.be/UslcbCIJWkY 
 
Are you looking for investors? Use this link to send us your information. https://register.omegadestiny.com/register-business-for-funding.  
 
Use this link if you have a product or service that will help our early-stage businesses. https://register.omegadestiny.com/register-to-market-to-our-companies. 
 
 
Sources
 
http://www.duartepino.com/blog/5-ways-to-evaluate-your-marketing-plan
https://fuelcycle.com/blog/market-research-done-right-how-market-research-gave-lego-a-facelift/
 
Disclaimer: This does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service. We are not offering legal, investment, tax, or medical advice.
 

Build Your List of Potential Investors, Pitch Investors Properly, How Kevin Systrom Raised $500,000 in Two Weeks to Launch InstagramFind Angel Funding & Venture Capital for Business Startups, Entrepreneurs, & First Time Founders – Episode 12

Most startups need funding at some point. Once you have the addressed all of the items in the previous episodes, it is time to build your list of potential investors and start the conversations. They can be friends, family, social network, social media contacts, work colleagues, people in the business industry, etc. Try to put together a list of at least one hundred people. A list of one hundred potential investors may seems like a lot, but the more people you have on the list, the better your chances are of success.

Making Money With Your Business, Profit and Cash Flow, Five Sustainable Companies That Make a Lot of MoneyFind Angel Funding & Venture Capital for Business Startups, Entrepreneurs, & First Time Founders – Episode 10

It is time to make money! You have been through a couple of rounds of market testing now you feel like you are on to something. The next step is to run the numbers to make sure that the business is sustainable. There are two sides to making money, profitability and cash flow.

Why Competition Is Good For Entrepreneurs and How Blockbuster’s $50 Million Mistake Helped Reed Hastings and Netflix Destroy a $6 Billion Empire Find Angel Funding & Venture Capital for Business Startups, Entrepreneurs, & First Time Founders – Epis

When battling for resources or investment, early-stage entrepreneurs may believe that competition is a bad thing. On the surface, they are correct. There are a limited number of angel investors willing to provide a finite amount of venture capital to founders.

Upscaling and Scaling Business Ideas into Reality – Jeff Bezos takes Amazon from Online Bookstore to Global DominanceFind Angel Funding & Venture Capital for Business Startups, Entrepreneurs, & First Time Founders – Episode 4

Congratulations, your market testing worked and you were able to find customers, or at least one customer. Your beta test was successful and you are confident that you are ready for more. What do you do when you start getting customers or users? I recommend you do some scaling or upscaling.

What Kind of Business Should You Start? – How Mark Zuckerberg Pivoted From Rating Hotness to FacebookFind Angel Funding & Venture Capital for Business Startups, Entrepreneurs, & First Time Founders – Episode 1

When it comes to brainstorming startup ideas, new entrepreneurs and even seasoned ones scratch their heads in confusion. Living in the information age, you can scan the current market and see countless new business ideas. With so many options out there, how do you know which one is right for you?

Why Would a Doctor Abandon a Steady Paycheck to Become an Entrepreneur?

As physicians, we are expected to be compliant with rules, restrictions, and regulations. We are expected to be risk averse. We are expected to be “providers,” but not necessarily innovators or leaders. As the healthcare system becomes increasingly consolidated into large overcrowded clinics, we are required to perform to the standards set by bureaucrats and clinic managers. These rules are often at odds with the best interests of patients and with our sanity.

The Alienation Of America’s Best Doctors

The best and the brightest simply don’t want to become doctors anymore. Physicians are burning out. They are leaving the profession. They are going bankrupt. They are selling their private practices to big hospitals. They are retiring early. We are facing a growing doctor shortage.

Better to Live and Die in the U.S.A.

The United States healthcare system is often berated for how it treats patients near the end of life. They are purportedly attached to tubes and machines and subjected to unnecessary invasive procedures that cause inordinate pain with no potential benefit, there is underutilization of more compassionate hospice services. This “travesty” is expensive, as the care of dying seniors consumes over 25% of Medicare expenditures. We hear this story so often; it is almost taken as gospel-- but is it actually true? Is it more expensive and invasive to die in America than in other developed countries?
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