- Bieber: “Minimizing the risk factors in building businesses has always been challenging. That's why the more ways used to test your idea, the less risky launching it will be.
- Before you decide that the idea is not worth the investment, validate your business idea
By ; Bakinam Khaled
GoDaddy Inc. (NYSE: GDDY), the company that empowers everyday entrepreneurs, displays some tips on how to validate business ideas for those looking to venture into the world of business. Moreover, the company’s mission empowers a worldwide community of customers and entrepreneurs by giving them all the help and tools they need to grow online, in line with Egypt vision 2030.
Selina Bieber, GoDaddy Commercial Strategy Senior Director, International Markets, stated: “Minimizing the risk factors in building businesses has always been challenging. That's why the more ways used to test your idea, the less risky launching it will be. Before you decide that the idea is not worth the investment, validate your business idea.”
GoDaddy shares four easy ways to validate a business idea and help you minimize the risks faced when starting a business.
Surveys
Figuring out who your target audience is and what they want is one of the easiest, cheapest and fastest ways to validate your idea. By creating online surveys, you get to ask all the questions that would help you better understand your audience’s needs and willingness to pay. You also get to have a chance to ask for feedback that could help in enhancing your idea or re-evaluating it. This validation can be done simply by creating a Google Form, or any other fancy survey tool such as Survey Monkey. Once you have your survey ready, it is time to start putting it into action and collecting input from your customers. In order to create a great survey, you need to make it mobile-friendly, inform people how long the survey will take, keep it short, pay attention to design details, minimize the number of mandatory fields and avoid asking for information you already have. As for reaching your target audience, you can consider paying one of the social media influencers who have your targeted audience to create a quick poll or ask people to fill the survey for a giveaway.
Google Keywords Planner
Getting to know the most popular words that your customers use will help you draft your content. Accordingly, you can use Google Keywords, which is a free powerful tool that helps you see how many searches are happening on Google per month and all the other relevant keywords as well that users are using. Additionally, Google Keywords can help you write the best copy for your paid activity based on what users search for. If you can see that the search volume is very high for the product that you are selling, then this can give you some confidence in your product. However, keep in mind that high volume is not the only success indicator, as it depends on the nature of the product.
Social media platforms could be a powerful tool to use to filter your audience where you can launch an online campaign. All you need to do is create a new Facebook page or Company page on LinkedIn. Brand your page and name it per your brand guidelines (if you have any). Create one or two nice creative media files (videos or photos) for your campaign. You can also use GoDaddy Studio to create professional ads, branded content, and stunning stories in minutes. You can also create a targeted campaign based on your customer segment. Finally, run the campaign with the smallest budget possible for 10 days and then analyze the results to see the progress of your idea. Later, when you start getting revenues from your products, GoDaddy can help you sell goods and services online or in-person as well as get online quickly through GoDaddy’s Websites + Marketing suite.
