29 {{ upvoteCount | shortNum }}
29 {{ upvoteCount | shortNum }}

How to test simply the merit of an idea?

by Gareth Ellison
27 replies
Hi folks. New to the forums. I wonder if anyone could share any insight on how to gain feedback for the idea itself? In terms of how viable it is, or how the market would respond to it?

I've very stupidly wasted months on developing the idea. Although just the preliminary stages with a web basic website I am really looking to see if there is a need for such a service? Friends and family don't count and don't respond anyway. Market surveys are useless and costly. So other than starting to advertise and gain direct feedback from clients, I merely want to know if the idea has any merit? How new businesses normally go about doing this?

Thank you for any help.

Gareth.
#idea #merit #simply
Avatar of Unregistered
  • Profile picture of the author Monetize
    Originally Posted by Gareth Ellison View Post

    Hi folks. New to the forums. I wonder if anyone could share any insight on how to gain feedback for the idea itself? In terms of how viable it is, or how the market would respond to it?

    I've very stupidly wasted months on developing the idea. Although just the preliminary stages with a web basic website I am really looking to see if there is a need for such a service? Friends and family don't count and don't respond anyway. Market surveys are useless and costly. So other than starting to advertise and gain direct feedback from clients, I merely want to know if the idea has any merit? How new businesses normally go about doing this?

    Thank you for any help.

    Gareth.

    Hello!

    I would highly recommend hiring someone to
    conduct a market analysis. It's really not that
    expensive, you may be able to hire a freelancer
    for as little as $50. I hired someone to research
    something for me a few days ago and I'm paying
    $150 so it's not cost prohibitive, and that is much
    cheaper than wasting months on developing a
    product or idea that you are unsure about.

    If it is something that is patentable then you
    might want to research other patents.

    If you think it's a great idea then do whatever
    it takes to develop it, but be ready to shelve
    it if it is a non-starter.

    And remember that the guy who started FedEx
    was shot down by his professor who questioned
    why people would want packages delivered
    overnight.
    {{ DiscussionBoard.errors[11655496].message }}
    • Profile picture of the author Gareth Ellison
      Hi kind sir. Thanks so much for sharing your experience with me. I never realized there was such a thing if I'm being honest. Only market survey's for people who don't pay much attention to the questionnaire.

      I'm in the UK. Do you have a starting point for the best options to organize this? I'll google market analysis and see what I can come up with. The surveys were around £500-£3,000. So the prices your quoting seem far more acceptable. I would be interested in how they go about doing their analysis. Nobody wants to do something for nothing. So it's tough going. Even offered a free prize draw and advertised on FB to try to get some responses from the questionnaire. But nothing.

      It's a fitness service rather than a product. There are similar services out there, but not with the same functionality and depth as I am attempting to offer. Who knew even verifying the idea itself would be so tricky!

      Thank you again for taking the time to respond.

      Gareth.
      {{ DiscussionBoard.errors[11655511].message }}
      • Profile picture of the author Monetize
        Originally Posted by Gareth Ellison View Post

        Hi kind sir. Thanks so much for sharing your experience with me. I never realized there was such a thing if I'm being honest. Only market survey's for people who don't pay much attention to the questionnaire.

        I'm in the UK. Do you have a starting point for the best options to organize this? I'll google market analysis and see what I can come up with. The surveys were around £500-£3,000. So the prices your quoting seem far more acceptable. I would be interested in how they go about doing their analysis. Nobody wants to do something for nothing. So it's tough going. Even offered a free prize draw and advertised on FB to try to get some responses from the questionnaire. But nothing.

        It's a fitness service rather than a product. There are similar services out there, but not with the same functionality and depth as I am attempting to offer. Who knew even verifying the idea itself would be so tricky!

        Thank you again for taking the time to respond.

        Gareth.

        You are welcome.

        I am a woman, BTW. But it's not a
        problem that you thought I was a man.
        That happens a lot here.

        I just use Fiverr. I am getting market
        research for a course I am developing.
        I didn't want to waste my time working
        on it until I had certain information and
        I did not want to research it myself
        because I wanted a fresh perspective.

        I don't know how in-depth it will be as
        the assignment was relatively simple.

        If you use Fiverr or another freelance
        service search for "market research"
        or "market analysis" that should get
        you some results. I contact the people
        before I submit payment to make sure
        they can get it done.
        {{ DiscussionBoard.errors[11655527].message }}
        • Profile picture of the author Gareth Ellison
          My apologies. Not sure why I would assume this.

          Thank you so much for you help and advice. I will check out fivver and work out costs and how they conduct their market research.

          That helps me out a lot and a great starting point.

          Thanks again for taking the time to help me out.

          Gareth.
          {{ DiscussionBoard.errors[11655648].message }}
  • Profile picture of the author dave_hermansen
    The question I have is, how far are you away from actually being able to provide the service? If you are ready now or very close to ready, why not just toss up some ads on Google or Facebook and see how the market responds? That'll immediately tell you how well the market responds to your idea.

    Even if you are not completely ready, you can always just tell those who would like the service that due to overwhelming demand, you have reached the limit of customers that you can service properly but that you are putting together a waiting list.

    Sure seems like a better way of getting real data and for less money.
    Signature
    BizSellers.com - The #1 place to buy & sell websites!
    We help sellers get the MAXIMUM amount for their websites and all buyers know that these sites are 100% vetted.
    {{ DiscussionBoard.errors[11655515].message }}
    • Profile picture of the author Gareth Ellison
      Hi Dave. Appreciate you taking the time also to respond. Many thanks.

      I've stupidly already built a full website. So the service is ready to go, with a few changes to the web format etc. It's a basic comparison website for fitness services in the UK. I have 5 trainers lined up so far looking to get started. Initial reactions are mixed from the trainers. Some who want an online presence and can't be doing with even attempting it (as well as marketing) are fully in, others are frowning upon it. I think they feel I'm creating a middle man when there really doesn't need to be one. I'm attempting to make it simpler for people to start online fitness training, and allowing them to compare trainers and other fitness services quickly.

      For the past 2 weeks I've been struggling to get much feedback outside of trainers, family and friends. This is why I just built the website. Due to the lack of response and feedback.

      Maybe that was too much info. Just trying to give you the full picture. But I will take heed of your option and just go for it. I can also hire a market analysis to see what they come up with while running basic ads or starting to contact influencers for some traction and response.

      Thanks again for your input. It makes sense at this stage to stick my neck out.

      Gareth.
      {{ DiscussionBoard.errors[11655651].message }}
      • Profile picture of the author savidge4
        Originally Posted by Gareth Ellison View Post

        I've stupidly already built a full website. So the service is ready to go, with a few changes to the web format etc. It's a basic comparison website for fitness services in the UK. I have 5 trainers lined up so far looking to get started. Initial reactions are mixed from the trainers. Some who want an online presence and can't be doing with even attempting it (as well as marketing) are fully in, others are frowning upon it. I think they feel I'm creating a middle man when there really doesn't need to be one. I'm attempting to make it simpler for people to start online fitness training, and allowing them to compare trainers and other fitness services quickly.
        You have gotten to the point that you have would could should be paying clients on your end that are all in with the service you want to provide... and you have a website...

        Ill keep this short... dont waste a moment of time, money, or energy with a Market Analysis... just go live with the thing already. What would happen if the market analysis came back poorly? you would just drop the idea?

        YOU my friend, are afraid of success. Your brain is telling you "Oh, what if I fail?" But its even more afraid of "Oh, what if this works" You are fearing yourself right out of any potential for this to work before it even starts - and the fact is you are WAY beyond "Starting" ALL of the work is done already.

        Stop second guessing and acting like a wuss and go all in and see where it takes you.

        Regret comes from NOT doing something... Experience comes from actually doing something! ( and please refer to my signature below for further confirmation that I believe and follow the advice I have just given. )
        Signature
        Success is an ACT not an idea
        {{ DiscussionBoard.errors[11656557].message }}
        • Profile picture of the author Gareth Ellison
          Originally Posted by savidge4 View Post

          You have gotten to the point that you have would could should be paying clients on your end that are all in with the service you want to provide... and you have a website...

          Ill keep this short... dont waste a moment of time, money, or energy with a Market Analysis... just go live with the thing already. What would happen if the market analysis came back poorly? you would just drop the idea?

          YOU my friend, are afraid of success. Your brain is telling you "Oh, what if I fail?" But its even more afraid of "Oh, what if this works" You are fearing yourself right out of any potential for this to work before it even starts - and the fact is you are WAY beyond "Starting" ALL of the work is done already.

          Stop second-guessing and acting like a wuss and go all in and see where it takes you.

          Regret comes from NOT doing something... Experience comes from actually doing something! ( and please refer to my signature below for further confirmation that I believe and follow the advice I have just given. )
          WOW! That's awesome! I read A LOT of books on mindset, and specifically the power of the mind and how it shapes our futures. It's taken years(7) of reading to even rewire to the point of attempting ventures like this. But I think your bang on the money with everything you have said. So thank you for sharing this with me. Fires me up and propels me forward! I think it is fear. And I think my brain has a subtle way into tricking you that it's not. Your message has helped a lot. Full speed ahead I think! See where it leads me.

          I think I am going to get some market analysis done, so I can get a better indication of what people want and to fine-tune the direction I'm heading in. But I'll do this while running some cheap ads and attempting to get influencers on board. Why not just see what happens.

          Looking back, yeah I would have done things differently and not built the website first. I would have fought harder to test the idea out before wasting time. But it's done now. If the market analysis comes back a red light, I'll adapt the service somehow and move forward. At worst it's led me onto my love for creating web designs and video editing.

          Love messages of encouragement like this, accompanied with some solid experience and advice. This forum has given me so so much traction and momentum already. Thanks to everyone including yourself. All very much appreciated and a game changer for me.

          Gareth.
          {{ DiscussionBoard.errors[11657019].message }}
  • Profile picture of the author chrishedick
    I would do some shoe leather research, ask the people who are your target market what they want and why. Then create the product(s) they desire.
    {{ DiscussionBoard.errors[11655523].message }}
    • Profile picture of the author Gareth Ellison
      Hi Chis. Thanks for your comments. The website is already designed and the service pretty much ready to go.

      How do you normally do your research? Before covid, for another project, I was just going to get out there and ask the public through face to face questionnaires. It was fitness related again. So even be weird and catch people coming out the gym. I always thought there would be a place you could bounce ideas of each other and gain feedback from everyone. Turns out, not so easy.

      Thanks
      Gareth.
      {{ DiscussionBoard.errors[11655652].message }}
  • Profile picture of the author tnob
    How do you normally do your research?
    One way could be to get involved in some fitness forums. Then ask around to see if those users would be interested in your service.

    Although you have already built out the site, it is important to figure out what your client actually wants, and what they are willing to pay for.
    {{ DiscussionBoard.errors[11655716].message }}
    • Profile picture of the author Gareth Ellison
      Hi tbob. Thanks for your reply. I'll add it to the list. Another great avenue to try and research the merit of the idea. I did try a few forums at the start, but went straight in with a questionnaire I had prepared. Hardly a suitable approach for a forum. Was fairly new to it all and thought it would be ok. I'll get chatting again on forums and see what they think.

      Thanks so much for your input.
      {{ DiscussionBoard.errors[11655917].message }}
  • Profile picture of the author Jamell
    Have you heard of the concept build measure and learn in phases ? You have to try be crative in order for people to engage and give feed back consistently.


    I think it would help if you had a blog to advertise and build awareness
    {{ DiscussionBoard.errors[11655718].message }}
    • Profile picture of the author Gareth Ellison
      Hi Jamell. Thanks for your kind reply. I have heard of that concept yes. Through the lean start up book by Eric Ries. He flips the whole concept on it's head. More promotes, learn, measure build. Meaning try to learn the credibility of your idea by gaining feedback much earlier before the concept or service has even been built. If only I had read the book first.

      I think your bang on the money though! I do need to get way more creative to engage people to gain their feedback. I had a questionnaire and just assumed people would be ok about filling it out. Boy was I wrong!

      The idea about a blog, is a good one I think. I had that on my list of things to do. A daily fitness blog to try to get people engaged in the brand and build trust. I guess I wanted to test out the idea even before this.

      Again I'll add this to my growing list of avenues to try out. Thanks to yourself and everyone again for all their kind input and suggestions. So so much value already.

      Gareth.
      {{ DiscussionBoard.errors[11655918].message }}
      • Profile picture of the author dave_hermansen
        Originally Posted by Gareth Ellison View Post

        The idea about a blog, is a good one I think. I had that on my list of things to do. A daily fitness blog to try to get people engaged in the brand and build trust. I guess I wanted to test out the idea even before this.
        And you were right. While it may be a good long term strategy, you need to test the market before you waste a ton of time and effort on a long term strategy like a blog at this stage.
        Signature
        BizSellers.com - The #1 place to buy & sell websites!
        We help sellers get the MAXIMUM amount for their websites and all buyers know that these sites are 100% vetted.
        {{ DiscussionBoard.errors[11655983].message }}
  • Profile picture of the author Serene Carmen
    Hi Gareth

    I have checked the monthly search volume for you topic? Have you looked at Google trends to see if there ae any insights there?
    {{ DiscussionBoard.errors[11655810].message }}
  • Profile picture of the author Gareth Ellison
    Hi Serene. Thanks for your suggestion. I have been checking and one of the first things I done. In the UK it's so sporadic and no real concrete evidence of trends. It will take a massive dive as soon as gyms open back up again. However, I feel there will always be a market for good online trainers.
    {{ DiscussionBoard.errors[11655919].message }}
    • Profile picture of the author Serene Carmen
      Hi Gareth

      If your website is ready to go, you have already done most of the work, it really doesn't make sense to stop now. You might as well advertise and gauge interest.
      {{ DiscussionBoard.errors[11656033].message }}
  • Profile picture of the author Kay King
    t's a fitness service rather than a product. There are similar services out there, but not with the same functionality and depth as I am attempting to offer. Who knew even verifying the idea itself would be so tricky!
    It's not tricky at all. What is there to verify??? You know there is a market - you can see the competition. What you don't know is whether your plan is competitive. What you need to do is test your plan with ads and promotions to see if your target market is interested in what you want to sell.

    The service is a bit confusing to me - you are comparing OTHER fitness plans but also have trainers. No need to explain it to me or on this forum - but step back and look at your goal and what you have to offer. I would think the 'trainers' are the key - and I would only use trainers who are 100% committed to your idea. Why waste time/space even mentioning other fitness programs instead of promoting your own service?

    Dave gave you the best advice above - do some advertising/promotion of your site and your service - offer enticements like a free month or half price promotion....get the 'word' out there to those interested in online fitness programs....and SEE IF there is interest or not. You'll know within a month or less if there is a market or whether you need to adjust your process/training model and try again.


    Note: please learn to use the 'quote' function instead of posting multiple times...it helps know what person you are addressing and keeps the discussion more organized.
    Signature
    Saving one dog will not change the world - but the world changes forever for that one dog
    ***
    If liar's pants really did catch on fire, watching the news would be a lot more fun.
    {{ DiscussionBoard.errors[11655932].message }}
    • Profile picture of the author Gareth Ellison
      Hi Kay King. Thank you for your response. Again, very much appreciated.

      I think your right. Maybe I am delaying just getting it out there for fear of it falling flat. Although, spending budget is very limited at the moment due to covid. I was potentially going to try influencers/micro influencers and run a few cheap ads to gain clarity on whether to pivot or persist. I'm sure it will all become clear as mentioned after a month of getting my idea out there.

      Thanks so much for taking the time to share your expertise. Also maybe you can point out where the quote function is? I'm just hitting reply to your message at the moment.

      Appreciate your time.

      Gareth.
      {{ DiscussionBoard.errors[11655972].message }}
  • Profile picture of the author Kay King
    Easiest way to use quotes:

    Click on your 'user name' in the black tool bar above...in the dropdown you will see a 'gold' rectagble that says "view classic" - click on that. You will have edit and quote functions.

    It's much easier to post here using the classic view - and the 'modern view' is the default for new members. Just makes it easier.

    Maybe I am delaying just getting it out there for fear of it falling flat
    That's my guess and it's very common and very human...the risk of rejection - the sudden doubts about something you've worked hard on. I've always found the best way to proceed is full speed ahead Don't tiptoe in - just go for it. You may not realize it but you are ready to do this.
    Signature
    Saving one dog will not change the world - but the world changes forever for that one dog
    ***
    If liar's pants really did catch on fire, watching the news would be a lot more fun.
    {{ DiscussionBoard.errors[11655975].message }}
    • Profile picture of the author Gareth Ellison
      Originally Posted by Kay King View Post

      Easiest way to use quotes:

      Click on your 'user name' in the black tool bar above...in the dropdown you will see a 'gold' rectagble that says "view classic" - click on that. You will have edit and quote functions.

      It's much easier to post here using the classic view - and the 'modern view' is the default for new members. Just makes it easier.


      That's my guess and it's very common and very human...the risk of rejection - the sudden doubts about something you've worked hard on. I've always found the best way to proceed is full speed ahead Don't tiptoe in - just go for it. You may not realize it but you are ready to do this.
      Hi Kay King. Thanks for all your help. Wise words aswell re the full speed ahead. I think I'll take heed with your advice. I do tend to tip toe a little. Hearing it from someone is a wake up call. If I try and fail then I can say I didn't hold back. I have a pitch to Nova re investment of the idea, so here goes.

      Thanks again for all your help.
      {{ DiscussionBoard.errors[11656516].message }}
  • Profile picture of the author WF- Enzo
    Administrator
    Maybe run a little survey or something
    Signature
    {{ DiscussionBoard.errors[11656042].message }}
    • Profile picture of the author Gareth Ellison
      Originally Posted by WF- Enzo View Post

      Maybe run a little survey or something
      I've tried a few different approaches with this. But no one ever wants to fill one out. Not even friends and family(of course they don't count). I think at this late stage I will just go for running ads and maybe try to get influencers involved. No harm in running a few cheap ads and continually analyzing the data.

      Thanks for your comments though.
      {{ DiscussionBoard.errors[11656517].message }}
  • Profile picture of the author Monetize
    I am glad that you are keeping at it, Gareth.

    I wanted to let you know that the market
    research I hired someone to do for me was
    finalized and I am delighted with the results.

    He provided exactly what I asked for and
    it was well worth the expense. Worth way
    more, actually.

    Take care!
    {{ DiscussionBoard.errors[11656541].message }}
    • Profile picture of the author Gareth Ellison
      Originally Posted by Monetize View Post

      I am glad that you are keeping at it, Gareth.

      I wanted to let you know that the market
      research I hired someone to do for me was
      finalized and I am delighted with the results.

      He provided exactly what I asked for and
      it was well worth the expense. Worth way
      more, actually.

      Take care!
      Hi there. Thanks so much for sharing your feedback on your results. Sounds like a worthwhile expense. May save years of heading in completely the wrong direction. I've already highlighted a few from fivver so will pursue this avenue.

      Thanks for all you help with this.
      {{ DiscussionBoard.errors[11657018].message }}
  • Profile picture of the author Nik Hazell
    This might be a little late for this time around - but next time you undertake something I suggest taking some inspiration from they way that software developers tend to work.

    The MVP - or minimum viable/valuable product - approach is a cut-throat look at how to do the bare minimum to find out if your idea is a good one!

    There are a load of good articles on this (I can't share them as a new user - but anything with "lean", "agile", "MVP" in it will be great

    Cheers,
    Nik
    {{ DiscussionBoard.errors[11670014].message }}
Avatar of Unregistered

Trending Topics