Testing The Assumptions
2017 SA Week 3 Session 1 Ready to Get Out There! Blog by Jimmy Guerrero of WTHRS Apparel.
When we first started this session with Kevin Oye, I came with the mentality that I hard a ball park figure of what my first customer segment would find appealing from my business, in order to be willing to purchase my items. He discussed how it was alright to assume what your potential customer might find as a solution from the business, and how testing those assumptions would lead to a more realistic outcome, in terms of figuring out how much they spend and how often they buy from businesses similar to mine. David Parker happened to jump in the conversation and really got his points across while being very understandable. He was willing to answer anyone’s questions we had for him. What kind of questions, and how to approach your target audience was something he emphasized on. This week we took it into our own hands to create an online survey, and sent it out to a bunch of my followers, and people that I follow throughout social media, who have similar interest in my business. Just a week in, we got over 60 responses online, for 5 questions each. We then took a trip up to New York to continue the surveys, but face to face with our targeted audience. We came to the assumption that many of our potential customers had similar interests, in terms of where they shop, how often, and how much do they spend normally. Although many responses lead us to get thrown off at times, we decided to continue to survey people, that way we have more to work with, and would feel more confident with eliminating some drastic responses to focus more on the similar ones.
We discussed what were the pains and gains that customers would find in our peers businesses, and what different approaches would be suitable to have a better understanding of those pains/gains. For example, for Bob Cuesta’s food truck business, we brought up the pros and cons as to why someone would spend their money on truck that cost $15.00+ opposed to a cheap $5.00 meal from a fast food restaurant. We stated that going to the right place to market is definitely important, and why it would make a big difference. Given the fact that posting outside a business office during lunch time would be a good hit, we mentioned how the business would benefit because those people are likely to spend a little more than what they would on a fast food restaurant, and are more likely to want to try something different. This helped us realize where we should test out our assumptions, and how to approach those assumptions for the most accurate feedback, which really helped with our face to face survey out in New York this weekend.
Check out the video here!