Updated Dec, 3rd 2012
Week 1: Validation Experiment
This week's project was a challenge due to the Thanksgiving holiday, but I deveoped a creative solution. Since I already have an existing business, I wanted to validate what I've been hearing from some of my existing and potential students: they don't have time to take a class.
I had already conducted a survey with them, but did not use the techniques outlined in the class resources, so I developed a new survey, and ran a Facebook ad offering a free social media strategy class, which took visitors to the survey and they could take the class after they completed it.
Since the U.S. was celebrating the Thanksgiving holiday last week, I knew response would be poor. So I ran the ad in countries that were interested in social media that were not celebrating Thanksgiving, specifically Canada, Thailand, India, Slovenia, United Arab Emirates, Russia, and targeted small business owners.
I ran the ad for only two days and got a high number of clicks (185) but a low response rate on the survey: only 4 responses. That was not enough to validate the project, since I needed a response rate of 8/10.
However, I did learn that Thailand has a huge response rate on FB ads. I had previously been getting a large number of FB fans from Thailand and so included them in the FB ad. I will definitely run a FB ad promoting my online classes to Thailand with the goal of getting optins to my mailing list.
So while I was not able to validate this particular experiment, I did get a good result from the ad itself.
Week 2: Product/Market Fit
I conducted an online survey of both existing customers and users who have opted in to take a free class but haven't paid yet.
Got an 88% "must have" response: only a few responses would not be disappointed, and none of them had to do with the product, but with the idea of social media itself.
Definitely a "must have" product, so looking forward to growth topic this week.