Don't Start Marketing Until You Have a Proof of Concept.

Recently, I was speaking with one of my protégés who was embarking on a brand-new business. She was trying to assist a potential customer who wanted to attract people to hear about his presentation on how using state-of-the-art data could help business owners reach more new customers.

She originally said that she thought it might be a good idea to hold an outdoor event in the summer at a local fire station and offer free hot dogs and beer for people who wanted to attend the presentation. She asked me if I thought the event would be successful. I replied that I thought the event would be very successful…for attracting people who like hot dogs and beer. However, I felt that the client might be skipping a step. What is crucial when launching a start-up venture is that you have a proof of concept.

Most people start on a new business because they have an idea about a product or service they believe a great number of people will want to use and can benefit from. Remember, at this point, it’s still just an idea. A proof of concept means that you create the product, test it with potential buyers, gauge the reaction, and proceed accordingly. If the reaction is positive, you determine the selling price and the means of delivering what you sell to your customers. Once you’ve created awareness for your product and made it easy for people to purchase it from you, you can now gauge your proof of concept. If many more people are buying from you than you expected, that’s a great outcome. Now you’re ready to tell people about what you do — but not before this.

For example, a man won a free hour of coaching at one of my seminars. I spent one hour with him and we discussed the advantages of itemizing his proposals and always putting them in writing. I also reviewed his pricing and found that he was not competitive. In fact, he was leaving a lot of money on the table. The following day, he called me to say that he had just used the technique I recommended and landed a $9,000 job. In the past, he said he would have only charged $3,500 for it. For only a one-hour investment, he received a $5,500 return on investment in 24 hours. This is what I mean by a proof of concept.

Before you embark on an expensive promotion or pay for an excessive spread of food and beverages, take the time to collect a number of testimonials from actual users and let that become your marketing campaign — based on your proven track record.

“A brand is no longer what we tell the consumer it is — it is what consumers tell each other it is.” – Scott Cook

Let me hear from you.

This excerpt is taken from the seminar entitled Networking and Marketing Mastery IV: Inspire the Buyer. I encourage you to click here to register for the exclusive live presentation of Networking and Marketing Mastery IV: Inspire the Buyer on Thursday, April 6, 2023 from 9 AM to 12 noon Eastern Standard Time at the Comfort Suites in Manheim, PA. This event will also be available through live streaming.