MANAGE YOUR RISK BY TESTING BEFORE PROCLAIMING - WILLIAM EASTMAN

PROFIT RADIO..."Let's Grow Together"

Introduction
Today I am wearing my O Hat - Operations or "Get It Done". That means I building the infrastructure to not only make or deliver what we sell but also all of the back office systems required to a properly functioning business. Operations doesn't directly impact revenue, it's impact is on PROFIT.

The second issue is the Stage of Growth. We are at Stage II where the concern is building enough infrastructure to support sales and to deliver to the customer something that meets their expectations and provide us with a margin. 

Last thought before we start, I want to invite you to my new group on our Community of Commerce - Living the Life . If you are a serial entrepreneur and looking to discuss how to build a business that runs itself so you can start running multiple businesses - this is the right spot.
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Objectives - The WHY
​The goal of a Beta product or service when first introduced is to Build, Test, Release - then Promote & Sell.

Key Issues - Owner Perspective:

1. Minimize risk to the business.
2. Understand usage demands and result expectations.
3. Create minimal viable product/service to generalize later.

What You Need to Know - The WHAT

• Lower the risk of failure
• Better understanding of the audience
• Test marketing channels
• E3.003 CREATING A COMMON PROBLEM SOLVING - DECISION MAKING MODEL

What You Need to Do​​ - The How

1. Market Research: unmet or under-met needs, size of market, growth rate of market, ability to micro-segment, potential to become #1 or 2.
2. Prototype: design the Alpha or Version 1.0 using the QFD process.
3. Build: create operating example for testing - usage and results.
4. Self Test: test internally and upgrade to version 2.0 or Beta.
5. Soft Launch: test 2.0 with favorable audience without publicity.
6. Release: upgrade 2.0 and create 3.0 for release.
7. Hard Launch: market, advertize, promote Version 3.0.

The purpose of this show was to detail why a Build & Test model before Release makes the most business sense. It allows you to better understand customer demands, minimize the risk of launching an under performing product or service, and a method to generalize the offer to a greater market.
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Make sure you leave some thoughts in the comment section below. I am interested in continuing the conversation.

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