Start by explaining the importance of comprehensive market research. This includes understanding customer needs, identifying key competitors, recognizing market trends, and defining the unique value proposition of their product or service.
If applicable, discuss the importance of creating a prototype or a minimum viable product (MVP). This is a simplified version of the product that can be used to test the concept and get feedback from potential customers.
Teach them how to create and distribute surveys to collect feedback on their product or service. This could involve online surveys, focus groups, or one-on-one interviews.
Discuss the importance of finding the right price point. They could experiment with different prices to see what customers are willing to pay and what price maximizes profit.
Discuss how to test different marketing strategies to see what works best. They could try different social media platforms, content types, advertising campaigns, SEO strategies, etc., and measure the results.
Teach them about different sales channels they could test, such as an online store, physical retail, direct sales, wholesalers, etc. They should consider the costs and benefits of each.
Discuss how to use the data from their test trading to create financial projections. This will give them a clearer picture of the potential profitability of their business.
It’s essential to use the feedback and data gathered from test trading to refine the business idea. Discuss the importance of being open to change and adapting based on what they learn.
If they’re selling products or services as part of their test trading, they need to be aware of any legal considerations, such as contracts, intellectual property, permits, or licenses.
Please remember to record all notes made onto salesforce. Your notes will be used to run reports for funding proposals and general analytics.