Market Test the Offer

Purpose Assess whether or not customers will purchase Requires Communicate features (describe the offer) Communicate price (assesses the value)

Develop model of offer Want to develop a description of the offer Media Can be a description Can be visual (slides) Can be a prototype (but usually not necessary) Describe all features Basic, delivery, payment, service, other Need enough description to allow someone to assess the value Want to describe a range of price Ideally, want customer to supply

Plan the test Select 5 members of your target customer group In practice, want at least 30 Finalize your “model” Determine the questions you will ask to determine if customers will be motivated to purchase and at what price Use the “Testing the Offering” Worksheet as a guide

Schedule test Schedule times for interviews Confirm times available for interviews You have only 1 week to conduct your research Schedule in advance and be prepared for contingencies You must complete your research and analysis to move on to subsequent BCE Steps Once behind, you will need to use a class scheduled “BCE CATCH-UP” session If no BCE CATCH-UP session is available, you will not be able to complete the work of the course.

Conduct test Research is done on your own outside of class. KEEP DOCUMENTATION OF YOUR FINDINGS Can be informal notes Include contact information to validate.

Analyze results Use the “Testing the Offering Worksheet” as a guide.