Determining your Reboot Services
The Build-Measure-Learn Feedback Loop
What you will discover:
- Understand what the Build-Measure-Learn Feedback Loop is
- Develop your Roots Reboot client hypothesis
- Clarity on what to teach for free and how to teach it
- Establish what offer you will sell
- Create an organized and outlined Reboot offer
What you will do:
- Establish the client hypothesis you'd like to test.
- Brainstorm free webinar topics to test your hypothesis.
- Draft your 4 week MVP masterclass.
- Establish feedback and measuring tools.
- Brainstorm 2-3 final product/service ideas for your specialty practice on Roots Reboot.
You have a dazzling idea for a new nutrition service - It's fun and innovative, and you know that it's got the potential for tremendous value to make your clients life easier! Your enthusiasm is infectious. You sell the idea to your family and win over anyone you talk to about it!
You spend months researching, developing and creating your service behind closed doors to bring it to life.
It takes a great deal of invested money, time and effort, but eventually you have a PERFECT product that you're proud of!
Then you launch it..... *crickets*
After months and months of researching and hard work to create your perfect product, investing money into web design, tech equipment, even outsourcing for advertisements and professionally done marketing materials etc. .... you only get 3 customers.
You're left in disbelief, are disappointed, and discouraged.
Developing products or services in isolation like this, without testing your ideas from your prospective customers needs along the way, is a mistake that many businesses make. They press on enthusiastically but BLINDLY, and their ideas often fail. Only 50 percent of U.S. startups survive beyond their 5th year. If you think about it, its unrealistic to think you'll get it right the first time around and have a successful business booming after. It takes a lot of trail and error and although it may feel like failing, it's a necessary process to learn what works and what doesn't!
so lets not work harder but, work smarter.
I am going to teach you the Build-Measure-Learn feedback loop, a technique I learned after reading one of my favorite business books, The Lean Startup, to help you to realize when you have a wrong business idea before it's too late and to turn initial failure into eventual success.
I mentioned this in the Module One, but it’s worth mentioning again...
Remember that running a creative business is experimental; you learn as you go. A quote from The Lean Startup, "Startups exist not to make stuff, make money, or serve customers. Startups exist to learn how to build a sustainable business. This learning can be validated scientifically, by running experiments that allow us to test each element of our vision."
Understanding the "BML" Model
Build-Measure-Learn or BML is one of the central principles of The Lean Startup – a highly effective approach to startup development pioneered by Eric Ries. Ries says "that every business plan begins with a set of assumptions. It lays out a strategy that takes those assumptions as a given and proceeds to show how to achieve the company's vision. Because these assumptions haven't been proven to be true, they are assumptions after all, and in fact are often erroneous, the goal of a startup's early efforts should be to test them as quickly as possible."
Build-Measure-Learn improves on the "just do it" approach with an incremental, iterative method that replaces assumption with knowledge and certainty.
In practice, the model involves a cycle of creating and testing assumptions or a hypotheses by:
- Building something small for potential customers to try (your MVP - minimum viable product)
- Measuring their reactions
- Learning from the results to create your final product (see figure below).
The aim is to continuously test the effectiveness of your new product or service, improve your offering so that you eventually deliver precisely what your customers WANT and do so quickly and cost-effectively.
I will take you step by step on how you'll implement this method within Roots Reboot!
How it works
Figuring out what you want to be known for and the type of clients you want to work with is only half the battle...
Now you have to draw them in and encourage them to book your services.
(Which is so much easier said than done, right?)
In this module of the Reboot Business Playbook, I’ll take you through some actionable strategies for providing value to potential clients, demonstrating expertise in your field, building authenticity and trust through the content you share, and sell your product before you even create it with the BML model.
This sounds like a tall order, I know, but what if I told you these tasks could all be accomplished with one strategy? Also, its a strategy that will help you grow your audience and market to them in an organic, non-salesy way!
The idea is pretty simple, actually: It all boils down to trust.
In order for someone to buy from you or book your services, they have to trust you. And the key to building that trust lies in content marketing aka, your MVP (minimal viable product).
The Content Marketing Institute defines content marketing as “a marketing technique of creating and distributing valuable, relevant and consistent content to attract and acquire a clearly defined audience -with the objective of driving profitable customer action.”
In other words, content marketing connects your audience with useful content in order to earn their trust before selling your products and/or services.
I don’t know about you, but selling is my least favorite part of running a creative small business. I love creating/teaching. I’m grateful that I’m able to make money from creating and teaching, but selling? Ugh - it’s a struggle. For some reason I always associate sales with manipulation and pushiness.
But that’s one of the great advantages of content marketing; it doesn’t feel salesy because your primary goal is to provide FREE value to your audience and develop a trustworthy relationship before you ever promote your products or services. And even when you do promote your products or services, it doesn’t feel like promotion. Content marketing allows you to share your expertise, highlight the benefits of what you’re offering, and demonstrate your audience’s need for it.
So how will you accomplishing this?
It's like Kickstarter, but instead of spending thousands of dollars and months in advance of precious time and energy guessing the final product that people want to buy from you, you create an offer idea on the fly.
In Silicon Vally terms, this is your minimally viable product or MVP. A MVP is the smallest thing you can build that delivers value to the customer, gets you paid, and its not just for trendy tech start-ups but also for Roots Reboot :)
Once you embrace this validated learning approach, the development process for any service or program can shrink substantially. When you focus on figuring out the right nutrition solution to offer, the thing your customers want, find value in and will pay for, you don't need to spend months creating products and waiting for a product bata launch. Instead, you can adapt your ideas from feedback and with low planning - from idea to market in as a little as 3 weeks - incrementally learning from little "experiments" we will conduct together! Little by little, you begin to narrow down exactly what your customers want and find valuable, the most important part of the production process.
This refinement process may involve a change in your audience... The people who started following you at the start of your business may not be the people who would buy from you now. And that’s why it’s helpful to evaluate who your prior client persona from module 2 was and reevaluate and refine your client persona as you go and as you learn from your feedback!
STEP 1: DEVELOP A HYPOTHESIS
Most people come up with a great idea and jump right to the build phase but, you'll be missing the most essential part - testing ideas first to learn exactly what people want from you. So instead, we're going to go in reverse. We're skipping the build and starting with the sale before even creating the product.
Yup, you heard me right!
Now that we've established your specialty area, your ideal client persona, your first task is to establish your offering by defining the specific problem that you want to help solve for your ideal client.
If you've gathered data in module 2 and 3 from prior or interested clients, pick your most common "client problem" but also, make sure this is something your'e excited to teach and are a BOSS at solving! Note, if you don't have prior data, this is fine too - go with what nutrition problem you want to be known for solving for the module 2 client persona we've agreed on.
Now, develop a hypothesis – this is your leap of faith assumption, or prediction of what will happen if you solve your clients nutrition problem during your "experiment" aka, service idea.
This hypothesis should be solving a very specific problem for your very specific target market from module 2.
You might, for example, have the popular client problem: "I'm frustrated that I can't control my blood sugar levels and get off my diabetic medication" so you hypothesize that: "teaching 5 easy strategies on blood sugar control will improve blood glucose levels and ultimately the lives of your diabetic clients."
Other examples of client problems: "I'm just too busy because I'm a mom and on a tight budget to plan and eat healthy" hypothesize: "teaching a 4 step simple, budget friendly meal plan strategy will help low-income, busy mothers foster a healthy lifestyle for herself and family."
Client problem: "I'm just not skinny enough, Im unhappy with how I look. I need to eat a 1600 calorie diet and lose weight fast so that I look good in a bathing suit for our Spring Break trip." You hypothesize that: "teaching a unique mindful eating, internal dialogue, and body positivity 10 step program will improve disordered eating in college students."
---> Stroll down below to Module 5 Action Items and define your ideal clients specific problem and your hypothesis or leap of faith assumption.
STEP 2: TEST YOUR HYPOTHESIS with a set of experiments
(CREATE A FREEBIE)
Now, to measure, test and collect your data from your hypothesis without even creating a product, we will first establish a launch system using content marketing strategies! A launch system is a process that will test your product or service idea and turn followers into eventual customers. There are many different ways to launch + test your hypothesis such as:
- Sales pages
- 3-part video series
- A free opt-in
- Email series
- 5-30 Day Challenges
- Direct Social Sales
- In person events
So which launch strategy is best?
The fastest, least amount of effort but, most engaging and lets be honest FUN way to test your hypothesis is by doing a webinar.
Why? because you get to be YOU and teach potential customers about a topic you're a boss at. With webinars, you connect with people LIVE, in real-time, give away something (information) for free and of VALUE at the convenience of your customers own home. Your audience will also most likely be the largest (but least intimidating) with a free webinar and best use of your time - no limitations here! We can utilize an audience (big or small) you've established on your own media accounts thus far PLUS the Roots Reboot audience.
Also, lets be clear, this is not the same as Instagram or Facebook live because with webinars it's much more professional, you'll have a captivated audience, signed up and ready to learn from you, you get to share slides for visual appeal and marketing, obtain emails (THIS IS EVERYTHING), create urgency, and have your webinar recorded - great to have the replay and achieve or use for learning opportunities or for future client materials!
Think of your free webinar as your initial bata test on your service idea AND the feedback from that will help you form your minimal viable product (MVP), a 4 week program, which will eventually be refined into your final product after a few trials!
For example, if the turnout or engagement for your free webinar isn't great, it might not be a good idea and therefore, you didn’t waste too much time creating and launching it! You can go right back to the drawing board and re-launch another idea by doing another free webinar and testing that out. On the other hand, if it is a great topic and you have a great turnout / feedback from attendees, you will get instant feedback: questions, comments, requests etc. that will only refine your idea into something your customers want, need, and are willing to pay for even more so!
For example: After doing my unique 2-3-4 meal plan strategy webinar, after requests and questions, I realized people wanted lists for each 2-3-4 macronutrient option that they could easily pick and choose from and that they also wanted specific easy, go-to recipe ideas for inspiration!
So now, take your most common client problem and your client hypothesis and think of a great relatable teaching topic you'd like to launch for your free webinar! This one webinar will be a "teaser" for your eventual MVP offer.
---> Stroll down below to Module 5 Action Items and brainstorm 3 webinar topic ideas that your ideal client will find value in!
STEP 3: CHOOSE YOUR REBOOT mvp
(OR YOUR MVP)
“But I haven’t created my product yet so, I can’t start selling it yet” ... is the number one comment for holding back on offering something!
Your goal for the free webinar is to test your idea and at the end of the webinar, you will pitch your offer to have your audience buy from you and test your product idea and yes, BEFORE EVEN CREATING IT. Because after all, there are so many aspects to your offer you still don’t know:
- What questions people will want to ask you
- What changes you’ll want to make once people are using it
- Feedback and revisions from bata-testers
- The best price point to offer it at
- Exactly WHAT people want from you
- Get testimonials
- And then... even your customers will start to sell your product for YOU via word of mouth!
So how will we test an offer before creating it? We will create a “4 week Reboot Masterclass" version of what will eventually become your final product. This 4 week offer will be your MVP. You will create and learn from your MVP week-by-week to eventually create your final service(s) of your choice.
STEP 4: CREATE A FEEDBACK LOOP
Now that you’ve thought of a hypothesis, your free webinar topic, and your “4 week reboot” offer to pitch at the end, we need to establish ways to measure the pro’s and con’s of your offer, learn what attributes customers care about most and learn our way to a sustainable business!
There are a few common methods to collect data from your webinar and from your 4 week masterclass -
- website/webinar analytics
Your measurements could focus on testing any aspect to your offer - from product(s), e-courses, one-on-one, or group services ideas to finding the best pricing strategies or distribution channels.
---> Stroll down below to Module 5 Action Items and let me know your ideas for what to test and what method you'd like to use to gather feedback from your webinar and your 4 week masterclass.
We will accelerate through the build-measure-learn feedback loop as fast as possible, competitors won't have as much of a chance because our goal is to learn faster then anyone else with the help of not only what you'll learn individually but as a team. We will all learn from everyones experience and provide even more insight and perspective on the process!
- Some things to keep in mind -
- The MVP is just the first step to learning. Pivot if you need to make changes and be flexible in doing so from feedback!
- Always as yourself at any moment, are you making your product/service better!
Step 5: Choose your final REBOOT service ideas
- One-on-one coaching
- One-on-one workshops
- Small group coaching
- Small group workshops
- On-going membership subscriptions
- Digital resource libraries
- Online course
- PDF guide or e-book
With the 4 week MVP topic that you choose, it needs to show just enough core features of your final product to attract the interest of early adopters – the people who'll likely want to buy your product as soon as it launches!
For example, the first 5,000 people who subscribed to the cloud-based file sharing company Dropbox™ did so before its service was even launched. They were first convinced by the strength of Dropbox's MVP – a free 90-second video explaining the service that it was about to offer.
So based on the research you conducted in module 2-3, spend some time determining 2-3 final service package ideas that would meet the needs of potential clients through feedback with your webinar, 4 week masterclass, is something you are naturally gifted at doing, and falls in line with the mission of your specialty practice and Roots Reboot as an overall business.
---> Stroll down below to Module 5 Action Items and brainstorm 2-3 final service ideas that can be taken from eventual feedback + materials from your webinar and 4 week masterclass.