How do you test your assumptions before pivoting or persevering?

As a business developer, you need to constantly validate your assumptions about your market, customers, and value proposition. But how do you know when to pivot or persevere based on the feedback you get? In this article, we'll show you how to test your assumptions before making a decision that could affect your business growth and survival.

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1 Define your hypotheses

The first step is to clearly define your hypotheses about the problem you are solving, the solution you are offering, and the customer segments you are targeting. These hypotheses should be specific, measurable, and falsifiable, meaning that you can prove them wrong with evidence. For example, instead of saying "people need a better way to manage their tasks", you could say "busy professionals need a task management app that integrates with their calendars and email".

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Sheila Thelen

Vestibular Training Products for: Athletes, Rehabilitation, Military, Autism/Sensory, Aging. International Webinars & Seminars Speaker. (Fly System US Patent: 11,478,395 & Rail System: Patent Pending)
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Dig in. Solve a problem. Make a difference. How can YOU improve the world?! Go do it. Bring a friend along! Thanks - Sheila

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2 Design your experiments

The next step is to design your experiments to test your hypotheses. An experiment is a way to collect data from your potential customers or users that can either validate or invalidate your assumptions. There are different types of experiments you can use, such as surveys, interviews, landing pages, prototypes, or MVPs. The key is to choose the most appropriate and efficient method for your hypothesis and your stage of development. For example, if you want to test the demand for your solution, you could create a landing page that explains your value proposition and asks for sign-ups or pre-orders.

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3 Run your experiments

The third step is to run your experiments and gather data from your target market. Depending on your experiment, you may need to recruit participants, set up channels, or launch campaigns. The important thing is to run your experiments in a controlled and consistent way, so that you can compare the results and avoid biases or errors. For example, if you want to test the usability of your prototype, you could ask a sample of your potential users to perform some tasks and observe their behavior and feedback.

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Sheila Thelen

Vestibular Training Products for: Athletes, Rehabilitation, Military, Autism/Sensory, Aging. International Webinars & Seminars Speaker. (Fly System US Patent: 11,478,395 & Rail System: Patent Pending)
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We went to several industry leaders - on what software they used for tracking progress. (We purchased those system) - so when we presented - everyone was on the same page.

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4 Analyze your results

The fourth step is to analyze your results and draw conclusions from your data. You should use quantitative and qualitative methods to measure and interpret your findings. For example, you could use metrics such as conversion rates, retention rates, or customer satisfaction scores to quantify your results, and use tools such as surveys, interviews, or user testing to qualitatively understand your customers' needs, preferences, and pain points. You should also look for patterns, trends, or anomalies in your data that can reveal insights or opportunities.

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5 Learn and decide

The final step is to learn from your results and decide whether to pivot or persevere. A pivot is a change in one or more of your hypotheses based on the evidence you collected. A persevere is a continuation of your current strategy based on the validation of your assumptions. You should base your decision on the degree of fit between your problem, solution, and market. For example, if you find out that your solution solves a real problem for a large and reachable market, you could persevere and scale up your business. If you find out that your solution does not solve a problem or does not appeal to your market, you could pivot and try a different approach.

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How do you test your assumptions before pivoting or persevering?

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1 Define your hypotheses

2 Design your experiments

3 Run your experiments

4 Analyze your results

5 Learn and decide

Business Development

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How do you test your assumptions before pivoting or persevering?

1

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3

4

5

1 Define your hypotheses

2 Design your experiments

3 Run your experiments

4 Analyze your results

5 Learn and decide

Business Development

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