The million-dollar question for many people developing a business idea is, “when should we go to market?”
The best answer I have for you: “as soon as you are ready.”
Yes, I am aware that this answer is quite vague, but right now, particularly for entrepreneurs, markets are swelling and quickly, and often, your ideas can’t be protected. If you have an idea for a phone app, good luck getting a copyright before someone imitates your product. If you just saw Black Panther and want to make quick cash off of a t-shirt design before Marvel sends you a cease and desist letter, join the millions of Wakandan tourists who’ve created shirt designs and scattered pictures all over the Internet.
And just like that, the power of your Black Panther design has been stripped away. Please say the prior sentence in your best Zuri voice.
This was a lesson learned by Refuge HTX, a boutique catering business in Houston, TX. I’ve worked with Founder and amazing culinary mind Valencia “Val” Collins-George since Refuge’s inception in 2017. One of the most popular marketing tools Val uses is Instagram. It’s quick, informative, and allows her to display her unique wares in a “portfolio” of her catering events and new concoctions with picture and video.
She brought it to my attention that several local restaurants and caterers that liked the pictures of some of her unique recipes had started to imitate them at their restaurants. I was initially skeptical until she brought it to my attention another time. And then another time. I did some background research, and found that most businesses that imitated Val’s dishes also follow Refuge on Instagram. And with good reason, as the first mover isn’t always the winner. Ask Rollerblade how that worked out.
Since other businesses were biting (chuckle, it’s a food pun), time to change strategy.
Although we really couldn’t stop imitation, we realized that we had to get many of her ideas to market by ensuring her menu tells the story of Refuge HTX—Caribbean Creole Soul. What that really meant, was making many of her craziest, new ideas come to life as quickly as possible as part of a comprehensive menu. In Val’s words, “let them have my cool ideas—but they won’t be able to compete with my creative recipes that match my mission and my brand.”
In response to the need, I knew we’d have to follow the wise words of Mats Lederhausen:
“Think big, start small, scale or fail fast.”
As Val headed to her culinary laboratory, I started to place a little bit of science in her business strategy. It turns out that you can apply the scientific method to anything. Thus, the PTRR form was born. Plan, Test, Revise, Repeat.
Plan: Prepare for the pilot test. Create your “hypothesis” for your product. What’s your idea? Who’s your target market?
In this phase, you’re planning to pilot test your product to get proof of concept. When you plan, you should be able to identify the 5 W’s:
· What’s the product?
· Who’s the target?
· Where are we testing?
· When are we testing?
· Why will the product benefit the target?
After you figure out those five points, you should be able to write a simple hypothesis:
My product X will benefit target market Y because of Z benefits.
Test: Pilot test the product. How will you measure success? What type of data are you collecting to measure success?
In my NFL Combine post, I suggested that our most used measures of success aren’t always the best. We get so caught up in generally held measures of success that we miss product specific performance indicators.
So, when you think about how you define success, also think about the data you’re collecting. It may be quantitative, which in Val’s case, could be profit, it could be identifying if the party ate all of her egg rolls, or, it could be a quick customer service survey. You could also seek qualitative data as well. I recommend for Val to circle the room a few times and get feedback from her catering clients and their guests during events. Val also provides follow up calls and emails to her clients to get more feedback. The more meaningful data, the better.
Revise: What do the results tell us?
Say it with me now.
I will not immediately judge my results as good or bad.
We have a predisposition to label our outcomes as positive or negative, never anywhere in the middle. But one of the things I appreciate about the scientific method is that there are always alternative explanations. So, maybe you weren’t as successful as you wanted to be during your pilot test. This is where you ask yourself three big questions:
Was it the strategy? Did I measure success correctly? Was there something wrong with my product?
Notice how the product was third, and with good reason. Often we are so wrapped up in our products and services that we may miss critical points. What happens if you throw away a great idea because you tested it with the wrong target market? When you are in the revise phase, be meticulous, but also don’t beat yourself up. You may find that your idea has good traction in a different context.
Repeat. Test it again.
This is easy. Follow up your pilot test with another pilot test. But most importantly, write down your lessons learned. Put them in a cloud. Keeping a running tab of the implications of pilot testing may be pivotal to how you develop your strategy in the future.
Being part of the Refuge HTX team has been nothing short of a blessing. I’ve enjoyed tossing science into Val’s business, which is perfect for pilot testing. She tested her first menu at a Super Bowl party of 50+ people. Over the last six months, she’s provided her intimate catering events with an extra surprise with their orders. In the fall, she surprised parties with complimentary pumpkin-spiced rum punch. Now, during March Madness, she has another surprise in store for her customers.
I’m sure many of her recipes are going to be imitated again, but that’s an indicator that Refuge is doing something right.
Refuge HTX serves Caribbean Creole Soul to the Houston community. You haven’t lived until you’ve had a jerk chicken tamale. Check out Refuge on their website or instagram.
The PTRR form was created as part of a program of The Obodo Project. The Obodo Project transforms your business problems into projects, internships, and initiatives for students.