Market testing is a key piece of our Launch accelerator program. Market testing helps innovators validate their assumptions and refine their innovations based on real-world feedback. By gathering feedback from potential users and other key stakeholders, innovators can validate their assumptions, refine their innovations and business models, and set themselves up for long-term success. We recently convened our current Launch cohort for an in-person training, marking the halfway point in their journey through the accelerator program. During this training, our teams presented insights from their market testing. 

The Importance of Market Testing 

In December, the teams had the opportunity to virtually present their market testing plans, outlining how they would validate key assumptions about their innovations. Understanding user needs is crucial – not only to ensure solutions have value for end-users but also to build a financially sustainable innovation. Collecting real-world feedback helps innovators refine their product/service and business model before scaling.   

Marketing testing can help innovators: 

1. Reduce risk. 
   Market testing helps you confirm that you are operating on facts rather than assumptions. You may think that you understand what your user wants, but you won’t truly know until you ask them. 
2. Gain competitive advantage. 
   Market testing may help you gain insights your competitors haven’t considered. 
3. Understand your customer’s needs and pain points. 
   Hearing directly from your customer will help you ensure you are reducing friction and making an offering that is as usable and valuable as possible. 
4. Improve investor and funder confidence. 
   Investors and funders want proof of market demand. Demonstrating that you’ve done the research and validated your concept strengthens your case for future funding, allowing you to expand and grow your innovation.  

Real-World Insights from Our Cohort 

Using feedback from their December presentations, our Launch teams refined their market testing plans and gathered insights through surveys, individual interviews, focus groups, and advisory boards. At a recent in-person training, our teams shared insights from their market testing. These insights led to some strategic shifts for several teams.  

• Flexible pricing can expand markets.
   One team discovered that offering tiered pricing structures made their program accessible to a broader range of organizations, potentially unlocking new customer segments.  
• Branding can shape perceived value. 
  Another team tested how terminology can influence perceived value. When asking users how much they’d pay for an “app” versus an “online program,” they found that people were willing to pay significantly more for a program. This small reframing could help them redefine their go-to-market strategy.   
• Market testing can help validate expected cost. 
  Another team confirmed interest from youth and youth’s expected wages for ongoing contributions to the innovation, reinforcing the expected cost and aiding in predicting maintenance costs of the innovation. 

Looking Ahead 

After sharing their insights from market testing, teams worked with their coaches and Launch faculty to plan their next steps as they prepare for Demo Day, where they’ll pitch to potential investors. Market testing doesn’t stop here—it’s an ongoing process. Testing early and often ensures that innovations stay aligned with the evolving needs of end-users. As our teams continue their journey through the accelerator, we encourage them to keep engaging with users and other key stakeholders, testing new assumptions, and refining their innovations and business models.