Ben's 1x1x1 - May 31, 2024 🚀 - Our Super Power
For those of you that are new here, every week I send what I call a 1x1x1.
One learning, reminder, or interesting item from my week.
One interesting find/tool from my week.
One image from my life.
Let’s dive in 👇
Learning/reminder of the week
Our Super Power - Speed In Testing 🐇
This mindset has probably saved us millions of $ in time and money 👇
Yesterday I was catching up with our team member Andrew who is leading many of our efforts at Pono Ventures.
The topic of discussion - how we can test new products and services for new industries even faster.
Reflecting after our conversation sipping my knock off Spin Drift from Trader Joes, I realized that speed in testing has been and continues to be one of our greatest super powers.
Usually in 30 days time, we have a solid understanding if we have product market fit, how sizable the opportunity is, and if its worth continuing to pursue or not.
I’m sharing below the high level process we take to test quickly once we have an MVP for the product or service (it’s pretty damn simple)👇
- Landing page - We build a landing page off of Pono Ventures or one of our portfolio company’s sites. Saves us a ton of time and money.
- Prospecting and outreach - We’ll source a couple thousand target buyers and send a couple hundred emails a day and hit the phones.
- Ads - We’ll run a number of different ad tests spending anywhere from $500-$1500 for the month.
This will drive enough activity for us to determine if we have a fit and should continue investing in the opportunity.
The best part, we can be running 2-3 of these tests at a time.
We don’t want to stumble into building great businesses. We want to aggressively test for them.
Interesting find/tool of the week
We deal with a lot of smoke where we live. With a baby on the way, we decided to finally invest in an air purifier. We bought one that constantly monitors the house and kicks on automatically when the air pollution reaches a certain level. Pretty nice!
Image from my life
On Monday I completed my first Murph challenge for Memorial Day! Was thankful for some great cheerleaders.