Dry Wallet

Dry wallet testing, which involves creating a checkout or pricing page that simulates the purchase experience without actually billing users, is a practical and affordable method to test the willingness to pay of potential customers.

What is dry wallet testing?

Instead of implementing an entire payment system, startups create a web page that replicates the look and flow of a real purchase process. This page includes a "Buy Now" button that, instead of leading to an actual payment, directs users to a "Not Ready Yet" page, an "Out of Stock" message, a request for a letter of intent, or a similar message. By monitoring the number of users who click the "Buy Now" button, startups can gather valuable data on the potential demand for their product or service.

Advantages of dry wallet testing

This method offers several advantages:

• Speed: Allows for rapid testing of the business idea without investing time and resources in developing a complete payment system.

• Low cost: Does not require any expenses for implementing a payment gateway or other transaction systems.

• Flexibility: Enables the testing of different variations, such as different prices or payment models, to optimize the offering.

• Early assessment: Provides valuable insights into potential customers' willingness to pay at an early stage of the development process.

Successful example

Buffer, a social media management tool, successfully used this method before launching their product. They created a landing page with a "Buy Now" button that led to a "Not Ready Yet" page. This strategy allowed them to validate demand for their service and collect email addresses for future communications.

Alternatives to dry wallet testing

While dry wallet testing is an effective method, there are alternatives that can provide more in-depth data:

• Online surveys: Allow for the collection of quantitative opinions and feedback from a large audience of potential customers.

• Interviews with potential customers: Offer a deeper understanding of the needs and expectations of the target market.

• A/B testing with different prices: Can determine the optimal price for the product or service.

Dry wallet testing is a practical and affordable method for startups to test the willingness to pay of potential customers and validate their business ideas. By combining this method with other market research techniques, startups can make informed decisions about the future of their ideas, increasing their chances of success.