Are you launching a new product or service? Do you need help validating your business idea? This article covers the essentials of product validation and provides you with helpful steps for any new launch or existing product. Download a business plan template here.
From finding potential buyers to making sure the product is catering to the right niche, we explain the most common methods for validating a product. With this guide, you will have the confidence and clarity you need to get started. So, choose any of the steps outlined below and begin validating your product today!
It’s easy to get excited and rush into creating something based on what you see in the market. But before investing your time, energy, and money into a project, it’s essential to make sure that your idea is viable. Conducting research and validating your product will increase your chances of success in marketing, sales, and product development.
2. Accept Advice
We often make the mistake of not sharing our ideas with others. However, renowned entrepreneurs recommend openly discussing our ideas with friends, family, or even strangers. This helps refine and clarify our ideas, making them stronger. It is also important to remember that no one can steal an original idea – if it has the potential to flourish, it will remain with the original thinker. Openly discussing and sharing your ideas can help bring your concept to life.
3. Research your Market
Before launching a business idea, it’s important to conduct a market survey. This survey can help you understand the needs and wants of potential consumers. It can also provide valuable insights on pricing, competition, and other aspects related to product design and sale. Gathering this data is a key step in the production process, as it guides entrepreneurs in their decision-making.
4. Check for Similar Products
Having competitors can be beneficial to launching a successful product. They’ve already completed market surveys and validated the product or service, giving you a head start. You can also be sure that there is a demand for the product, and you can use the competitor’s product as a benchmark to make yours even better. Take advantage of this great opportunity and create a product that stands out!
5. Start Small
If you’re looking to start a small business, try testing your product first before investing time and money into production or securing a location. It can be as simple as selling it at a stall, exhibition, or out of your car or truck. Take for example GODIVA chocolate. They started from their home before becoming the giant they are today. Or look at food truck owners who tried their specialty before investing in a restaurant. This feedback and data can help you gain insight into what people desire, so you can revamp your product and stay ahead of the competition.
6. Select your Target Market
Knowing who your target market is and understanding their needs is incredibly important in developing a successful product. Creating a survey for your target market is now much easier and more affordable than ever before. To get started, outline the key demographics and psychographics of your potential market to better understand where your product will fit. Once you have the data from the survey, you can start designing, packaging and marketing your product to the right audience. With the right target audience in mind, you can confidently move forward with implementation and development.
7. Presell your Product
Testing your product is a great way to get feedback and refine it before launching it. One way to do this is to start with your own contact list and ask what people think of your product and how they react to it. This method can be helpful in performing a market survey and understanding the needs and requirements of your target audience. Take advantage of social media to spread the word about your product and gain valuable insights from your customers.
8. Heard of Crowdfunding?
Crowdfunding is a great way to raise funds for your product without having to approach investors. It involves collecting small amounts of money from a large group of people over the internet. In recent years, crowdfunding has become a very popular and successful practice. There are multiple websites that support crowdfunding campaigns, such as 1000 Angels, Indiegogo, and Kickstarter. Setting up a crowdfunding campaign does require some time and effort, but the end result is worth it!
9. Make a Landing Page
The Landing page is the first impression of your product, so it’s important to create an engaging experience for your visitors. Make sure to include AIDA (Attention Interest Desire Action) triggers, such as interesting visuals, engaging content, and a clear call to action. This will help ensure that your visitors get the most out of their experience and will help you track their progress. With the right tools and planning, you can create a landing page that meets your goals and converts visitors into customers.
10. Test All You Have
Validation of your product is not always straightforward, but these steps can help you make informed decisions about the direction of your product. Putting in the effort to do the research and testing can save you time and money in the long run, and will give you a better understanding of the potential success of your product.
We hope that you find success in validating your business idea!