Validating your product idea helps you ensure you are building what your users really want. It is also one of the simplest ways to ensure you’re building something that users really need. It is very important to validate your product idea early to ensure you do not waste valuable resources and time building a product that isn’t a good fit. Market validation also instils confidence among investors, and banks that are considering funding your startup.
The process of validating your idea allows you to get your get them in front of real users early on and get a feel for how they’ll react to it. However, many companies and teams tend to skip validation in the excitement of building something new which sometimes leads to them building a product with a very low adoption rate.
Market validation is the process of determining if there is a need for your product in your target market.
Validating your idea will enable you to predict whether people will buy your product and if your business will be profitable. The process of validating your idea can help you gain a deeper understanding of how your product meets or does not meet your target customer’s pain points. Sometimes during the validation process, you can gain insights that can totally change your product offering to the very market need. It can help you better tailor and refurnish your idea to exactly what people want/need.
One very good way of validating your product idea is to sell it.
Once you have a functional MVP, do not wait for it to be perfect. Go ahead and sell to a sample group where you can easily receive feedback. Selling that new product idea is the best way to validate your product. Whatever a customer is willing to pay for shows potential which is exactly what we are looking for. If they are not willing to pay for your offering, know that they are not getting value from it. You will need to get feedback on why they are not willing to pay for it. This will help you work on what you have gotten to create a better product.
Until people pay you, your business is yet to start, it is merely a collection of assumptions.