Creating a start-up takes a lot of time, effort and dedication. Before starting that journey, what methods do you use to validate a new idea or concept to make sure your time is not wasted on a market that potentially does not exist?
Ask literally so many people. If you are solving a problem for a group of people start with them. Create more forums to ask questions and get feedback. It can be scary to put yourself out there, but a lot more people are willing to help and give you suggestions than you might think. Plus, there are a ton of websites for startups you can always ask people who are also throwing around ideas.
Methodologies including Lean Canvas and SLAM help a lot with breaking down key assumptions. This is about as optional as learning fly before dogfighting in a 35 million dollar jet.
Next is talking to the right users. It is absolutely crucial to be asking the correct questions though. Flying blind in user-testing especially during product-market fit can be fatal. If you don't know the in and out's of user interviews, you might as well just ask them if they think you are nice.
One way of knowing you have a fit is when users start pulling you in directions you are not yet at. Bug fixes, adding more features, etc. Another is are they telling anyone about your products? Brand ambassadors that you don't specifically recruit are a great sign you are getting traction.
But the number one way to validate product-market fit? Are you getting paid yet?
Great answer, Greg. I think asking the right questions is crucial, whoever you are speaking to.
There are some great resources out there that allow you to do your own market research without having to speak to the public face to face such as Corus: https://www.producthunt.com/posts/corus-2-0-2 and www.luc.id
Ultimately, Greg's point that the number one way to validate product-market fit is if you are getting paid is key - are people willing to spend their money on your product or service?
Firstly: What people say doesn’t matter .. The most important thing they do when you sell them product and service Second : It does not tell you what will be yours in the market .. It is like the sea You can learn a few things, but the important thing is to behave flexibly during the trip
Research, Prototype, and Iterate as needed.
If you have access to a group of potential customers a survey is always a good way to get some input on how they are using current solutions and how they might view something new. It's not until they actually have to put their hand in their pocket and pay for something to use that you can really trust them on the income stream side though (despite what a survey may say there) so a functionally aesthetic prototype that solves a key pain point is a good way to determine that.
- Figure out which problem your idea is solving. You can ask a bunch of people or research the problem on its own
- Figure out who has this problem. This is where you really need to interview and talk to a lot of people, and figure out specifically who your target customer is.
- Figure out who else in in your target market. Finding those who are targeting your problem, who are targeting your users/customers, and who has a solution related to yours will give you information on how your solution can stand out.
The best way to do these three things is to write out all the assumptions you're making, and find research to support each one. The more research you have, the more strength you'll have in the belief that your idea will succeed.
Really depends on the direction. If it is a B2C product I would run a quick market validation regarding the pain points, our solution and pricing ranges. It can be done via landing page, FB posts and such. If it is a B2B I would go with a survey of at least 10-20 execs in the relevant industries and have them interviewed (10-20 questions each).
You'd be surprised how many "great" ideas I've buried after this short process