Idea Validation Playbook

Validating the market

27 plays

Important for this playbook

Don’t build something that nobody wants

Why would you build a product if nobody will buy it when you’re done?

Once you have spoken to users and validated that the problem exists, the next step is explore wehtehr there is a large enough market to justify taking the idea further. Some users might agree that this is a problem worth solving. But are there enough of them to make up a market for your product?

Are there enough users to make up a market for your product?

Where will your users come from, what segment of users are more profitable, and how much revenue might lie in the market opportunity?

When validating market demand, you will need to research and analyzez both existing and sibling market sizes and potential demand for your idea.

By gathering information about the potential market, you will be able to make educated guesses as to the size of your target audience and how many customer you can acquire. One goal might be to establish a baseline as input to your future business plan as well as potential pricing points and models for your product.

Classified Posting illustration
Classified Posting

Explain and offer your future service through a classified ad

Closed-Ended Surveys illustration
Closed-Ended Surveys

Survey specific performed behaviors and habits in potential customers

Cold Calling illustration
Cold Calling

Gauge interest from prospects with whom you have no prior contact

Collect Pre-orders illustration
Collect Pre-orders

Allow users to place an order for an item which has not yet been released

Concierge illustration
Concierge

Personally deliver your service to test product satisfaction

Conjoint Analysis illustration
Conjoint Analysis

Statistically estimate consumers' psychological trade-offs through surveys

Crowdfunding illustration
Crowdfunding

Fundraise for product development or production

Data Mining illustration
Data Mining

Crunch and combine data to discover trends in market and user behavior

Dry Wallet illustration
Dry Wallet

Simulate a 'pay now' experience

Event illustration
Event

Arrange a live event to gauge customer interest

Fake door testing illustration
Fake door testing

Pretend to provide a product or feature without actually developing it

Feature Stub illustration
Feature Stub

Design the smallest thing possible that might invalidate your hypothesis

Five People Who Are In illustration
Five People Who Are In

If you cannot find five, your market is too small or too hard to reach

High Hurdle illustration
High Hurdle

Make the user experience more difficult to use to gauge keen interest

Mashup illustration
Mashup

Assemble a product by piecing together third-party products

Offer a Sample illustration
Offer a Sample

Create a teaser for your full product experience

One Night Stand illustration
One Night Stand

Probe demand with a temporary working solution

Physical Before Digital illustration
Physical Before Digital

Sell a physical version before creating its digital equivalent

Product-Market Fit Survey illustration
Product-Market Fit Survey

Ask users how they would feel if they could no longer use a product

Provencial illustration
Provencial

Run a test on a very small sample before launching world-wide

Run Test Ads illustration
Run Test Ads

Test several value propositions to see which converts better

Sales Pitch illustration
Sales Pitch

Present the sales pitch of your product to a potential customer

Single-Feature Product illustration
Single-Feature Product

A reduced product solving one specific problem for one specific niche

Spoof Landing Pages illustration
Spoof Landing Pages

Build one or more one-page sites that advertise your (fictional) product

Trends and Keyword Analysis illustration
Trends and Keyword Analysis

Analyze trends and habits to validate existing interests

Video Demo illustration
Video Demo

Simulate a working product through a recorded video walkthrough

Wizard of Oz illustration
Wizard of Oz

Use human power to fake automation of complex tasks