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.
Explain and offer your future service through a classified ad
Survey specific performed behaviors and habits in potential customers
Gauge interest from prospects with whom you have no prior contact
Allow users to place an order for an item which has not yet been released
Personally deliver your service to test product satisfaction
Statistically estimate consumers' psychological trade-offs through surveys
Fundraise for product development or production
Crunch and combine data to discover trends in market and user behavior
Simulate a 'pay now' experience
Arrange a live event to gauge customer interest
Pretend to provide a product or feature without actually developing it
Design the smallest thing possible that might invalidate your hypothesis
If you cannot find five, your market is too small or too hard to reach
Make the user experience more difficult to use to gauge keen interest
Assemble a product by piecing together third-party products
Create a teaser for your full product experience
Probe demand with a temporary working solution
Sell a physical version before creating its digital equivalent
Ask users how they would feel if they could no longer use a product
Run a test on a very small sample before launching world-wide
Test several value propositions to see which converts better
Present the sales pitch of your product to a potential customer
A reduced product solving one specific problem for one specific niche
Build one or more one-page sites that advertise your (fictional) product
Analyze trends and habits to validate existing interests
Simulate a working product through a recorded video walkthrough
Use human power to fake automation of complex tasks
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