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.
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