How to Validate a Business Idea Spending Minimal Time & Money
Wednesday, January 07, 2015
So you have a great idea for a new product or service, but how do you go about determining if it’s worth all of the time, money and energy it will take to create it?
Get any basic product out in front of customers
- Build a prototype, whether it’s a website landing page, minimal marketing materials or anything tangible that can help illustrate and convey your idea. The feedback you receive can vary from measurable to anecdotal but all you are trying to do is gauge people’s overall interest. If you can’t get people excited about your idea, then you’ll have a difficult time finding customers once you build it.
Analyze the customer reactions
- How many email addresses did people give you who visited your landing page? How many survey respondents did you get and what did they say? Not all of this feedback will be scientific, but even if the responses are more emotion-based, you can utilize that when determining how effective your idea actually is.
Make any necessary adjustments based on the results
- This feedback might be constructive criticism, in which you should be able to pivot accordingly and implement their helpful feedback to improve upon your product. The more you roll your sleeves up in this brainstorming phase, the more confidence you will have when it comes time to moving forward with your new product.