No matter if you’re a new startup with your first product or a team within an existing business that is pursuing an innovative business model, market validation experiments can save time and money as well as showing whether or not your idea is viable. Surveys, interviews and other research methods will assist you in determining whether people are willing to pay for your product, and what features are important for them.
It is recommended that you validate your idea before significant development work is done. The most efficient method of doing this is to interact with potential customers directly. This can be achieved by conducting a survey of your market in person or using digital means such as online surveys and chatbots.
In conducting interviews, focus on your product’s target audience’s pain points and how it could address these issues. It is also crucial to know what they value about the products they currently use, and what they would be willing to spend money on.
The eDreams Team was looking to test the idea that their target audience was interested in and would be willing to pay for cancellations on flights. To do this, they created an landing page on their website offering free cancellation on purchases of flight tickets. They then tracked the traffic to their website to determine if it was a result of the landing page.
Even whether you and your business believe that a product is valuable, that doesn’t mean the market will be willing to accept it. Your market validation experiment may show that your product isn’t required and will be difficult to sell or needs an excessive amount of resources to develop. Whatever the findings don’t consider them failing. Learn from them and apply them to your next idea of a product or service customers will appreciate.
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