Validating marketing research
Not your friends, not your colleagues, not your mom. You’ll use these demographic and behavioral questions to “cut” your data when your survey is done fielding. This presentation can be a sentence, a paragraph, or even a video. Split your survey audience into three groups, and show each one a different description. At what price would you consider the product to be too expensive? At what price would you consider the product to be priced so low that you’d question it’s quality? At what price would you consider the product starting to get expensive, but you’d still consider buying it? At what price would you consider the product to be a bargain — a great buy for the money? If your product isn’t something your audience has experience buying (i.e.This is a truly rndom set of 300 people, all of whom are willing to listen to your product idea and tell you exactly what they think. Otherwise known as a “survey.”Yes, a boring, roll-your-eyes, get-too-many-of-these online survey. Pick four or five relevant questions that you think might affect whether someone will be interested in your product. Gauging demand for your product idea is a two-step process. there’s nothing remotely similar on the market), they won’t know how to answer these questions.After using lean market validation to launch several software products, including Product Plan, I’ve discovered that with the right process even inexperienced entrepreneurs can bring amazing products to market with excited buyers on the first day.Here are my tips for using lean market validation to confirm whether you have a product/market fit with real customers.For that reason, lean market validation helps successful teams get just enough information and data to make decisions. I like to adhere to the 80% rule — get just enough (valid) information from customer interviews and other sources of data and then make a decision.In the end, you will never get to 100% certainty, and getting close will eat up an inordinate amount of time.These are your assumptions and the sooner you can test them, the less risk you will have when launching your product.You can start with the questions below or use a tool such as the Business Model Canvas to guide your thinking.
There are also some great ways to test digital ideas with landing pages and inexpensive ads. While you can (and will) ask your audience to rate their interest in product, a survey is limited — respondents cannot actually experience your product idea firsthand. Remember, when gauging demand, respondents are rating their interest in the product you Imagine an app that monitors your home’s energy use, saving you money and helping preserve the environment.Last month, I gave a talk on lean market validation at the opening night of Startup Weekend at the University of California, Santa Barbara.The goal for my talk was simple: To lay out a few practical tips for entrepreneurs to quickly validate their ideas.I also wanted to help them understand that even first-time entrepreneurs can launch successful products by taking a few easy (and often free) steps.
It’s important to just make a guess and get started, because your assumptions may turn out to be wrong, and you’ll have spent valuable time (not to mention the toll on team dynamics) debating something that didn’t matter in the first place.