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There are many times that we come up with great product ideas or even new features. Then, we spend time and money to create them only to have no one want it or want to pay for it when we are ready to start selling our new product. Many people will tell you that you should validate your ideas. Why should we validate them? What if we want to validate the idea but we don’t know how to even begin? In this post, I am going to walk you through the why’s, the what’s, and the how’s so you can validate your ideas before wasting time and money.
Why Should You Validate Your Ideas?
There are a variety of reasons that you should validate your ideas before creating the product. If you are creating your product yourself, it could take you hundreds of hours to create the product. What if, after all those hours, you finish the product and no one wants to buy it? Or, maybe you hired someone to create the product. Now, you would have wasted thousands of dollars or more. Another benefit to validating your idea is that you can talk to potential customers and begin marketing your product before you even build it. When it comes to your product idea, there are three things that you should validate.
Validating The Market
The first thing that you need to do is to validate the market itself. Is there a market for this type of product? You want to make sure that there is not only a market but a market that can scale as well. If you only quickly validate your idea with a few potential users, you may not realize that there isn’t enough of a market to grow your product. Are there competitors in the market? Are they successful?
Validate The Problem
Once you ensure that there is a market and it can scale, you need to validate the problem that you are trying to solve. Is this an actual problem? Do other people have this problem? For example, if you dislike the way a social network handles displaying friend’s posts, you would want to make sure other people have those same dislikes as you before you create the new social network. Similarly, if you have a problem keeping track of time spent on projects and that current time-tracking tools are too complicated, then you want to make sure there are other people that also have that problem before proceeding with creating your product.
Validate That People Will Pay
The last thing that you must validate is that people will actually pay for your product. There may be people out there interested in your product. They may have the same exact problem as you think they do. However, if they do not want to pay for your product, it doesn’t matter. The best way to validate a product is to ask for a potential customer’s money. Knowing that you potential customer would be willing to pay for this product ensures that you will have customers willing to pay when the product launches. Not doing this final step could lead to a product launch that has people interested but not enough wanting to pay for it.The best way to validate a product is to ask for a potential customer's money. Click To Tweet
Now that we know what we want to validate, how do we actually validate this? Where do we even begin. Follow the next 4 steps to validate your idea and get you going down the right path to a successful launch.
Step 1 – Look For Competitors
First, we want to validate that there is a market. To do this, we want to search for similar products to our ideas. A few places that you want to search includes Google, YouTube, iOS app store, and Google Play. If your product is inside of a niche like WordPress plugins or Drupal modules, then you would also look into niche repositories or marketplaces as well. You want to check to see if other people have already been able to successfully build products. If so, this proves that there is a market out there for these products. Try to reach out to the creators of existing products or creators of failed products. Check to see what may have been difficult for them. If you can’t find any similar products, it may mean that it is either a difficult problem to solve or that people aren’t willing to spend money to solve the problem. Don’t be discouraged at the findings of this step but keep in mind the results of your findings in the next few steps.
Step 2 – Talk To Potential Customers
Now that we have looked into the market, it is time to validate the problem that we want to solve. To do so, we need to go out and talk to actual people who would