Got a brilliant product idea? But don’t know if you can create a business out of it or not?
Idea validation is an essential part of any new product, particularly for startups. We provide professional idea validation services for startups to give them real-world feedback and assessment of their proposed innovation. We eliminate the guesswork, bust myths, correct assumptions, and bring the product to acceptable levels to the end-users.
How does it work?
In simple terms, if market research is the theory, idea validation is the experiment based on the theory. It is to test and find out what the market want to receive vis-à-vis what you want to offer. It helps you in avoiding a lot of mistakes and creating a marketable product. We take both your idea and market conditions into consideration and prepare a few methods for idea validation. Based on your industry and niche, we will evaluate scientific methods of validation that will give us more information and insights into the product market-fit.
Before we dive into idea validation, we analyse your proposition and will find the best method of validation. The experiments are chosen based on your audience, availability of tools, metrics we want to measure, ease of implementation, assumptions and hypothesis to test etc. Experiment can be a single one testing the most important factors or a lot of small experiments testing various factors separately.
Some of the validation methods that we use
Before talking to users and taking up a costly research and validation exercise, we can get some useful insights by consulting a subject-matter expert with experience of working with similar companies before. An expert can easily identify strengths and weaknesses more accurately using his or her vast experience and industry knowledge. A few things may seem quite obvious to an expert, which can only be discovered by others after extensive research. It is particularly useful when evaluating a technology stack or principles that are being used to build the product. Founders’ may not be aware of the current trends in those particular technologies and face the risk of being obsolete in the near future.
we bring together a panel of experts, who will discuss your product and business plan in detail in a few sessions. Your product may be good, but it needs to be evaluated if your business processes are efficient enough to meet the market requirements or not. The panel consists of marketing, business, technology, and other experts according to your business plan, taking a holistic review of your offer.
Wire-framing or Prototype
This method is perhaps the easiest method to test the usability, engagement levels and to gather user inputs. Several tools are available to add interactivity to these prototypes, helping in achieving a better user experience.
Single Feature MVP
It is an effective method of validating a product if costs are not prohibitive. This approach answers several issues like technical feasibility, user experience, user testing, and a lot of other things. However, an MVP also takes some effort and money to create.
Pre-selling or Crowd Funding
Obviously, the best method of idea validation, where you pre-sell your product to a set of interested audience even before it is created.
Perhaps a bit difficult to implement, but simulations help a great deal in making evidence-based decisions. We have several types of simulation
- Product simulation
- Process simulation
- Service simulation
Apart from the above, there are several methods such as landing pages, explainer videos, advertising, using artificial intelligence, analyzing existing data, etc.
How to get your idea validated?
Our product experts will discuss these options with you and will take the most appropriate course of action with custom-built experiments and experiences to validate your ideas.