Pay attention founder… ✍️
Marketing can convince people to try various products, but it won’t make up for a poor product or the money wasted on its creation. Because of the magic of market validation, this could have been determined at the concept stage without launching a product.
Trying to please everyone will only lead to stress, misery, and frustration. The only difference in product development is that money runs out more quickly.
Market validation will help us come up with better solutions. It plays a significant role in whether startups survive or not. Early-stage startups frequently view this as a checkbox rather than a method of identifying potential markets for their concept.
To justify the effort of entering new markets, established businesses conduct market validation. We start with what we can do right now if a country has a significant opportunity for 5G phones but the majority of people use 2G phones. In fact, this problem with 4G in India was once faced by Foxconn and Nokia. So that our business ideas are taken more seriously, we should be able to talk about market validation.
Bad validation results in a lackluster product
In order to save time and money, some argue that the term “product” rather than “concept” needs to be validated. However, this should happen before the product is developed because the product should not be developed without context. Indeed, investors favor operational businesses over concepts. Validation, however, prevents minor errors from compounding into a lackluster product.
You want to succeed, surround yourself with the right kind of people who will support and encourage you all the way. Be with people who have utmost conviction and patience. The battle is never lost until you’ve abandon your vision. But what if you’re really exhausted physically, mentally, and most of all emotionally? Here are some sources of motivation to prompt you in reaching the peak of accomplishment.
“A little less talk, a bit more action.”
Source: startupquote.com
Remove the perfectionist mindset… 💭
The problem with validation is that we desperately seek it too much. Getting past our own need for validation may be the biggest obstacle to market validation. Many intelligent and well-intentioned people make mistakes, but that doesn’t always shield us from lessons we haven’t yet learned. Because of this, humility is a highly useful personality trait.
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Investor confidence
Giving investors and anyone who might give you money—friends, family, crowd funders—confidence that you’re doing something worthwhile is another crucial aspect of market validation. That’s the narrative we use because everyone wants to hit a home run, but are we actually providing a solution that people will value?
Some business owners have a strong passion for their products and only look at what they want to see. Things typically don’t work out. We must tell a logical, easily understood story in order to create better products and aid in understanding others.
What kind of issue are we trying to address? To whom?
Specificity is crucial for market validation, which goes beyond just identifying a problem. The problem is not a universal one. Some issues are by their very nature global, such as technical problems affecting platform businesses.
You could potentially help billions of people if you can solve a problem for Google or any other large population. 2.6 billion in the case of Google. Millions are impacted by even minor issues.
Other issues are specialized, but they are very valuable to some customers. We can create a successful business if we can attract enough of these customers.
E-commerce sleep company Casper compared the unique selling points of its mattresses (business model, return policy, foam) to identify potential market niches and the share of the American market they could potentially capture. How much are Americans willing to spend on the ideal of a restful night’s sleep? Casper later encountered additional operational problems, but at least they were accurate in their market validation. Again, it’s just the concept that needs to be validated. The product comes later.
How can I tell my market validation is fundamental?
Startups can use these inquiries to assess whether the bare minimum has been accomplished to validate a concept.
Answer these questions ⌨️
- Can you give an example of the issue you are trying to solve?
- Why is there a need for a remedy?
- How do you know that customers need or want your product? How did you choose respondents for a survey you conducted, and how were the findings analyzed?
- How did your customers resolve this in the past?
- Have you tested your minimum viable product (MVP) in your target market?
Feeling a bit overwhelmed? Then the best decision you can do is to contact a research firm. Hiring a market research firm is the best way to ensure your future success and it speeds up the learning process by a mile. Contact UniCamel if you have further questions.
Blog Author
Edvinas Rakickas
MAIN AREA: PROJECT MANAGEMENT
Edd is the one that will ask the right questions and find the answers 
. Innovative solutions is the name of the game, and with broad experience at Fintech and Startups 
Edd is a wonderful addition to the team and company evolution.
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