HOW TO VALIDATE YOUR STARTUP IDEA
The process of evaluating business ideas to determine their potential is known as idea validation. It helps in demonstrating the market’s need and the target market’s willingness to pay. Founders who would rather skip these actions and don’t determine whether their potential customers are interested in buying a product statistically fail too soon.
We cannot stress this important step enough, but it has to be a backbone of all founders, without idea validations, you cannot develop your product and guessingly hope for success. Of course, some people get lucky, but proper risk management is what separates successful founders from failures. So how to validate your idea?
WRITE DOWN THE CONCEPT AND IDEAS OF YOUR PRODUCT
You must be clear about what you want to test before you can begin to test an idea. Simply put down your product’s concept as you see it in written form. Take notes about your target audience, the main features, potential pricing, and the issues that your product or service can handle and how to solve them. These notes may be modified as the process progresses, but the idea validation is still the goal. To be completely confident in the idea, you must test it.
It’s not an easy process, but a must step to make in order to be sure about the future of your product. This can and most likely will save countless hours and millions of nerve cells for you. This might look a bit overwhelming, so if you need any guidance, we can advise you on a free consultation and give you a clear direction on how to move forward.
VERIFY THE IDEA.
Although it may seem obvious, a product will fail if there is no market for it. We are also aware of a solution to this issue. You can use market research to validate your business idea, create a step-by-step launch plan for your product or service, and help you increase profits while launching. Only after conducting market research with a company like UniCamel you are able to launch your product and be certain that people want what you are selling. If your initial product idea is not a market fit, don’t worry, because our strategy is here if it is the case. We will twist the idea to the point where people will find it attractive and useful.
CREATE AN MVP (MINIMUM VIABLE PRODUCT)
A product or service’s initial version will never be the final one. First and foremost, it’s crucial to confirm the validity of a product.
The goal of the MVP development method is to build a product with the bare minimum of features in order to check user reactions. Only after considering user feedback is the final, finished product developed.
A core element of the MVP concept is that you should create a relevant product—which could be as simple as a landing page or a service that appears to be automated but is actually entirely manual—that you can offer to customers and track how they interact with it.
We can assure you that your landing page or service will include a thorough summary of your product and what it can do, an order form, and the company’s contacts, including links to its social media pages.
Your goal is to observe how customers use your product. Compared to asking people what they would do, it is much more credible. The conversion rates are the most accurate indicator of user interest. The greater this number, the more promising your idea is. If not, you will have to go back and refine your idea. We can quickly calculate your cost per potential customer using the pay-per-click system as well.
Following the release of your MVP, the marketers can assist you in gathering customer feedback. Customers can advise developers on what features to add to ensure idea validation. This will assist you in upgrading a good or service to the latest model. It is essential to continue until the product is finished, to make improvements, and then test again.
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CREATE USP (UNIQUE SELLING PROPOSITION)
I want to emphasize that having a USP will make you better than your competitors in the future. It might be a reasonable price, a better guarantee, or superior customer service, among other things. By demonstrating to customers how your company will address a problem in a way that your competitors won’t, your unique selling proposition can set you apart from the competition. Your brand marketing strategy must be built around your unique selling proposition.
It’s a good idea to describe the benefits of your solution or product for potential customers to consider and determine whether they require it. A business idea validation may reveal that you can eliminate a particular component because customers don’t require it. You might find that you need to lower your price or look for a different market.
Why would customers choose to do business with you instead of your competitor? Is your proposal distinct? It is not enough for your new product to be exceptional and satisfy the needs and wants of your customers; you also need to be able to explain why and how it does so.
Testing should highlight the unique qualities of your product, protecting you from being mistaken for another “me, too” advertisement.
Nobody is more knowledgeable than you about the unique qualities of your product. By communicating that using clever marketing, you can make sure that the market takes notice of your USP.
ESTABLISH AN AD CAMPAIGN
Social media is a very effective tool for businesses and brands, especially when you know how to use targeted ads. Using specific demographic, psychographic, and behavioral data, my colleagues can target your audience and create ads for potential customers. We are skilled at acquiring customers for you through Facebook, Instagram, YouTube, LinkedIn, and Twitter advertisements. Social media advertisements can support the validation of a startup idea. Additionally, professional promotion of your goods or service is very simple and quick.
One more piece of advice, please. You can start a YouTube channel or write blog posts about your industry. You may have some interesting information that you want to share with others. According to the most recent surveys, customers make larger purchases when they are informed about the goods or services they are interested in. Another advantage is that you’ll be nearer to potential customers.
SOCIAL MEDIA AND GOOGLE ADS TO GENERATE TRAFFIC
You should examine the marketing funnel and identify modern marketing channels before releasing a new product. For this, you can use lead generation. It eventually involves drawing customers to your product or, in the digital age, your website. More brand awareness, higher-quality leads, and ultimately more sales are all assisted by this.
Revenue is the updated marketing metric that drives everything we do. We put together a current report for you that contains all the important information in clear infographics. The model makes it possible to calculate the cost per lead so that the brand can monitor its growth rate, better manage its launch strategy, and determine its ROI (return on investment).
MANAGE YOUR PERFORMANCE
Performance management is the final step, though it’s not the last one. It is a series of actions that ensures your objectives are accomplished successfully and effectively. It offered a way to evaluate the effectiveness of a particular marketing campaign or business idea validation. In general, you set your expectations and goals, test your concept or marketing plan to achieve your objectives, and then periodically assess your progress and identify areas for improvement.
To finalize, it’s great to make a decision, but it’s always preferable to make the one that is correct and serves as the basis for a business idea’s validation. You visualize and plan your product in your head, and while it may appear flawless, it could also be making a mistake. Spend some time on validation, then plan your launch appropriately.
As you can see, validating a business idea is a difficult process. But if you want to run a profitable company, you must do it. Starting from scratch, you create your startup, and the foundation of this procedure is idea validation.
UniCamel can help you if any of these stages make you uncomfortable or unconfident. Simply get in touch with our project managers, and we’ll not only help you test the concept but also develop a marketing plan so effective that customers will be counting down the minutes until you launch your good or service. Additionally, you can arrange a free consultation with our founder. Not only that, but we offer a 7-day, no-question ask money back guarantee, just in case you do not feel that we can deliver our promises.
LET’S SUM UP
Our team wants to underline the importance of product market fit once again. We have seen so many unsatisfied founders after they wasted years and tens of thousands of dollars with products that nobody needs. Avoid their mistakes and use the knowledge that was shared in this article.
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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Have a Startup? Let’s launch your Start-up 5x faster!
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