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Do you have a business idea? Let's find out if it is sustainable!
Is there a demand? Are the customers aware of the problem? Are they looking for a solution?
Can your technical team build and deliver the product?
Is your business sustainable? Do you make enough money with it?
Let's create and test our hypotheses! The choice of experiment depends on the strength of evidence we need and the budget available.
You can test if your business idea is desirable enough and gain primary insights into customer problems through interviews and surveys.
Analyzing available secondary data, including search trends, web traffic, forums, and company information such as feedback from sales or customer service.
Determining whether there is a desire among users for your feature or product is easy with PPC ads, landing page tests, social media campaigns, e-mail campaigns, or link tracking.
Prototyping can be a more expensive than running demand validation tests, but there are cost-effective solutions. The idea can be tested with a user interface sketched on a piece of paper, a story board, a one-pager data sheet, a brochure, or with an infovideo.
Types of experiments that measure preferences, which can be used to develop features that make up the ideal product or to identify factors that hinder progress.
Your risk is lowered by discovery and validation!
Let's confirm the viability of the idea! This phase includes complex and more expensive tests, but you can get stronger evidence in exchange.
Prove the functionality of your idea using a clickable prototype, a single-function MVP, or a life-size prototype. However, even in the proof phase, product development can still be avoided. With the concierge technique, you can create value for the customer by using human resources instead of technology.
Collect evidences by making your leads perform simple tasks. Ask them to suscribe on a landing page, start a community funding project, run A/B tests or build a pre-sales process.
The strongest evidence to support the viability of the idea is if the product is sold. A simulated sale or the signing of a non-binding letter of intent are strong predictors for success.
There are many ways to test business ideas. Your decision may depend on the hypothesis, the available resources (people, time, and money), and how strong evidence you need. You can expect the followings within a market research project:
Growth marketing with online tools for innovators.
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