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Business Idea Validation

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This topic contains 2 replies, has 2 voices, and was last updated by  wellox 6 days ago.

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  • #1985

    Hi Everyone,

    I’m new to this game, or should I say I’ve been trying to get a business started for about a year, but for one reason of another it hasn’t happened yet, not beyond the business plan in any case.

    I have in fact 3 ideas that I feel are worth pursuing but one that I hope will be the winner and the one I make the priority. I’m just at the point where I need to test the validity. What are every ones thoughts on the landing page to test conversion/hit rates (my business is an I.T service). I feel more comfortable exposing my ideas to the public if the public think my idea is just about to launch as opposed to a twinkle in one’s eye;if you catch my drift.

    Any other ideas for testing validity without exposing too much? (reason being this will require a fair amount of capital and it might take me some time to obtain)

    Thanks!!

    #2061

    One possible way that you can go about this is to get a list of 15-20 people that you consider part of your target market with whom you can have a brief “expert interview”. You can then ask them a series of questions that probe for product-market fit. You should have a list of about 15 questions that, while they don’t expose your idea, cause the witness to remark on aspects that have to do with your idea.

    For example, let’s say your business aims to improve the process through why people typically pay for gasoline when filling up their cars. You would identify 15-20 people that you know who do this today and ask them questions like this:
    -How much time each week do you typically spend paying for gasoline at the pump?
    -Is there anything that bothers you about the process through which you pay for gas as it exists today?
    -If there were a gas station near your typical station that allowed you to pay in half the time how likely would you be to switch to that station?
    -How likely would you be to tell a friend about it?
    -If I told you that we had a way to improve the process of how you pay for gas at the pump, would you expect that approach to use technology?
    -Would you be willing to pay extra to have an easier process paying for gasoline?
    -If so, how much? If not, why not?
    -Are you aware that there are places in the world today where people pay for their gasoline by xyz?
    -etc.

    It’s important to try to frame and ask the questions in a neutral manner. In this exercise you are trying to see how closely your potential customers ideas about your service align with your own ideas, without actually exposing them to your ideas in the first place. This can give you an idea of whether the market is broadly “ripe” for your idea. The greater the degree to which your customers are accurately describing your product/service on their own without any direct knowledge of what it is, the more likely your product is to “take off” when you introduce it. The further they are from it, the greater the job you will have to educate the marketplace when you launch.

    #361385

    wellox
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