If you are building a product, chances are you severely underestimate the importance of idea validation. (Especially if you are a developer.)
Key business assumptions can flop because you fail to look at different angles.
What are some basic questions to ask?
🧵 A thread. 🧵
Key business assumptions can flop because you fail to look at different angles.
What are some basic questions to ask?
🧵 A thread. 🧵
𝐀𝐦 𝐈 𝐬𝐨𝐥𝐯𝐢𝐧𝐠 𝐚𝐧 𝐞𝐱𝐢𝐬𝐭𝐢𝐧𝐠 𝐩𝐫𝐨𝐛𝐥𝐞𝐦?
Often, the problem is not important enough to justify the existence of a solution. This is the most basic trap to fall for: there is no market need for the product.
Often, the problem is not important enough to justify the existence of a solution. This is the most basic trap to fall for: there is no market need for the product.
Take a look at the top 20 reasons why startups fail by @CBinsights. The number 1 is no market need, causing around 43% percent of failures.
cbinsights.com/research/start…
cbinsights.com/research/start…
𝐈𝐬 𝐦𝐲 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐜𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐚𝐰𝐚𝐫𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐩𝐫𝐨𝐛𝐥𝐞𝐦?
For complex and technical products, the target market might not know they have a problem. If this is the case, you can either educate the customer, or break the issue down to smaller parts.
For complex and technical products, the target market might not know they have a problem. If this is the case, you can either educate the customer, or break the issue down to smaller parts.
𝐈𝐬 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐥𝐚𝐫𝐠𝐞 𝐞𝐧𝐨𝐮𝐠𝐡?
So, you have a product that solves a real problem and the customer is aware of it. Issue is, there are 12 of them in the entire planet. Unless you charge a premium price, you are not making a business out of this.
So, you have a product that solves a real problem and the customer is aware of it. Issue is, there are 12 of them in the entire planet. Unless you charge a premium price, you are not making a business out of this.
This can happen when the intersection of your various assumptions about your ideal customer is very small.
Each assumption (like 18 < age < 30) reduces your market, and they compound FAST.
Each assumption (like 18 < age < 30) reduces your market, and they compound FAST.
𝐈𝐟 𝐲𝐨𝐮𝐫 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧 𝐢𝐬 𝐢𝐦𝐩𝐫𝐨𝐯𝐢𝐧𝐠 𝐨𝐧 𝐚 𝐩𝐫𝐞𝐯𝐢𝐨𝐮𝐬 𝐨𝐧𝐞, 𝐰𝐨𝐮𝐥𝐝 𝐭𝐡𝐞 𝐜𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐦𝐚𝐤𝐞 𝐭𝐡𝐞 𝐜𝐡𝐚𝐧𝐠𝐞?
You are making the next cool email marketing tool. Awesome, but a large portion of your market is using Mailchimp.
You are making the next cool email marketing tool. Awesome, but a large portion of your market is using Mailchimp.
Will they switch? If they extensively use the Mailchimp API throughout their system, changing can cost more than what they earn with your super new product. If you can't make it easy for them, it is probably not going to happen.
𝐃𝐨 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐲𝐨𝐮𝐫 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐜𝐮𝐬𝐭𝐨𝐦𝐞𝐫𝐬?
Your idea might be awesome, and you can be passionate about it, but if you don't have an audience, you have to build it. (This is one main challenge for us at telesto.ai.)
Your idea might be awesome, and you can be passionate about it, but if you don't have an audience, you have to build it. (This is one main challenge for us at telesto.ai.)
🏁 These questions are the only most basic ones.
If you want your product to be successful, you
1. have to answer these questions truthfully,
2. have someone relentlessly poking holes in your ideas,
3. or being your own worst critic if no one is there for you.
If you want your product to be successful, you
1. have to answer these questions truthfully,
2. have someone relentlessly poking holes in your ideas,
3. or being your own worst critic if no one is there for you.
Idea validation never stops. Even if you have an established product with a stable customer base, you have to come up with innovations to get ahead of your competitors.
As a founder, this is one of the most important things to focus on.
As a founder, this is one of the most important things to focus on.
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