Market Validation

What is Market Validation?

Put simply it’s finding potential customers, ensuring there’s enough of them to sustain a business, and getting specific feedback on the product or service you want to offer.

There’s no ‘plug and play’ way to go about this. Each market, each solution and each startup is different. We have detailed below some suggested approaches and tips and tricks to validate quickly at low cost.

Why do you need to validate your market?

Sadly stats show that  90% of all start-up businesses fail and 70% of all new products fail. Ouch.

Rob Adams of “If you build it, will they come” outlines why this is:

Companies focus on operational issues

Educated to manage, not create

Tendency to gravitate to data so it can be analyzed

Development is a process with an endpoint

Engineers work in the world of the tangible

None of the above issues are critical to product sales

Companies don’t focus on markets

Products fail because they don’t sell

85% of product failure can be traced to market related issues

Marketing is not a process driven effort

Marketing and engineering are opposite functions

If you want to differentiate yourself have credibility in both worlds