If your company’s goals are to launch a new product this year, validation is significant to fulfill the needs of your customers. Product validation is the practice of acquiring information to know if your proposed product or service has the potential to thrive in your target market. This consists of conducting market research, testing your product on an audience, and analyzing the information gathered before the official launch.
Reasons for validating the product
During the validation phase, you get to find out the pain points of your customers, their challenges, their expectations, and their needs. This gives you insight into what features you need to include or exclude from your product.
Another reason for validation is that you understand if your product has a market. It is one thing to have a grand idea for a new product, but to implement it and get results is another. Product validation will show you which audience needs your product and where they are found, so you don’t waste money in a place where there is no interest.
You also get to understand your competitors a little better. Validation helps you analyze the strengths and weaknesses of your competition, showing you how you can position your product in the market by coming up with creative ways of managing it.
A few steps to validating product
Firstly, you would want to inform and include your team. A decision must be made about whether you would like to do this in-house or hire professionals to conduct the process for you. We would suggest you hire professionals if you do not know the requirements for the procedure.
Secondly, define your prospective customer and determine their buyer persona so that when you go into the field, you have a good understanding of who will use your product. Use demographics, customer pain points, and motivations. Once this is done, go into the field and conduct the research. Engage with your audience by asking questions and noting down their responses. Be sure to mention how your product will best help them regarding their pain points.
Lastly, test your product to see what improvements can be implemented from the data collected before launch.
Product validation can be challenging for a business that has no experience doing this. Hiring professionals can go a long way, as it will produce results in the short and long term. Contact us to engage our product validation service.
