How to validate an idea

[bradipaus]

Hi everybody,
I'd like to have your opinions/advices on how to validate an idea before delivering a new product to market.

I think I've found a product that satisfies a need and I have created a prototype to validate its functionality .. it works.

anyway in order to sell to market, I would start a production line, warehouse and so on ... it is quite expensive.

before doing that I'd like to validate my idea in some way to check if the new product can have a market or not.

I am thinking of a pre-sale on crowdfounding platform to check the market response.

what do you think about it? can you suggest me other way to validate if my idea is good or not?

 

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[juan917]

get a landing page for your product, spend some money on social media advertising, see if you get any sign ups.

 

[CSRelentless]

Just curious is the idea patentable, what route are you going as far as patents go?

 

[Deleted20833]

Go to your local craigslist and set up and ad
on the free section giving away your product
for free

See how your responses are

One call? 100 calls?
One email? 100 emails?

 

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[AndrewNC]

Hi everybody,
I'd like to have your opinions/advices on how to validate an idea before delivering a new product to market.

I think I've found a product that satisfies a need and I have created a prototype to validate its functionality .. it works.

anyway in order to sell to market, I would start a production line, warehouse and so on ... it is quite expensive.

before doing that I'd like to validate my idea in some way to check if the new product can have a market or not.

I am thinking of a pre-sale on crowdfounding platform to check the market response.

what do you think about it? can you suggest me other way to validate if my idea is good or not?

How many people in your market did you talk to about this idea?

 

[Imgal]

Hi everybody,
I think I've found a product that satisfies a need and I have created a prototype to validate its functionality .. it works

How did you discover the need? Is it something that you've assumed that people need or is it something that you discovered through talking to the kind of people who would want the product?

If you haven't done the latter then I'd immediately focus on that. I developed some amazing products to solve needs in the past... only to discover that I'd totally made up people wanted it as when I talked to them they needed something totally different. If you have already done it then I'd advice approaching these people with the prototype and look to try and get some pre-sales. Once you have those you have validation the product is worth moving forward with.

 

[Delmania]

The absolute cheapest way possible.

Craigslist, landing pages, and Kickstarters are great, but they (can) take time to build traction. If you can find a local group that has your market in there, go there in person with your prototype and show them. If you get a reaction like "shut up and take my money" more than once, you're on to something.

 

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[Bellini]

@bradipaus -

Is your idea /product for Business to Customer (B2C) or Business to Business (B2B) ?

In other words, is your product intended to be sold directly to consumers? or to Businesses / Industries?

 

[bradipaus]

I heard this need from some person I know; I experienced the same need as well.

but I think the number of person I talked about is too low. Thus I need to investigate in the market if:
1. the need really exists for a significant number of person
2. my prototype suites to that need

later on I'll think about possibility of patent and so on.

thx everyone for the suggestion

 

[bradipaus]

@bradipaus -

Is your idea /product for Business to Customer (B2C) or Business to Business (B2B) ?

In other words, is your product intended to be sold directly to consumers? or to Businesses / Industries?

directly to Customer

 

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[Bellini]

directly to Customer

Ok.

Here are a few links I found with some tips for validation:

http://alliworthington.com/business/how-to-validate-your-business-idea

http://www.smartpassiveincome.com/product-idea-validation/

http://www.entrepreneur.com/article/233408

http://www.entrepreneur.com/article/237455

 

[SEBASTlAN]

http://quickmvp.com/

 

[LynnD5000]

Hi everybody,
I'd like to have your opinions/advices on how to validate an idea before delivering a new product to market.
I think I've found a product that satisfies a need and I have created a prototype to validate its functionality .. it works.
anyway in order to sell to market, I would start a production line, warehouse and so on ... it is quite expensive.
before doing that I'd like to validate my idea in some way to check if the new product can have a market or not.
I am thinking of a pre-sale on crowdfounding platform to check the market response.
what do you think about it? can you suggest me other way to validate if my idea is good or not?

In thinking of a pre-sale it indicates your head is in the right place!

Before you do the pre-sale - If you think it is patentable - File for a provisional patent application (about $100.00) this buys you 1 year to decide if you are going to pursue it.

Take a picture of your prototype send it to a graphic artist and have them create a finished product from the picture complete with how it would look commercially packaged.

Use this as the Pre-Sale Item - don't show them the prototype...

If its a commercial type - off the shelf product make a list of 100 people - friends, relatives - the grocer the baker the candlestick maker etc, you might even consider getting a booth for a day at the busiest mall you know of...show it to them...tell them how much it costs and then tell them it is pre-production and if they will buy it from you today you will give them a 75% discount - If they will get out their money on the spot and buy the option - you have a winner - it they him haw and say it's not that good you'll know and for a couple of bills you saved yourself a fortune.

100 is the magic number - it give you an accurate idea of how it will sell - you them use that to create a marketing plan. If you sell 75 or more you might have the next pet rock. Take your provisional patent - put together a killer marketing plan - have a lawyer write you a royalty contract - go find someone who can build it and market it - then negotiate a 10% royalty sign over your provisional patent, let them worry about patenting it and then you go do like MJ - buy a Lamborghini and use the proceeds to build your empire with the proceeds.
If you sell 30 to 75 you have a pretty solid shot at it - if you sell 10 - 30 a definite maybe ...10 or less go by a nice dinner for you and someone special and celebrate the discovery that it really wasn't that great before you spent a fortune and lost your caboose - then think of something else to invent and sell....

If its a product that requires a targeted market the number of people who need to see it won't be so high - BUT - AND THIS IS VERY IMPORTANT - The price has to be about a 100 or 1,000 times higher! - WHY - because you can't sell a million of them - and if your product is at all complicated and you decide to patent it, or it needs a mold made, or a factory built or, or, or....If you can only sell 1,000 of them they would have to be very expensive - a tidbit of useless information a injection mold to make a small plastic toy starts at $5,000 for an aluminum mold and goes up from there VERY fast.

Same as above if you can presell it without discounting it you might have a winner...

L

 

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[joschi]

Thanks for all the great tips, we also have seted up a landing page today and want to validate our new idea, so this was rly usefull

@Delmania cool Avatar

 

[Robber Baron]

Having this same situation right now .... My thought was to develop the sales page and then target facebook and see how many actually funnel to the checkout. When they attempt to check out, notify them that the product is sold out and look at those metrics. I think that would weed out the people telling me the product is great to my face and those who will actually put money on the table.

 

[Supercar Ace]

This book can also help give you some good ideas and insight: The Lean Startup

 

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[bradipaus]

thanks everybody for the advices ... hope I'll write soon a post talking about my successfull idea

 

[Imgal]

@bradipaus - make sure you do! Would be great to hear how the process works out for you and your next step!

 

[OVOvince]

here's the tips from the probably the number go to guy for this stuff
http://leanstack.com/how-i-built-my-minimum-viable-product/

 

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[Ankerstein17]

Do some market research first. What is your competition? Does any one have any thing similar to your product? How does your product compare to the competition? What is your unique value proposition that you can offer the market. Look at the sales numbers of the competition if there is any.

If there is no competition, look to find research how big of a problem it is. Think large picture. Start out small and then make a bigger picture out of the puzzle. It doe not make sense to go all-in if the market is going to reject your business in the first place. If you do not have sales try selling door to door, farmers markets, online e-commerce business. There are so many things you can do, and need to do before you go all-in on the production line and other things.

 

[iAmAttila]

You can run a paid google survey targeting the demo you researched is your most likely customer.