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Proof of concept market test

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joejohnson1984

New Contributor
Feb 16, 2017
4
1
38
Australia
Hey,
I had a question around getting proof of concept for my idea for improving smoke alarms. What's the quickest way to ask the marketplace if my idea has a need in the marketplace?
 
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woken

Silver Contributor
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Speedway Pass
Mar 24, 2021
438
551
London, UK
Hey,
I had a question around getting proof of concept for my idea for improving smoke alarms. What's the quickest way to ask the marketplace if my idea has a need in the marketplace?
Sell before you make it.

I always say that and people don’t like it.

Make your website. List all the features, improvements, etc.

Add a buy now button. If somebody buys, refund immediately telling them you’re out of stock.


I know it’s a bit more complicated with smoke alarms because of regulations, etc, that’s why it’s imperative to get proof of concept.

Alternatively do the same thing but on a crowdfunding page.
 

Flint

Bronze Contributor
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Jul 14, 2020
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427
Hey,
I had a question around getting proof of concept for my idea for improving smoke alarms. What's the quickest way to ask the marketplace if my idea has a need in the marketplace?
  • Is that B2B, B2C, both?
  • Who decides to buy the product?
  • What are their potential gains with your solution?
  • What is the cost (monetary and non-monetary) of switching to your solution?
 

joejohnson1984

New Contributor
Feb 16, 2017
4
1
38
Australia
Sell before you make it.

I always say that and people don’t like it.

Make your website. List all the features, improvements, etc.

Add a buy now button. If somebody buys, refund immediately telling them you’re out of stock.


I know it’s a bit more complicated with smoke alarms because of regulations, etc, that’s why it’s imperative to get proof of concept.

Alternatively do the same thing but on a crowdfunding page.
Nice I like it. Thanks
 

joejohnson1984

New Contributor
Feb 16, 2017
4
1
38
Australia
  • Is that B2B, B2C, both?
  • Who decides to buy the product?
  • What are their potential gains with your solution?
  • What is the cost (monetary and non-monetary) of switching to your solution?

• both
• end consumer. Fitness oriented/bio-hacker avatar. Specifically wanting to optimise sleep
• the potential gain optimial sleep which has too numerous benefits to list here but here is a short excerpt from Shawn Stevenson
"High quality sleep fortifies your immune system, balances your hormones, boosts your metabolism, increases physical energy, and improves the function of your brain. With all the essential benefits that sleep is giving you, you will never, I repeat NEVER, have the body and life you want without giving your body the right amount of sleep."
• I estimate $40-$50 for a new smoke alarm plus installation (potentially $100?..), small amount of time of having someone in your house installing
 

DavidL41

Contributor
Jul 30, 2021
77
33
If you introduce a new product amongst competitors in some markets yours has to be much better in one way. It could be convenience. You have your alarm be able to text your customer's phones and email addresses when it's battery needs replacing, or you need to replace the entire alarm. It texts the phones and emails the link to a replacement model. Maybe it has multiple batteries and it changes itself. Something that is much better than competitors so no customer will need to hear the annoying beeps of a smoke detector.

Then show it to people, professional electricians, industry people, and potential customers. Get the feedback, iterate it, make it high value and compelling, and then launch it on kickstarter, get some p.r before hand, and push it into online and big box stores. If you get half way into the prototype and see promise in your concept then continue, if not maybe reiterate or try something else. Spending the least amount of time and money to get something compelling I believe is critical. Which may include dropping the idea, and doing a different thing that shows more promise/chance of roi.
 
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