Testing the market's need for your product

[Damien Boss]

Hello everyone,

How do you test the market's need for your product?

I started my Fastlane journey a few months ago when I joined this forum. I had a product idea that could help a lot of people, and I've been building this product for a few months. I'm not yet done, and I'm starting to think "What if no one wants what I'm building".

I then listened to an entrepreneurship podcast on Spotify (the name of the podcast series is: "Acquired", go check it out, I'm sure you'll love it) I heard the story of a founder who before even starting to build his product, created a landing page with a brief description of his product, and an option for users to enter their emails if they were interested in the product he was to build.

Unfortunately, he didn't give any more detail, but he said that this made him know if actually what he is building will be needed by someone somewhere. I've decided to follow this approach and go through the same process. I've identified a few tools online to create landing pages. My approach will be to purchase Facebook ads and target people that I think might be interested in my product.

So, I'm wondering.
Has anyone gone through this approach? if yes, what will be your advice to me please?

Does anyone have a different approach to test the market's need for a product?

 

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[Hong_Kong]

Hello everyone,

How do you test the market's need for your product?

I started my Fastlane journey a few months ago when I joined this forum. I had a product idea that could help a lot of people, and I've been building this product for a few months. I'm not yet done, and I'm starting to think "What if no one wants what I'm building".

I then listened to an entrepreneurship podcast on Spotify (the name of the podcast series is: "Acquired", go check it out, I'm sure you'll love it) I heard the story of a founder who before even starting to build his product, created a landing page with a brief description of his product, and an option for users to enter their emails if they were interested in the product he was to build.

Unfortunately, he didn't give any more detail, but he said that this made him know if actually what he is building will be needed by someone somewhere. I've decided to follow this approach and go through the same process. I've identified a few tools online to create landing pages. My approach will be to purchase Facebook ads and target people that I think might be interested in my product.

So, I'm wondering.
Has anyone gone through this approach? if yes, what will be your advice to me please?

Does anyone have a different approach to test the market's need for a product?

Take deposits. Email list is good, but cash in your pocket is better. Pre-sells / pre-orders / deposits / early bird discount whatever you want to call it.

 

[fastlane_dad]

Many entrepreneurs here (myself included) not only have done preliminary testing, but made sure it's a solution customers are willing to pay for prior to investing any significant time or money into the business.

Please refer to @NeoDialectic Testing Framework to see some of the outlined steps and mindset behind how to go about making sure you have commitment for your products and ideas before going all in.

There is no one-size-fits-all approach, but we have generally tried to stay lean and invest very little into our ideas and products before seeing customer response in one way or another.

 

[NeoDialectic]

Hello everyone,

How do you test the market's need for your product?

I started my Fastlane journey a few months ago when I joined this forum. I had a product idea that could help a lot of people, and I've been building this product for a few months. I'm not yet done, and I'm starting to think "What if no one wants what I'm building".

I then listened to an entrepreneurship podcast on Spotify (the name of the podcast series is: "Acquired", go check it out, I'm sure you'll love it) I heard the story of a founder who before even starting to build his product, created a landing page with a brief description of his product, and an option for users to enter their emails if they were interested in the product he was to build.

Unfortunately, he didn't give any more detail, but he said that this made him know if actually what he is building will be needed by someone somewhere. I've decided to follow this approach and go through the same process. I've identified a few tools online to create landing pages. My approach will be to purchase Facebook ads and target people that I think might be interested in my product.

So, I'm wondering.
Has anyone gone through this approach? if yes, what will be your advice to me please?

Does anyone have a different approach to test the market's need for a product?

As @fastlane_dad mentioned, I think you may find some value in the thread we wrote.

It seems like you are saying that you want to build a landing page that gives a description of the product and then tells them the product isn't built yet but they can be notified when it is built. Is that right?

 

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[Damien Boss]

Many entrepreneurs here (myself included) not only have done preliminary testing, but made sure it's a solution customers are willing to pay for prior to investing any significant time or money into the business.

Please refer to @NeoDialectic Testing Framework to see some of the outlined steps and mindset behind how to go about making sure you have commitment for your products and ideas before going all in.

There is no one-size-fits-all approach, but we have generally tried to stay lean and invest very little into our ideas and products before seeing customer response in one way or another.

Thanks a lot for the referral. I think this is Godsend. I'll follow that approach. I think it is far smarter.

 

[Damien Boss]

As @fastlane_dad mentioned, I think you may find some value in the thread we wrote.

It seems like you are saying that you want to build a landing page that gives a description of the product and then tells them the product isn't built yet but they can be notified when it is built. Is that right?

Yeah @NeoDialectic That's exactly it.

 

[Damien Boss]

As @fastlane_dad mentioned, I think you may find some value in the thread we wrote.

It seems like you are saying that you want to build a landing page that gives a description of the product and then tells them the product isn't built yet but they can be notified when it is built. Is that right?

@fastlane_dad @NeoDialectic Thanks for the advice, actually I'm afraid of something while going down through this approach. Actually, the product I'm building will require partnerships with financial institutions and a team, since it is a fintech and once I get user emails, It will take about a year or more to be able to deliver a final version.
Have you ever dealt with these kinds of long time frames? what if someone takes my idea, or I get in legal trouble because I promise to build something without having the company created yet?

 

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[Andy Black]

Hello everyone,

How do you test the market's need for your product?

I started my Fastlane journey a few months ago when I joined this forum. I had a product idea that could help a lot of people, and I've been building this product for a few months. I'm not yet done, and I'm starting to think "What if no one wants what I'm building".

I then listened to an entrepreneurship podcast on Spotify (the name of the podcast series is: "Acquired", go check it out, I'm sure you'll love it) I heard the story of a founder who before even starting to build his product, created a landing page with a brief description of his product, and an option for users to enter their emails if they were interested in the product he was to build.

Unfortunately, he didn't give any more detail, but he said that this made him know if actually what he is building will be needed by someone somewhere. I've decided to follow this approach and go through the same process. I've identified a few tools online to create landing pages. My approach will be to purchase Facebook ads and target people that I think might be interested in my product.

So, I'm wondering.
Has anyone gone through this approach? if yes, what will be your advice to me please?

Does anyone have a different approach to test the market's need for a product?

• Who have you helped?
• Just start already
• You don't need to be an expert

 

[NeoDialectic]

Yeah @NeoDialectic That's exactly it.

While I can see that working for some things, that exact way wouldn't be the way I would recommend doing things. I feel like there would be too much noise in the signal. Most serious people that may be interested won't put their email in as they were looking for a solution now, not "god knows when". On the other side of the coin, many of the tire kickers that wouldn't buy in the first place would have no issue putting in their email. They are in fact finding mode or dreaming mode. Putting in their email feels like progress and it costs them nothing.

Depending on your EXACT product, this may not be the best way. However, for most people I would recommend setting up a website as if you are actually selling this product. Have a real checkout and everything. Maybe even take them through the the first step where they put in their info. Then when they get to the CC stage, that is where you say something along the lines of "We apologize for any inconveniences but it looks like due to high demand, our product is out of stock." Again, depending on the product, this would have to be tailored. If it is a service or partnership, you may have to say all the slots have just been filled. Then have a spot for them to put in their email to be notified first when the product is back in stock.

A couple things to keep in mind:

• You should probably not store any of their info they put in in the previous forms, unless they put their email in and consent.
• You need to have something like google analytics on every single page and keep an eye on it like a hawk. You want to know how many people went through each stage.

This should get you a MUCH more accurate gauge of interest. It will be as close to "did you actually get them to hand over money for your product" as you can get without crossing some stronger ethics lines (Charging people for something you don't have, even if refunded, is generally looked down on).

I see testing accurately as a net good for the market. It may frustrate a few people that wasted 2 minutes putting in their info under false pretenses (info isn't saved without consent!), but at the end of the day this will hopefully lead to you filling a need that will help 1000s+ of people like them.

@fastlane_dad @NeoDialectic Thanks for the advice, actually I'm afraid of something while going down through this approach. Actually, the product I'm building will require partnerships with financial institutions and a team, since it is a fintech and once I get user emails, It will take about a year or more to be able to deliver a final version.
Have you ever dealt with these kinds of long time frames? what if someone takes my idea, or I get in legal trouble because I promise to build something without having the company created yet?

Take a look at the whole thread that @fastlane_dad linked, but HERE is the post that directly addresses your legal trouble concerns.

 

[Damien Boss]

While I can see that working for some things, that exact way wouldn't be the way I would recommend doing things. I feel like there would be too much noise in the signal. Most serious people that may be interested won't put their email in as they were looking for a solution now, not "god knows when". On the other side of the coin, many of the tire kickers that wouldn't buy in the first place would have no issue putting in their email. They are in fact finding mode or dreaming mode. Putting in their email feels like progress and it costs them nothing.

Depending on your EXACT product, this may not be the best way. However, for most people I would recommend setting up a website as if you are actually selling this product. Have a real checkout and everything. Maybe even take them through the the first step where

Thanks again !!! I went through your message and the link you shared, and I'll execute it. I will post my evolution here in the forum.

 

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[Damien Boss]

As @fastlane_dad mentioned, I think you may find some value in the thread we wrote.

It seems like you are saying that you want to build a landing page that gives a description of the product and then tells them the product isn't built yet but they can be notified when it is built. Is that right?

Hello, @NeoDialectic @fastlane_dad I tried doing a landing page and getting traffic with Google ads, but my account got banned. And Google said I'm not allowed to ever advertise again. Has anyone here gone through that? is there even a way to make Google setup back the account?