Gone are the days of “if you build it, they will come.” It’s easy to build software products today, but very challenging to market them. While it is convenient to rely on friends and family to validate your market, it is a dangerous and ultimately useless way to test and validate your idea.
In short, market validation is the act of simply proving that people want what you plan to offer them. Gone are the days of “if you build it, they will come.” The danger of ideas are that we’re inherently biased regarding them – it’s simply human nature. Nine times out of ten, we’ve created a “revolutionary idea” to solve a problem we personally have experienced.
Although the solution you have created sounds like its worth a million bucks to you, and perhaps your friends and family* – you’re going to need a significant amount of others to agree in order for you to have validated your market. Market validation can and should be conducted using a variety of methods:
- Reviewing the data available regarding your prospective market. Annual value, market size, projected growth, etc.
- Validating the problem you aim to solve. If you’re developing a software to help people find, review and book barbers in the area, you need to first ensure people are dissatisfied with the current methods available.
- Validating your proposed solution to said problem. Which you should have already validated. This is a fundamentally critical step in starting a company!
*Relying on friends and family for market validation is a dangerous and ultimately useless way to test and validate your idea. Friends and family know and love you, they’re wonderful for many things; however, they can’t be trusted when validating a business idea. They support you and want to see you succeed, causing them to be far less likely to poke holes in your idea. If that’s not enough to discourage you, no investor is interested in what Uncle Eric thinks of your idea (unless Uncle Eric is Eric Schmidt).
“What and How Important is Market Validation” was originally published Dec 10, 2014 on Quora.
By: Nicolas Nezhat, Hardware Connoisseur; Traveler; Foodie; Founder (Fynd)