Getting a good business idea is no joke.
First and foremost, we need to validate our business idea before someone else does. Business idea validation is a holistic process, which includes testing and validating your idea before launching and implementing it in the field.
You might be wondering: How to do Business Idea Validation?
You can close your eyes to follow these steps as it is tried and tested.
Business Validation means that you have got everything right from the beginning. If your product or service has no audience, then it is of no use.
Maybe you have got a product or idea that will revolutionize the market, but that does not give you any surety about how your product will perform in the market.
That is where Business idea validation comes in. It is like you are testing your product before entering it into a big market to see if your product has what it takes to survive in the market.
The primary purpose of this is to create a simulation where you test your product and see if it will be as successful as you wish. You will expose the business’s idea to your target audience, see how they behave and determine whether your product fits the product-market equation.
You can adopt many ways to validate your business idea, but if you look around and see, you will find that the whole business model has been converting to e-commerce.
So, it is only suitable for you to find the means to target an audience in the e-commerce community, and what better way other than different websites?
I will be discussing 13 ways that you can use if you want to validate your business idea using WordPress websites.
It is super simple:
Close Circuit Communication
Nicknamed Triple C, it means that before entering your product in any market, first run that idea with the people in the niche community. You can also target these communities via certain websites or community pages on different websites.
Examples: Quora, Reddit, StackOverflow. You get the idea.
They will be your targeted audience because they are connected to you, and they will provide you with feedback that will prove very useful. But remember that this only works if it is a close circuit communication where you know whom you are targeting.
If you make it open source, you will get confused about the results, and the whole purpose of this test will get lost in the way.
Skip Family Recommendations
Do yourself a favor and not ask your Friends or Family Members for product Ideas. There is a high chance their feedback is biased.
Friends and Family members will not hit you with radical candor as the market will. Solicit Feedback based on constructive feedback.
Only incorporate those suggestions which tend to make your idea better or tackle it from an unknown side.
Nowadays, many websites give you a platform where you can advertise your product through their already established social media platform. You use this platform to showcase your product and see people’s reactions to your product.
This technique’s beauty is that you can choose which type of people you want to target with this advertising. Like Facebook ads, this gives you the option to select your targeted audience based on your geographical locations or their search history.
Their algorithm will provide you with all the necessary details which you need to validate your business idea.
You can also make different types of advertisements for different types of people to see their reactions to the same product under similar or different circumstances. Also called A/B testing.
Giveaways or Free Sampling
In this technique the first thing you have to do is to create the best product or service which you would offer to the market, and then you have to give your product or service to the digital community or bloggers as free samples to see if they like it or not. If they do find it interesting, then they can use their social media handles to give shoutout to your product or services. Call it investing in your marketing. These shoutouts count a lot as people have trust in these influencers and this can go a long way in helping you with branding.
This method is popular in the market now and has already been validated by many brands. All you need to do is find the target audience (blogger with good and right reach) and distribute your samples/services in them and ask them to leave their honest reviews after they have tried the product.
Deal with Competitors
One way to validate your business idea is to study your competitors and see what they are trying to do and create a 10x better product.
You can easily find what you are looking for because every product in the whole world has an active community online, and you can follow them to see what they are expecting from a particular product, and you can customize the product according to the taste of the community.
And to search for your competitor online, you only have to just ask google about it.
Soft launch means that you release the product or a service to a restricted audience or market in order to see the reaction of that community. It’s like finding the best product to offer a market by trial and error method.
Per say, you are planning to launch an eCommerce business, before the actual launch you might want to go with a soft launch (the beta launch). This means that you can introduce the website to a limited audience and see the results. If you get a positive and an error-free response then it means your website is good to go. If not, then you might want to make changes to make it acceptable. This is an ideal way to validate your business without even affecting your image in the market.
Note: In this case you should announce before-hand that this is a beta launch, therefore, not affecting the reputation of the brand.
Talk to Customers
When you join a certain community on a website, you can take it a step further and talk to them about the product you are trying to produce and get their feedback.
It is important here that after getting the feedback, you implement those changes to your product or the customers would feel betrayed, but if you adjust your product according to their requirements, then you are in for a long time with your loyal customers.
Minimum viable product
It is a process where you take the minimum amount of features you need in a product to earn you enough value with which you can learn the possible outcome before selling it.
The prime example of this is creating a free landing page with MailChimp, which will directly take the audience to your product. Make sure to add the price and buy button to know who would want to buy your product in that price range and why.
There are many websites available online from where you can gather a lot of information about different types of people divided according to their age, taste, and communities.
These websites gather this information through questionnaires or different mediums, and their purpose is to create a sense of the personality traits of different humans.
Many businesses tend to follow the shark tank approach where before entering into a market, they test their product by pitching it before any number and type of people.
There are many sources online where you can do that, and maybe the feedback doesn’t come your way as expected, but one thing it will surely do is that it will give you many other ideas that you can use to integrate your product into the market.
Validation Board is an excellent tool if someone is looking for a smart and systematic way to test hypotheses about whether to enter the product in a market or not?
Lean Service Creation creates this service, and it is widely used by the new businesses to test their assumptions about their product.
It is different from the Validation Board because instead of telling you that your idea is good, it tells you if your product is not right, and in this way, you find what you need to change.
Create a Blog
Finally, my favorite is that you can create a blog about your product and services where all the people can interact with each other and get an idea about their expectations from you and your product.
Not everyday would you get an idea about a product or service that would get you a lot of profit and revolutionize the industry, so one thing to do before doing anything about that idea is to get that validated.
The validation process will tell you all about your product, adjustments, and expectation of people with your product. It is beneficial for you because you would not want to enter a market that nobody wants or is not willing to pay.
The purpose of idea validation is to make sure your product or business idea has potential, and the most critical assumptions regarding your idea are valid.
It is essential to understand here that the validation process does not eliminate the problem but gives you enough data to gradually adjust your product and make it more suitable for the customers.
The one true problem in this process is choosing the right validation technique suitable for your product.