When you’re on the quest to develop a lucrative product, how can you tell a great idea from a horrendous idea? The key is product validation. By validating your product idea, you essentially put it up to scrutiny. If it emerges intact, you’ve got a good idea on your hands. Validating your idea will also make the process of actually getting it to the market much smoother.
“Ideas stall because the process of getting them to market can seem overwhelming. In reality, if you validate your idea — prove it has worth beyond the bar napkin on which it is scribbled — the process thereafter actually gets much easier,” explained startup consultant Peter Gasca. So how can you validate your product idea to improve your shot at success? Be sure to keep the following advice in mind.
Check to see if it already exists
Before you launch into full-throttle development, taking your product idea from idea to reality, check to make sure the product doesn’t already exist. Just because you haven’t heard of it doesn’t mean that it isn’t already out there. However, if you find that the product itself or something very similar does exist, don’t despair.
“Do not give up on your inspiration too hastily,” Gasca said. “Perhaps there are ways to improve on the existing product? Can you offer value to the business already producing it? Could the market be satisfied better? If you answered ‘yes,’ move to the next step.”
Share your idea and get some feedback
If you think you’ve got a good idea, you need to share it and get some honest feedback. Don’t be afraid to reach out and ask for honesty. If someone doesn’t like the idea, ask why. Learn as much as you can from the feedback.
“At this stage, what you want is brutally honest feedback. Entrepreneurs have a tendency to get stuck in ‘idea lock,’ when they are hell-bent that their idea is a winner, regardless of what others say,” Gasca explained. “If you are the only person who truly thinks the idea is good, then it is time to reassess.”
Remember, it might not always be easy to listen to honest, critical feedback, but it will be good for your business in the long run.
Build a minimum viable product
Once you’re sure that you have an idea that could actually work, it is time to get to work on a minimum viable product. Build a working prototype as cheaply as you can, and try it out with some potential consumers to see what they think. If you get positive feedback, you’ve officially validated your product and can move forward to the next step of the development process.
Pivot International is a product design, development, and manufacturing firm with strengths in software development, electrical engineering, mechanical engineering, and industrial design. If you are interested in engineering a new product or updating an existing product, contact us at 1-877-206-5001 or request your free consultation today.