If you are considering starting a business, at some point you are going to have to make the decision to launch into the real world. The customers and target market audience are real people, not fictional. So, does it make sense to only validate your business idea in your head, without any real-world feedback?
Feedback assists in creating better business decisions. Outlined below is a 5-step process for idea validation.
Here we will discuss how to keep it easy, how to get your proposal out there and how to receive good quality feedback.
This uncomplicated approach will refine your launch and assist you in creating enthralling solutions to your customer’s problems.
What is idea validation?
Idea validation is a means of testing and validating your idea preceding the launch of your company name, product, service, app or website. It’s similar to the research approach large organisations use to assess product ideas prior to their release to the general public.
Idea validation can include anything from interviews, surveys, to landing pages and analytics on the web.
The whole reason is to expose the idea to your target audience before building and releasing your final product.
I personally believe the most effective way to conduct your idea validation is in person, face to face or through a Skype or video call.
Why do I need to validate my idea?
In a nutshell, it will save you time and money. Alongside this, you will be generating interest in your idea. As your testing your idea, you will be exhibiting it to the marketplace. Try not to make the mistake of working on an idea that no one is really interested in.
Idea validation can optimise your time by giving you a good feel as to whether or not your idea attracts your potential audience.
It can also save a vast amount of money and heartache in the long run. This process will inform you on whether it is worth paying to develop your product.
For instance, you could spend thousands of pounds developing an expensive app only to discover there is no need or want in the marketplace for a solution such as yours.
5 Steps to idea validation in the real world
Idea validation is fairly simple, but will require an individual push on your part.
Step 1: Brainstorm Internally
Firstly, you will need a few ideas to show your potential clients. You probably have thousands of ideas about what you want to do. But these need to be on paper and shortlisted.
For example, you could be designing a new portfolio management software. Within the functionality you have several USPs you would like to test out. We recommend keeping it simple and selecting around 5 or 6 ideas that you would like to validate. You should focus on finding solutions and exposing current gaps in the market.
Step 2: Do NOT ask family and friends
Step 2 is the requirement to NOT do something. Why did we include this step? Because it’s difficult to overlook, we all want to feel motivated about what we are trying to achieve. So occasionally we ask people closest to us about our ideas in the knowledge that the response will be positive and make us feel good.
While we are not insinuating that your friends and family are liars, we are highlighting the fact that those in our “tribe” tend to be a little bit bias when it comes to giving us feedback.
Those close to you may feel obliged to give positive feedback, just for the sake of not hurting your feelings. Alternatively, they may try to create a counterpoint they do not really believe in, in order to appear unbiased.
So, you see how complex it can be to ask family and friends about your idea.
Step 3: Choose your Interviewees
The next step is to compile a list of 15 potential consumers you can reach out to and interview. Consider your ideal clients. Potential clients can be found anywhere. They may already be on your mailing list.
After reaching out, you will end up with several yeses, a couple of “I’m sorry I can’t” and a few no’s.
Ensure you secure 10 minutes of their time and sit down with them via video call or better face to face.
Free up your hands by asking to record the session instead of taking notes. Allow the interview to flow and make it more conversational. Assessing the respondents initial reactions, body language and tone of voice will be much easier face to face or via video call. It is much harder to do over the phone.
Step 4: Conduct your informal interview
When conducting your interview, the first thing you want to do is thank your respondants for their time and inform them on how it will assist you in offering your clients something they will genuinely want.
Secondly, explain clearly that you are not trying to sell them anything and what you are going to be discussing is not actually available yet.
Reassure and remind them of how important their feedback is and how it will impact your business. People like to know their opinions hold weight.
Thirdly, take time to describe what you do and the essential activities of the business. Preferably, prior to explaining what you need their points of view on. Remember to describe things in detail and consider their perspective. Try to keep things simple and use language that is easy to understand and respond to.
Fourthly, inform them that you are going to share 4-5 versions of your plan and that once you have presented them, you will go over each one individually, and ask them for feedback.
Inform them you may take notes during the process and that this is in order to remember any advice given at a later date.
Fifthly, after examining the 4-5 versions of your idea, inquire on their initial thoughts of each one individually.
Ask them how the idea makes them think and feel, observe their body language and the quickness of their response. Analyse their reactions and compare them to their initial reactions when you presented your ideas. This will help you to gauge which ideas were stronger and which ones were weaker. Not everybody wears their emotions on their sleeve, so it is best to compare their initial and more considered reactions.
Finally, once you have received their feedback, thank them again and inquire as to whether they would mind you contacting them again in the future.
Step 5: Review and decide
The final step is to evaluate all your feedback and decide what worked well for your potential clients. Be sure to remember it’s about the client, not you.
Occasionally you will have to discard what you think is best for your company, based around the feedback and reactions you received. After all the only reason you exist is because of your customers.
One last thing, try to have fun with this process. Do not be scared. It does not have to be painful.
Demonstrate your passion and belief in your idea. The interviewee’s take signs from you, so if you are calm and informal about it, they will feel more relaxed and give more than you asked for.
This is not a sales operation; it is an important conversation with someone you want the respect and custom of. It is not supposed to be a win or lose situation. Feedback is one of the greatest ways to reaffirm and validate your business ideas and ensure you can proceed with confidence and belief.
For more information on getting your app idea off the ground, please get in touch with us today on 0203 150 0565 or drop us an email at info@thealtitudeagency.com.
