Will People Buy This Product?
After the publication of “The Lean Startup,” the world shifted from startups that knew what the market wanted to startups that knew how to find out what markets wanted. This revelation leads to the greater importance of Market Validation (MV) methods. MV is the science of determining what the market will buy. These methods are essential to moving a product from an idea to commercial success. Skipping this step will almost guarantee that product development money will be wasted on perfecting a product that does not quite meet market needs. It could also lead to defining a Go To Market (how the product gets sold) that is less than optimal in terms of customer acquisition cost.
Who can benefit?
This program was designed for startups who want to make sure that the product they have created will meet the needs of the market. The program will also help startups discover changes/enhancements that need to be made before developing their product. Often, market validation is a prerequisite to obtaining investor money.
How does the Market Validation Program work?
Each program is individually tailored to the clients’ needs, but will follow the following general outline:
Step 1: Set goals. What needs to be learned from this program: Customer Acquisition Cost? Market Acceptance? Feature Sets? UI? Etc.
Step 2: Construct an MVP (Minimally Viable Product). This can be as simple as a product rendering or as complex as a fully functional prototype depending on funds available and the stage of development.
Step 3: Develop a marketing plan to sell the product. These plans are typically smaller versions of full-scale plans.
Step 4: Execute the marketing plan.
Step 5: Repeat the marketing plan as many times as possible with the current version of the MVP.
Step 6: Go to step 1.
How Much Does the Market Validation Service Cost
The cost of this service is calibrated to the funding stage of the startup. In the early stages of a startup, additional funding (or even first funding) goes hand in hand with improvements in market validation. The trick is to make sure you can complete the next MVP stage without running out of money. Because Finish Line only works with startups, we are experts at managing this dynamic.