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Best ways of determining if there is a market for a product before sinking time into building it?

Arzu Özkan
2 replies
What are the best ways of determining if there is a market for a product before sinking time and resources into building it? 🤔 Product validation is the process of determining whether there is a market for a product before investing significant time and resources into building it. It is an essential step in the product development process that can save entrepreneurs and startups from wasting valuable resources on a product that ultimately doesn't resonate with customers. What are the best ways to product validation process for you?

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Fabian Maume
Warmup Inbox
Warmup Inbox
Asking questions on product hunt to validate your assumption can work well. Another thing I like to do is to outreach influencers on LinkedIn to ask them what they think of the idea. An easy way to identify an influencer on a niche is to look at the relevant LinkedIn hashtag feed: https://www.linkedin.com/feed/ha...
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Hemant Warier
Notesally 2.0
Notesally 2.0
I have seen many entrepreneurs make the mistake of sinking time and resources into building a product without first determining if there is a market for it. But there are a few tried and true methods for assessing the potential of a product before going all in. One of the best ways to determine market interest in a product is through customer interviews. This involves reaching out to potential customers and gathering their feedback on the product concept, pricing, and any potential pain points. This allows you to understand their needs and if they would be willing to pay for a solution to their problem. Another effective method is to conduct market research. This involves analyzing data on similar products, their sales, and their target audience. This will give you an understanding of what the market is looking for, as well as the potential size of the market. And third, you could use a Lean Startup approach, which is a methodology for creating and launching new products with minimal risk. This approach involves testing your product with a small group of early adopters to get real-world feedback and improve your product before launching to a larger market. In my experience, these methods are highly effective in determining the market potential of a product. They can help entrepreneurs make better-informed decisions and save them from wasting precious time and resources on a product that may not have a viable market. To sum up, the best ways of determining if there is a market for a product before sinking time into building it are customer interviews, market research, and lean startup methodology. If you have a product idea and want to know more about these strategies, feel free to reach out to me on LinkedIn and I will be happy to guide you through the process.
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