What strategies do you use to validate a market in a niche or emerging industry?
Herklos
9 replies
I've been struggling to validate the market for my product in a niche and emerging industry (cryptocurrencies investment automation).
What strategies have you found effective for confirming demand?
Replies
Gurkaran Singh@thestarkster
Validating a market in the world of cryptocurrency investment automation is like finding the perfect meme in a sea of cat videos - challenging but oh so rewarding! Have you tried running targeted surveys or analyzing competitor trends to gauge interest?
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I look at secondary research and reports for market trends
I use pre orders to gauge interest before production.
I often run focus groups to get detailed feedback
I talk to potential customers and test small products versions for feedback.
I look at social media engagement on related topics
@sharon_workman Thanks, what tool are you using to check social media engagement?
I run small scale experiments to test viability
I spend some time on research but lot more time on the people who are actively working in that market. That brings more teachings for me that sometimes the secondary research reports, which were created sitting in a comfortable office without proper industry knowledge.