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5W PR CEO On Validating a Product Idea
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CommPRO.biz -- Fay Shapiro CommPRO.biz -- Fay Shapiro
For Immediate Release:
Dateline: New York, NY
Saturday, December 12, 2020

 
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When starting a business, one of the most important things for business owners is to validate their product idea and make sure there is a demand for that solution. Some business owners miss this step and find it very disappointing after spending a lot of time and energy creating a solution that they believe people will enjoy and use, to find out that there is no interest in it whatsoever. 

One of the best ways to validate a product or a product idea is to have the solution already made and making a few initial sales. Business owners need to see whether any customers are interested in the product itself and are willing to spend their money on it. Until someone actually purchases the product, all the business owner has is a list of assumptions, along with market research, feedback from their network, and surveys, which is a lot of useful research. Still, it doesn’t equate to product validation. That only happens when funds have been exchanged for that product. 

As marketer Alexei Orlov of MTM has said, “During the initial stages of developing a product, specifically, creating an idea about a product or searching for a product that’s going to sell, businesses need to do their research. They should look into the current market to make sure there aren’t any big risks associated with the solution before investing too much time or finances into something that wouldn’t ultimately be feasible. Another thing that’s important to analyze is the current market for the product, to make sure there’s enough demand to create a new product, which is done by looking at the competitors and what they’re doing.” 

Another way to validate a product idea is to analyze the market demand and the search volume for the same or similar products. After looking into the competitors, businesses should look at the potential customers, and the best place to start is by looking it up on Google Trends. It’s an accessible tool that anyone can use. Businesses can take advantage of its functions to find out what people are currently interested in and whether that particular product idea is a declining market or on an upward trend. 

Another option for businesses or business owners looking to validate their product idea is to create a crowdfunding campaign, to see whether people are interested in the product and whether there’s a demand for the solution. One of the benefits here is that businesses have a timeline during which they have to reach the goal, creating and releasing the product itself. 

Finally, the last great method in getting a product idea validated is to show it at a local show or market, where the business can get first-hand feedback from potential customers. Another benefit of selling products in person is that the business has to stick to a strict deadline before the product has to be completed to be shown, promoted, and even sold while also talking about it with potential customers and seeing their reactions. 


Ronn Torossian - How PR Firms Can Lead by Example with Diversity and InclusionAbout the Author: Ronn Torossian is CEO of NY PR agency 5WPR.

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