TLDR:
- Fully understand the problem you’re solving
- Know who your early adopters are
- Make sure you are solving the problem for the right people
- State your hypothesis and create a test plan
- Design your test to validate your solution
- Set your expected metrics
- Compare your expected metrics with your observed metrics and make a decision
The article will help you to go first from Analogic work (Lean Canvas) to digital tools!
Launching a new product requires a well-thought-out validation process to ensure its success. Here’s an in-depth guide, drawing insights from various reputable sources:
Define Product Goals: Start by clearly outlining the goals of your product. This initial step involves writing down the objectives, assumptions, and hypotheses you have about your product[1].
Research Competition: Thoroughly research your competition to understand their best practices, origins, and startup history. This insight helps you position your product effectively in the market[2].
Understand Your Audience: Put yourself in your audience’s shoes. Conduct market research and competitive analysis to gain a deep understanding of your potential customers. Utilize audience feedback and leverage data to refine your content ideas[3].
Identify Target Market: Clearly define your target market. Examine similar products available in the market and identify who is purchasing them. This step is crucial for tailoring your product to meet the specific needs of your audience[4].
Product Validation Strategies: Explore a variety of strategies for validating your product idea. This can include making some sales, conducting competitor analysis, researching existing demand, and creating surveys[5].
Comprehensive Validation Strategies: Review and implement various strategies to validate your new product idea. These strategies, organized from the easiest to the more intricate, provide a holistic approach to ensuring the viability of your product[6].
What’s Matter:
Team could be confused or lose sight of major points such as competition, timing (are we early, too early, or too late..), and user perception to name a few. Here’s coming Lean Canvas designed to streamline startup ideation and supposed to facilitate and avoid some mistakes. Unfortunately we (including me) did not catch the right way to use this tool. It is like a royle roice you can use as jeep willys… Below the right way to use it to avoid any stop to the garage…
This one?
Or this one?
Follow the logic:
Problem → Customer → Solution → Unique Value Proposition → Business Model → Market Size → Competition → Timing → Team
1. Problem: Pinpoint the specific issue your product or service addresses. Assess pain level, popularity, frequency, growth, value, and unavailability using the 5-whys technique to uncover root problems.
2. Customer: Define your customer, understanding their needs and pain points. Identifying early adopters within customer segments, is crucial for creating a successful product.
3. Solution: Propose a solution that effectively tackles the identified problem. Clearly articulate how your product or service works.
4. Unique Value Proposition: Highlight what makes your solution superior. Articulate your unique value proposition in terms of pains, actions, and gains to stand out in the market.
5. Business Model: Outline how you’ll generate revenue. Though based on assumptions at this stage, a well-defined business model is essential.
6. Market Size: Estimate market size by considering pricing and customer numbers. Investors often use this as a deciding factor. Determine your TAM, SAM, and SOM.
7. Competition: Acknowledge competitors in your market, both conventional and direct competitors with similar solutions. Clearly define what sets you apart.
8. Timing: Consider the readiness of your market for your product or service. Assess if there’s a need for audience education. Understand why the idea may not have succeeded five years ago.
9. Team: Highlight key team members and explain why they are the right fit to bring the idea to life.
10. Iteration: If you encounter challenges or dissatisfaction, revisit the “Problem” and iterate until a clear and sensible plan emerges. “Getting out of the building” is an option when necessary.
Crafting a successful startup involves a dynamic process of understanding, refining, and adapting. Embrace the journey!
Finally, if you struggled or are not satisfied with one or more of the steps, you carry on to “problem” again and continue iterating until everything makes sense or is time to “get out of the building”. Of course, feel free to come back to the canvas if/when you invalidate your hypothesis and need to ideate more!
👀☝🏼🤔Keep In Mind:
“Pitch the problem, not the solution”- Dave McClure
Optimize from scratch your work with AI tools!
Here are some valuable tools, including AI tools, that can support the process of idea generation and validation:
Startup Stash: A comprehensive resource providing a curated list of various idea generation and validation tools.
Typeform: Effective for testing startup ideas through surveys and forms, helping gather valuable feedback.
SPD Load’s Idea Validation Method: Offers a detailed framework for idea validation, emphasizing the importance of defining the “why” behind your idea.
Validator AI: A web-based AI tool providing feedback and analysis on business ideas. Designed to assist entrepreneurs in validating their concepts and making informed decisions[5].
Lean Market Validation: Jim Semick shares advice on lean market validation, offering 10 ways to rapidly test and validate startup ideas.
These tools cover various aspects of the idea generation and validation process, from collecting user feedback to detailed frameworks and AI-powered analysis. Utilizing a combination of these tools can enhance the efficiency and accuracy of your startup or product validation process.
Some take away:
- Iteration: Always step back and take all the input in account. Market is changing every 5 years.
- Research, Research, Research, Research....
- Test your solution and idea with your closed friend, family and network
- Teamwork: It is always better with coworkers than alone.
- Optimize: Don't be lazy but optimize your time and make it faster
- Eliminate: Get rid of all the weight and useless stuff that could disturb your brainstorming. 