Validate Services for Small Business
Is the Market for this Product Worth Pursuing?
STARTING THE RIGHT WAY
Before you (re-)design the perfect product you must understand existing and emerging customer preferences.
PUTTING IT TO THE TEST
Finish Line will help you navigate the tricky question of confirming if your solution will be accepted by your chosen customers.
STEP 1: MARKET RESEARCH
Estimate the size of the Total Addressable Market to confirm that this market is worth pursuing.
ECONOMIC VALUE OF SOLUTION
What is solving this problem really worth?
Research how this would impact how the new product would be sold.
Identify and prioritize who would pay for it, and estimate the customer acquisition cost.
COMPETITOR IDENTIFICATION & ANALYSIS
Search the market for existing competing solutions and assess comparative advantages.
STEP 2: PRODUCT TEST
Formulate a formal value hypothesis that identifies both the chosen customers’ real problem(s) and the product features needed to satisfy the customers.
- Generate product requirements
- Model and test Go to Market plan
INITIAL PRODUCT TEST
- Set goals to test the value hypothesis
- Construct an MVP (Minimally Viable Product)
- Develop a basic marketing plan
- Execute the product and marketing tests
- A/B testing
- Customer acquisition cost testing
- Demand curve
- Distill learnings
- Iterate, refine, and repeat as necessary until the product’s value hypothesis matches the market feedback from the chosen customers
The cost of this service is calibrated to the specific needs of your business.