What's the best way to validate product demand?
Curious what strategies and resources people use for validating and getting feedback on their business. I'm considering buying ads on Google/Instagram/Twitter but it feels like a waste of money. What are other techniques you've used successfully?
After performing initial research, I would begin by building a landing page for my hypothetical product. I would then drive some form of ads to this landing page - usually FB and/or AdWords, depending on what type of product or niche this is.
You can do things like have your theoretical pricing structure listed along with “buy” buttons and instead of heading to the purchase form, it will just display something along the lines of “Sorry, we’re not quite ready to accept orders yet! Enter your email below to be notified when we are live.” This way, you can begin building your mailing list while you run this experiment and measure how many people would move onto the purchase step.
Some people take this to the extreme and will even accept payments and then let people know the product isn’t ready yet because they don’t believe an idea has been validated until they have paying customers. That’s pretty damn crappy and I just can’t do that.
Anyway, that’s my approach.
Thanks Dave!
What would you advertise? Explainer video, POC, website, survey?
Good question, hadn’t thought about using a video or survey exactly. Have you tried any of those?
I'm using an explainer video to test for product/market fit and get feedback. It has been very helpful in getting quick feedback from several people without spending actual time to do a demo that is repeatable.