Idea Validation - When to stop or keep going?
Hope all ya'll are doing well.
I just wanted to ask when in the stage of performing validation - when should one know to stop or to keep going?
Lets say I have a product idea that I conducted a validation of and found the initial response to be lukewarm should I just stop or keep going? If so, how long shall I keep on doing the idea validation?
Hope I was clear.
Thanks.
Honestly, it's hard, or impossible to say. It's as much a personal factor (how much do you believe in it) as it is about facts (the response you are getting).
For me, I take more and more steps, slowly towards building a business. At every step along the way I am asking myself whether I believe if I will succeed. It's not about whether it is making money now, it's about whether the research and actions I'm doing are giving me more and more confidence that it will work, or not.
I hope that helps.
Start with a provisional persona.
Hit up 10 people that match that provisional persona.
When they say, "I would but it's too expensive", you say, "now imagine we came to terms with a price that reasonable for you and viable for me...would you buy it now?"
Say the highest price you can that doesn't force you to smile.
Out of 10 people - if your product is a good fit - a few should take you up on it.
If not, either change your provisional persona or your product.
If it's a real game changer product, change the provisional persona
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