Posts Tagged "lean startups"

Early market validation for your product idea is key to success.

Market Validation: Test Your Product Idea Early

Early market validation for your product idea is key to success.Market validation is the process of determining whether your product idea is of interest to a given target market. Before you invest the time and money into developing your product, it is recommended that you validate with your target audience that this is a product that they not only like, but will buy.

Below are three ways to quickly complete the first phases of market validation to test your new product idea:

Look for Competitors

Successful competitors offer proof that demand exists. While it can often be daunting to first-time entrepreneurs, competitors validate that there is a market for your product.

When you are the first to market, you are faced with the challenge of not only selling your product, but educating your target market about the major problem as well. Established competitors have already educated the market and conducted market validation, now you get to come in and offer a new solution.

You can offer the product in a new location, market it to a new group of people, or differentiate based on features or price to carve out market share. (Entrepreneurs Handbook).

Talk with Your Target Market

While your friends and family might find your idea cool, are they your target market? Will they be making a purchasing decision for your product? If the answer is “no” you need to reach out to your actual target market—the people you want to buy your product.

If your product is challenging to explain in a clear and concise manner, a visual prototype can really help you convey your idea. Depending on the size of your product, 3D printing technology allows you to design and print a visual prototype quickly.

The feedback from your target market is going to help you build the product customers will buy, so the design of your product will most likely change a bit to accommodate customer needs.

Research Search Traffic

Google is a powerful tool and can give you a glimpse into the collective mindset of your target audience. See how frequently people are searching for the product solution you want to launch.

It will be up to you to interpret the data, but this market validation strategy is a way to see what people are looking for and the words they use to describe it.

Early Market Validation is Key to Success

Due diligence is crucial in entrepreneurship because it helps you avoid losing time, money, relationship capital, and confidence on a bad idea. (Entrepreneurs Handbook). These three tests are a quick way to start the market validation process, test your idea and ultimately help your startup succeed quickly.

Do you have additional product development questions? Send us an email at info@3d-innovations.com

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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.

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Hardware Startups: Working in Lean Startup Mode

September 28, 2017

The very heart of the Lean Startup approach focuses on the overarching goal of producing a top-quality product (or service) and delivering it at a minimal cost while providing a great customer experience.  In the business world, and particularly with hardware startups, the Lean Startup approach is synonymous with creativity, risk taking and quick acceleration.

Here we discuss three reasons why your business, at any stage, should embrace the Lean Startup method for product development.

Create order. Organization and order are fundamental pieces of the Lean Startup approach. A detailed, organized and methodical approach to product development creates order and ultimately saves hardware startups time and resources—thus adhering to the Lean Startup principals.  “Using the Lean Startup approach, companies can create order not chaos by providing tools to test a vision continuously. Lean isn’t simply about spending less money. Lean isn’t just about failing fast, failing cheap. It is about putting a process, a methodology around the development of a product. (The Lean Startup Methodology)”

hardware startupsLearn when to pivot. Entrepreneurs understand that there is no shame in missing the mark with an initial idea, as long as you learn enough to pivot to something that works. “Successful entrepreneurs have found that the extreme uncertainty of a new product or service usually requires many course corrections, or ‘pivots’ to find a successful formula. (Eric Ries, author of the Lean Startup)”

Not all ideas are going to be great right off the bat, but with customer research, market feedback and adequate product testing you can build upon your initial idea and create a product that is true to the needs of your audience.

Continuous innovation. Startups embracing this lean approach understand the importance of failing fast and learning from past missteps. Quick adaptation based on customer feedback is something that lean startups thrive on. By continuous product testing and communication with the target market, lean startups can innovate at a rapid pace to meet customer needs.

With the help of the build-measure-feedback loop, startups are constantly gleaning new information about their product market fit and learning ways to augment the design so that the optimal, and most innovative, product is achieved.

Building a product is hard work—however, with the right tools in hand, strong partnerships and a “work smarter, not harder” business approach, you can successfully bring your product to market.

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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.

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