The 5 Practical Ways to Validate Digital Product Ideas
Product validation usually poses a huge challenge for entrepreneurs, especially for digital services. The process can involve many complex steps that can cost you dearly. To do this effectively, you need to know what are the right questions to ask and what to do with your collected data.
To help you in this effort, you can use it as a guide and learn five practical ways to validate your digital product ideas. Although the tips below can also apply to traditional offers, they can be more effective in validating digital services.
1. Create a prototype
Generally, a prototype is a raw version of your digital product that demonstrates the basic solution you want to deliver and nothing more. Sometimes it may also have other additional features. But, in its simplest form, a prototype is designed to showcase the unique solution you are trying to bring to market.
Modern entrepreneurs see creating a prototype as one of the easiest and most effective ways to know if your product meets the needs of your customers.
A prototype may require minimal effort to build as it has no additional features. The final format could range from a simple sketch of a travel map to a minimum viable product (MVP). An MVP is a functional and usable first version of your product.
For example, if you plan to offer an online course, an MVP could be a short video tutorial or even a blog post. Although the two examples don’t provide the full functionality of your course, they can serve the same purpose: to teach.
Several online software services can help you create fast, realistic prototypes at an affordable price.
Because you’re not expected to spend a lot of time prototyping your product, make sure the end result exhibits the basic function of your idea. Therefore, you should not spend too much time trying to develop the “perfect”.
With a prototype, you can quickly move through several stages of the validation process, including pitching to investors and researching data on your target market.
2. Give gifts
If you have already designed a new product and want feedback from several of your loyal customers, you can offer a free trial. You can give them away alone or add them to your buyer’s purchases.
After the trial is over, check if people are signing up for it or downloading the paid version. This helps you determine the level of interest in the new solution you’ve created.
3. Survey your target customers
A simple way to validate your product idea is to survey your customers. Where you conduct your survey depends on where your audience is. If they are active on Instagram, you can use Instagram stories and ask them about your idea.
If you know users who are highly engaged with your content, reach out to them and ask if you can ask a few market research questions.
A survey or interview can be great opportunities to determine what to include in your new service. Ask them which features would benefit them the most. This step takes the guesswork out of developing your final product.
If your community is active on another platform like TikTok or LinkedIn, you can use those platforms to reach more people.
4. Study your competition
A quick way to validate your product and understand your potential market is by researching competitors. Depending on the intensity and methodology of your research, this process can also be cost effective.
There are several tools today that can help you save money while providing great competitor data. For example, you can use Google Keyword Planner to gauge your rivals’ online presence. You can also use the tools to determine the words consumers use when searching for the type of product or service you offer.
Knowing the most popular keywords can help you choose your product name or website domain name. It is recommended to choose a popular keyword as your name so that consumers can find you faster through search engines.
5. Do an experiment
An experiment can be a quick and efficient validation process for your product idea. It may be more expensive than other approaches, but it’s still an affordable option.
This process involves conducting a marketing experiment by running an intro ad campaign and creating a quick landing page.
The concept is to sell a product idea to your target consumers. You need to develop a compelling, high-quality marketing campaign and create ads to direct consumers to your landing page. This is where interested customers will make decisive clicks and submit their relevant data.
By measuring clicks, bounce rates, sign-up rates, and time spent on site, you can gauge the level of potential demand available for the product you want to create.
Here are five practical ways to validate your digital products. With these strategies, coming up with a unique offering to meet your customers’ needs can be easier.