Product Validation
Product validation is an approach that enables businesses to validate and test ideas before extensive development.
Once the Business Case has been created and understood, the key stakeholders in the business need to understand what are the key features and benefits of the new product or development of existing product before construction. The first step to product validation is collating all the internal knowledge, insight, impressions and opinions. Product validation includes any ideas and assumptions that business would like to test sell in the marketplace.
Next, all key stakeholders and contributors to the business participate in a product validation prep meeting to understand and appreciate all understanding and for the team to decide what they would like to find out about the market and the potential customer base. The primary purpose of the product validation is to consistently present ideas and concepts that will stimulate responses from potential customers that will either validate or dismiss ideas - both perspectives are of great value before embarking on an expensive development program.
The result of the product validation kick-off meeting is a product pitch presentation that can be presented to some existing and potential customers to gather direct feedback during the presentation.
The actual product validation presentation consists of three parts:-
Product validation is an approach that enables businesses to validate and test ideas before extensive development.
Once the Business Case has been created and understood, the key stakeholders in the business need to understand what are the key features and benefits of the new product or development of existing product before construction. The first step to product validation is collating all the internal knowledge, insight, impressions and opinions. Product validation includes any ideas and assumptions that business would like to test sell in the marketplace.
Next, all key stakeholders and contributors to the business participate in a product validation prep meeting to understand and appreciate all understanding and for the team to decide what they would like to find out about the market and the potential customer base. The primary purpose of the product validation is to consistently present ideas and concepts that will stimulate responses from potential customers that will either validate or dismiss ideas - both perspectives are of great value before embarking on an expensive development program.
The result of the product validation kick-off meeting is a product pitch presentation that can be presented to some existing and potential customers to gather direct feedback during the presentation.
The actual product validation presentation consists of three parts:-
- Summary of company activity and history.
- Pertinent open questions about the customers business, including validating assumptions about their impression of the problems they are facing (this is the qualitative part of the product validation).
- Illustrations/diagrams and demonstration of potential features, product, combinations of products, pricing and packaging and asking the customer which features and applications would resonate with them and increase the probability of a future purchase.
During the presentation, all feedback is recorded, referenced and categorised regarding priority, the area of interest and other perspectives. Each meeting can last between 1-2 hours and is designed to be informative to both the customer and the business. A side effect of the engagement is the feeling of customer contribution to development and customers are eager to participate in new initiatives in the form of pre-release testing and beta testing. The process is also a pre-sales activity as many customers want to be the first to try and buy the new product/service.
All the data points from each meeting are recorded in a meeting database and represent the voice of the customer (VOC) and ultimately the voice of the market. It is essential that data is analysed and processed as quickly as possible and reporting is completed at the end of each week ensuring that the business can use the information as soon as possible
Once all the customer meetings have been completed all data is analysed and compared against other meetings and responses to determine trends, a ranking of feature interest, conjoint analysis and "if we did this, we would you buy?". Ultimately, product validation is an engaging and considered approach to understanding the needs of the customer and increasing the probability of building a successful product and generate revenue and profit.
We provide services that enable small to medium business to test their ideas in the market before building. For more information please reference, Where is the value in doing a Product Validation?
All the data points from each meeting are recorded in a meeting database and represent the voice of the customer (VOC) and ultimately the voice of the market. It is essential that data is analysed and processed as quickly as possible and reporting is completed at the end of each week ensuring that the business can use the information as soon as possible
Once all the customer meetings have been completed all data is analysed and compared against other meetings and responses to determine trends, a ranking of feature interest, conjoint analysis and "if we did this, we would you buy?". Ultimately, product validation is an engaging and considered approach to understanding the needs of the customer and increasing the probability of building a successful product and generate revenue and profit.
We provide services that enable small to medium business to test their ideas in the market before building. For more information please reference, Where is the value in doing a Product Validation?