5 steps to pressure test whether an idea can be a viable business
There’s no shortage of good ideas, but an idea without market demand is not going to become a profitable business.
Here are 5 key milestones you need to check off to ensure you’re on the way to product-market fit:
1. You can articulate what problem you are solving for a specific target audience
How?
Conduct customer interviews using the Jobs to Be Done Framework
----
2. Confirm the target audience want your help solving their problem
How?
Use methods like fake door experiments, surveys and cold calling - check out more on Pretotyping
----
3. Confirm the target audience are willing to pay you to solve their problem
How?
Use experiments like pre-order, landing page sign ups, LOI’s and Van Westendorp pricing sensitivity analysis
----
4. Confirm that your solution actually solves your target audience’s problem
How?
Building a prototype (can be technical / non technical) to conduct utility testing with users. Check out some great no/low code tools
---
5. There are enough people habitually paying for your product who are happy with the experience
How? A range of traction experiments to test channels, propositions, features, pricing etc. You can also use the Sean Ellis survey which looks at whether 40%+ of customers say they would be very disappointed if your product didn’t exist