Market Validation

*Pointers from Spark Launch Pad workshop held for the 2009 Spark 100K Qualifiers.

A market is a collection of people with the same problem/ pain who you propose to address with your solution. Market validation is about finding this group of people who are wanting and willing to buy your product.

To identify and validate your market:

  1. Identify the pain – Your solution should address a pain point within the customer such that it makes your solution a must have as opposed to a ‘like to have’ – you should be able to focus this down to one sentence. What is the scale of this pain?– is it getting bigger?
  2. Identify who has this pain. This should be a person. If you ask them about the pain you should get an emotive response. Your solution should aid a customer in meeting there goals/objectives e.g. Think about why would this person be fired from their job and consequently what are they most concerned about achieving.
  3. What is your unique selling proposition/ how do you fix their pain. Who are the competitors in this space and what are they doing?
  4. Prove the above

 

____________________________

Graeme @ graemefielder.com

 

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