5 Ways To Validate A Product Idea

5 Ways To Validate A Product Idea

The biggest mistake you can make is to not validate a product idea you have in mind before wasting time, energy and money on building that product that maybe nobody wants.

This is a step that unfortunately most people make and I made myself. And to make matters worse, it can be costly, very frustrating and painful.

Let me give you the first most common reason why people think they should launch a product idea, let’s say on Amazon, before checking out the market.

Simply because they think it’s a good idea and they like it. So they see no reason as to why it won’t sell through the roof. BIG MISTAKE. That’s it.

Remember, you are not your customer. You cannot just assume what your customer wants or doesn’t want, needs or doesn’t need or likes or doesn’t like. It doesn’t work like that.

So you’re thinking, well how do I validate my product idea. Good question.

(By the way this criteria goes for anything you want to sell/launch, let it be digital products or physical products)

It’s actually quite interesting going through the stages to find out if there is a market for your product idea. That to me is the exciting part, knowing beforehand if it will sell or not.

And if you find out it’s not going to sell, then be happy. You just saved yourself a lot of time, energy and money.

If your product does check out, then you know you have a better chance of success. Of course there are other steps to make it a success like marketing, launching the product etc but at least before doing all of that, you know you have a market because of your research.

 

5 Steps To Validating Your New Product Idea

 

  1. SHARE YOUR IDEA
  2. FIND PRODUCTS LIKE IT THAT ALREADY EXIST
  3. PAY ATTENTION TO “SIGNS”
  4. CREATE A “MINI VERSION” OF YOUR PRODUCT FIRST
  5. SELL BEFORE YOU BUILD

 

  1. SHARE YOUR IDEA

You need to share your ideas, let it be with a partner, mentor or mastermind group. You should share your idea with them, bounce it off them. It’s not good to go ahead and do it alone while keeping it a secret, that’s doomed for failure.

When you share your idea, you refine it. It’s like an onion, your idea is an onion. And when you start to share your idea, it’s like peeling the onion. Then comes in feedback, good and bad, then you get to the core of your validation like the centre of the onion.

And then you have begun to receive your feedback, your validation. Don’t be afraid of your idea been stolen, your mentor, partner and mastermind group will be behind you, not stealing from you. Just don’t obviously post it on Facebook.

And be ready for the raw opinion of others. Some will say it’s a ridiculous idea, some will say wow!

And the more you share your idea, the more the idea will evolve or become more obvious it’s a bad idea.

 

  1. FIND PRODUCTS LIKE IT THAT ALREADY EXIST

Clever entrepreneurs know that competition is a good. If you find a similar product like yours and it’s doing well, that’s validation right there.

Simply finding that product that is similar to your product idea is good news for you because somebody has already spent the time, energy and money validating that product. That’s some proof that there is a market for it. And if you are really smart, you will tweak it to a more unique product.

If you are doing kindle publishing like I am for example, I first check the niche to see if there is a market. I do this by checking the first two pages of that niche to see if the books are selling. I do this by going to the Amazon Paid Rank section. This will give me a clear indication AND validation that there is a market. Moe often than not I will enter that market with a couple of tweaks.

For example: I check the title’s of the books that are selling. Then I make up my title that I know is better. Then I look at the covers of the other books so I design my book cover to stand out from the rest, then thirdly I study the reviews. If the average reviews for each book are 30, then I aim for 40. This gives me a head start already before I proceed.

So to round things up, I enter a market that I know is doing quite well and I up my game by going that extra mile.

 

  1. PAY ATTENTION TO “SIGNS”

Signs are everywhere. It’s all about reading your audience and creating that solution that people may be asking for.

Like my kindle business, I check for the signs. I go in to a niche, see what’s selling and what’s not. And I make my decision solely on that.

Signs will pop up all the time.

Ask your customers first before you launch your product. Their reaction or non-reaction will tell you.

Listen to what they are asking for. That is a sign. That is all successful entrepreneurs are doing. They respond to the demand, check the market and give value by producing a product that is in demand.

That’s even one of the reasons why I started FU Money with my partner Michael Lau. We both are struggling, we both still have jobs BUT we both also have one mission. And we know by starting our blogs and podcast that we can change people’s lives for the better by just following our journey and learning from our mistakes. Because they are millions of people out there in the same shoes.

And of course we checked it out beforehand. We looked for the signs and got some validation from close partners, mastermind groups and our mentor.

The signs were clear.

 

  1. CREATE A “MINI VERSION” OF YOUR PRODUCT FIRST

My partner and I are have created a free mini e-course on Kindle publishing that you can find here on our website www.fumoney.com.

We believe through our experiences, the demand and because of so many failures of Kindle author wannabee’s that this course will create huge value to the customer and if implemented will bring in a better cash flow.

Now we are testing the water with this course. But when the demand grows to learn more, know more and the questions keep rolling in, we could then in return make a full product out of it with unlimited access to myself and Michael and extra bonuses and proven strategies while continuing updating it according to Amazon policies.

 

  1. SELL BEFORE YOU BUILD

Most of the above tips go into making sure you’ve got a good potential idea on your hands, which is obviously important to understand up front so you can continue to build it out the right way.

It’s not as easy as a coin flip to truly validate a product or idea, but it’s a whole lot easier putting in that time and effort up front than wasting a load of time and money down the road when you find out your product didn’t turn out like you had hoped.

There’s no real way to 100% guarantee of the long term success of a product before it’s actually out there in the market, but using these techniques you can definitely increase your chances.

 

Watch the Video Below:

 

 

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To Your FU Money!!

Mike & Rob

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