Now is a fantastic time to start a business thanks to the expansive development of online business. Perhaps at no other time in history was it possible to find the freedom and support that we currently have through the digital global economy. There are so many fields out there where you can start an initiative. Unfortunately, despite these advantages, almost 90% of the startups fail. The reason why this happens is that people do not do the proper groundwork before launching a product or service.
When it comes to IT product development, there are three main steps. First, have a proof of concept; next, build a product prototype; and third MVP launch and testing. Only after completing these three tasks, you can work on full-fledged product development. These steps are critical if you want to launch a successful IT product.
Why You Need to Validate A Business Idea
No matter how great your vision is, if there is no traction, it is bound to fail. Only when investors can see the evidence of traction, they will be ready to invest their money. Investors understand the concept that you need to build your business around a demand rather than on an existing product.
Validation has the power to detach your emotions from the idea and view it objectively. The best way to achieve this is by leveraging outside feedback. You can obtain feedback from representatives of your target audience as well as field experts.
Step 1. Proof of Concept
During this process, you need to put your startup idea aside. Think about your target audience and their experience. You will gain significant insights into how they view your product. It is also the best way to analyze the product if they find it attractive and necessary. Start your info-gathering by carrying out a feasibility study of the problem your product is going to solve. And try to gather the answers to these four critical questions:
How are people solving this problem now?
Who exactly are my competitors?
In what ways is my solution going to be better?
What are some ways the solution I am going to give is different from others?
Your assumptions are now closer to reality than before. Since they are still assumptions, you need a target audience to check them for you. As an entrepreneur, you can find so many tools that can assist you in collecting feedback from users. These tools include extensive market research, spreadsheets, landing pages, interviews, email distribution, etc.
For example, if you want to receive feedback on a mobile game you are planning to develop invite players to participate in giving your inputs as early as the graphic design development phase. You will be surprised to see the number of unique responses that you will get. This strategy also helps you create brand awareness among the people as well as attract innovators and early adopters.
When You Should Build a Product Prototype
A prototype is the simplest working interactive model of the end product that you are going to create. It can help communicate both the design and functionality aspects to the future clients, investors and other stakeholders. But the primary function of the prototype is the visualization of the idea that you have. You can use it to check your theories in practice. When you test the prototype, you might come across various new ideas which have useful functionality.
You can also determine the problem zones early on. It costs you less to fix most of the errors and make the necessary changes during this initial stage. When you have a proper prototype testing in place, you can very well begin to develop an MVP, which is a barebones form of your end product.
Developing the MVP
During the initial stage of the development, a prototype assists in fixing many problems. But an MVP is explicitly designed to identify the end user’s reactions when you launch the actual product for real-life testing. Employing a professional team is vital when you are creating an MVP as it is a real product.
Recognise the fact that there are hundreds of apps and services developed and released every month in the market. The product needs to look great if you want to beat the competition. It is essential for you to understand that the customers are not going to give you an exception just because you are “trying something new.”
If you fail to deliver the best product, they may simply choose your competitor’s product. That’s why you need to take an MVP seriously. You can’t just launch a loppy version of your final product. It needs to be a properly designed working product even though it has only limited functionality.
These are the three significant steps that you need to take to validate the business idea of your product. Following these steps, you will quickly realize if your idea has market potential without spending much. Idea validation is crucial as it can help you to remove the errors and features that are not great. It is the best way to enhance your overall product before you launch it.