Trials & Triumphs of Market Validation – A Case Study

Every so often, we come across an article that sums up an idea so well, we just have to share it - this article is just that. Kaloyan Yankulo gives us an inside look at how he went about validating his idea for HeadReach with a small test group, committing minimal time and resources.

Here are a couple of key takeaways we found worth sharing:

  • It doesn't cost a lot to validate your idea! Yankulo prices out his approach to give you an idea of how he did it. But there are a number of other free resources available to use throughout the validation process.
     
  • It's important to listen to your customers when they say they do or don't want something. If you get negative feedback, take it into consideration, pivot your idea and go back to your customers to validate the new concept.
     
  • Be creative in your approach to validating your idea! You don't always need an MVP or working prototype to test the market. Leverage discussion groups, wireframes, proof of concepts, etc. when talking to your customers.
     
  • Validate your pricing model while you're at it. Not only is the idea validation stage the time to perfect your offering, but it's also a great opportunity to test out your price point. Start your pricing higher than you plan to, test the price point and adjust from there. You never know if your idea might be worth more than you think.
     
  • Keep your marketing simple. A minimalistic, clean and concise single landing page is more than enough to highlight a single call-to-action, share an example of your idea, and get feedback.
     

Read the original article for the full story, and then let us know: What trials and triumphs have you faced when validating your ideas?

We'd love to hear about it! Leave us a comment below.

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