How to run a validity test on your business idea?
Entrepreneurs and corporate giants with a vision to build an app must use idea validation to test and validate their idea or concept before building a full-fledged product. It helps them to know if users are likely to use the product or app, buy the product or service, and whether the business can be profitable.
Businesses want their ideas loved, but only a fraction of them are worth executing. Some ideas make perfect sense initially but may fail due to many reasons. Sometimes even the most bizarre of ideas may turn out to be great. For example, classic business ideas like Uber and Airbnb were huge successes, although founders were initially skeptical that their idea would succeed.
It needs to be validated to know if your idea can succeed. In this article, we will look at why businesses must validate their ideas and the essential steps to discover if their ideas have potential.
Why should an idea be validated?
New ideas can be unpredictable sometimes; if anything goes wrong, it can destroy everything you have. Therefore, validating an idea before investing time and resources in development is essential. With validation, you can avoid building a product that no one wants or is worth paying for. Validation can help reduce risk, speed up delivery, and minimize costs.
Also, your idea must solve a real-world problem, fulfill the intended purpose, and appeal to the target audience.
Steps to take when validating a business idea
1) Decide the goals, assumptions, and hypotheses.
Writing the goals and articulating your vision is the first step for market validation. In this stage, you will learn about the aspects that need validation to prioritize the important ones for your business to succeed.
Problem — Is your product going to solve their problem?
Solution — What solution are you offering through the product
Business model — Can your product be scalable and viable?
Features — What will be the core features of your product
Price — The pricing model you have chosen for the product
2) Market Research
Conduct research to understand the requirements of the audience. Think of what makes your product the best from other competitors in the market. Create a user persona to find what users want from your app. Ask for opinions and conduct surveys. Research helps you better perceive the investment, design, facilities, and marketing campaigns that you are most likely to run.
3) Customer Journey Map
A customer journey can help you design an effective process for potential customers. It presents a visual portrait that can convert a prospect into a successful customer to achieve your goal. Look for ways to enhance and lessen customers’ steps to navigate in and around the product or app. Look out for problems or issues in existing apps and think of how you can improve your app, which users are most likely to use and spend time with.
4) Build an MVP to measure app success
An MVP is built to test your app idea with essential features and released in the market to know if your app idea works on it. Users can interact with the prototype app with essential features and give feedback. This is the stage where you understand how your app functions and the critical elements to be included in the final app. It also helps businesses to achieve the app’s primary model that comes in handy during the initial development stage.
5) Get feedback to enhance app idea validation
Getting feedback from the target audience can ease the app validation process, as it is the best way to get technical inputs you can put forth to app developers. Having suitable pop-ups at appropriate places can help deliver the best results and get potential users’ feedback. Offer value, listen to their needs, and provide exceptional experiences to have them return for more.
Summing Up
Businesses can ensure that their product or business idea has potential, and validation helps them to identify the significant one that requires a systematic approach. Consider the steps mentioned above to ensure your idea is worth the investment.
If you still have questions about validating an app idea or looking for a mobile app development company for developing your app, you can contact Ailoitte for your needs. We are a full-service mobile app development company that can help turn your app idea into reality and help you build valuable market-driven products that people will love.
