Idea validation is a process of testing a product idea prior to launching it to consumers. It is a process of gathering evidence around ideas via thorough experiments to make fast, informed, and risk-free decisions.
New ideas have unpredictable elements and if one of them goes wrong, your plan can be destroyed.
According to Embroker, the number one reason why startups fail is due to misreading market demand — this is found in 42% of cases.
An idea should be validated before investing in its product validation phase. It makes sure your idea has real demand and is just not another “cool idea”. It must either be able to solve a real problem, appeal to its incentive, or fulfill its intended purpose.
Why is it important?
Product validation refrains you from putting your resources into something that is not worth building. It helps you provide diagnostic information about market needs, competitors, and target users. You gain clarity about the product, requirements it should fulfill, what features should be enhanced, and which redacted. Thus, you can better rate your chances of success.
Validating a product idea is a multi-step process and poses a big challenge. It is a time-consuming process and comparatively not cheap. For effective idea validation, find someone who knows what he is doing with your collected data. The next step in your product engineering journey is taking the collected information to your product development partner.
Product Validation – The Sufalam way
The initial stages of idea validation are usually the most complex stages. Finding worthwhile data and doing research takes a lot of time. After gathering your data, you should start looking for a trustworthy software developer. That’s when our role as a product engineering partner comes into being.
The second phase of the process starts with you meeting our team. We understand your idea by arranging one-on-one physical meeting or an online video meeting. It gives us a thorough insight into your business and coming with a solid solution. After the initial meeting, it is time for research. Depending on the information you, as a client provide us with, has an impact on our research acquisition time. It can either take few weeks’ time or completed in couple of days.
Competitive Analysis of the Product
At Sufalam, we seek to gather as thorough and precise information as possible for better development of the product at the end. First things first, we conduct a competitive analysis of the product. That is, we check for potential competitors in the market.
The thumb rule is if there are no competitors, a market analysis is needed for measuring the potential of the product – is the product really needed in the market?
Upon the competitive analysis, we gather again to discuss the feedback. If the market potential of the product seems positive, we agree on taking it further or else suggest alterations.
For example, rather than developing a website, it would better function as an app?
We offer other such changes if needed.
Market Analysis of the Product
The product competitor is analysed. We examine the market supply of them, the likeness of the product by the buyers, what is missing, and what other qualities should be approved. In the end, we decide on if your product will make an impact on the current marketing scenario or not. Will the product be worth its while?
Why should you hire us as a reliable product engineering partner?
We as a team, work for better solution generation for your product engineering needs. With over a decade as a renowned product development company, we understand your requirements and work towards turning your dreams into a reality. Some attributes that make us a reliable IT partner are :
– Our transparent and communicative bad-news-early policy
– On-time project delivery.
– Structured software engineering models.
– Real-time reporting systems.
– Operational superiority with modern quality processes.
Final Thoughts
We do not just build applications, websites, or any product for the sake of building it. We acquire the validation step at every stage of the product development phase. We inculcate modern and agile methodologies in our development process. For us, PoC, MVP, and QA testing are very essential.
If you have an idea, whether of a product or start up, and want to discuss its success in the market, contact us at
