It is very common to see startup entrepreneurs brimming with passion about their new business idea, or even seasoned business owners who are so excited about their latest product or service that they pour in most of their resources to develop it. Sadly, it is also very common to see many of these bright-eyed entrepreneurs experience heartbreak when their business idea or newest product offering fails.
Research shows that in the US, 42% of small businesses fail because of one simple reason: no market for the developed product or service.
The good news is you don’t have to be a part of this statistic! With the help of market validation, you can drastically lower your chances of business failure, avoid heartbreak, stress, and wasted resources.
Market validation is an essential part of business planning. By providing you valuable insights straight from your target market, you can make the necessary adjustments to your product or service for a higher success rate. Interviewing a sample of your target market is meant to show you an on the ground feel of your minimum viable product or service, which is priceless and critical to your business’ long-term success.
Market validation will take up some time and resources on your part, but know that this is a very small price to pay for the invaluable information that you will get as soon as the process has been completed. Investing a couple of months plus a small chunk of your financial capital is well worth it if it can prevent you from mass-producing a product that nobody wants, needs, and will pay for. By providing you a factual report of your business’ potential market size, trend, and demand, market validation is one of the most helpful tools you have during your business planning stage.
Considering how important market validation is and how powerful its impact is on your business, you may want to consult the experts on how to go about it. Trained market researchers and interviewers have the skills and experience in crafting and asking the questions that will elicit the responses you need from your target market. This increases the success of your market validation process, which simultaneously boosts the success of your business planning and product development processes as well. By working with the market validation experts, you can have a greater peace of mind that the interviews and data gathering methods are conducted in the most professional way possible, that the answers your target market gave is safeguarded, and that the data is being analyzed by knowledgeable professionals.
Getting accurate information regarding your business’ market size, trend, and demand before you go full blast with your operations is a proven way to increase your business’ success while decreasing your emotional and financial stress. Conducting a thorough market validation prior to your product launch is an excellent starting point for your journey as a strategic and well-informed business
Unsure of how to go about your market validation? Don’t worry, our team of professional market researchers are here to help you! Contact us now for more information.