Launching your start-up involves making a number of assumptions and often founders lead with the mindset that if the product is good enough customers will come. Unfortunately, this is simply not the case.
The one thing that almost all start-up founders need that most don’t have is focused, validated demand.
This means real proof that a specific group of people want what you are building and are prepared to pay for it.
In this article, we look at ways you can assess if you have validated demand.
Here goes…
Real Customer Conversations
You need to show that you’ve had at least 20 one-to-one conversations with real potential users or customers.
These customers should state in their own words the need, frustration and excitement they have for the problem you are trying to solve.
Evidence of Active Searching
You need to show that potential customers are trying to solve the problem somehow right now.
The solution they find does not have to be fine-tuned. You just need to show that they are doing something even if it means they are using spreadsheets, hiring people or multiple tools to get the job done.
If no one is trying to solve the problem, you may need to double-check if the problem is urgent enough.
Commitment Before You Build
If people are willing to sign up, put down a money deposit or commit time before you have completely finished the project you may be on to a winner.
Painkiller Not A Vitamin
Your product should solve an immediate painful problem. It should not be a nice to have or “maybe one day” solution.
Customers Ask You For Updates
If customers are chasing you asking when your product will be ready that is a really good sign.
If you are constantly having to chase them, you may need to dig deeper to find out why there is a lack of interest.
You Can Name Specific Target Users
If you can clearly state that your early customers are – “X kind of person or business, who have Y problem, and they try and fix it using Z but are usually unsatisfied” You may be on to something.
Clear Willingness To Pay (Or Equivalent)
This is a big one. If a customer is willing to pay that is a surefire sign that you may be onto something. Even if the number of customers is small this kind of validation shows that in principle your product is viable for actual users within the market.
Remember that ‘payment’ does not have to come in the form of money. It can take the form of time, data, endorsements or other valuable currency.
Final Thoughts
Without proper validation, founders may waste time, burn through leads and most importantly cash. The answer is to be brutally honest with yourself and the market.
It’s important to have real conversations with real customers, show a willingness to pay and offer a product that provides a solution to a painful problem.
If you can do all the above you will be in a good position to progress with your business.
Good luck!
***Disclaimer: This article is not financial advice and is given for informational purposes only. Readers should conduct their own research and not invest more than they can afford to lose. Crypto is extremely volatile, and as such can drop in value considerably without notice. You should always seek legal advice to understand if the use or investment in crypto is allowed in your jurisdiction.
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