People get excited about an idea and then build the product and then find out 6 months later that nobody else was excited and they failed.
Idea validation is a process that starts from a top business idea and ends up with paying customers. The main purpose of Idea Validation is to expose the main idea to the real world before the actual build of the final product or its release.
The purpose of idea validation is to make sure your idea has real demand in the market across industries, else there is a huge risk of it becoming a regular idea or a failure. New ideas have unpredictable elements and even if one element of the entire idea goes wrong, it can destroy the whole plan of a startup. Validation reduces the risk and speeds up the delivery of the product services in the market and minimizes the cost. An idea should be validated before investing significant amount of time and resource in development to avoid building and launching of the product when none of the consumers would be interested in it or aren’t willing to pay.
The main goal of an idea is that it must be able to solve a real problem or intended to fulfill its purpose, the majority of the ideas that come up in the market these days are all either existing or an upgrade to the existing idea with a few new features. Validating the idea first and finding the solution to the problem is the smartest approach, instead of finding the solution first and then searching for the problem that can be solved with the solution found.
Google Glass is just an example of a seemingly interesting idea that was executed but no one really wanted or needed it.
In some cases, the idea depends on the geographical region it originates from and the time at which it is being launched as a product or a service. Either of the two could be one of the reasons some ideas get noted or famous. If no one is willing to pay for the product or the service that is being offered, that might be a bad timing or the wrong region chosen to launch, or it could just be that the idea is not that great at all!
Validation is a continuous process for improving an idea and doesn’t stop with the first assumption. Though there were real problems and validated solutions, there Could be other things which might need validation as it gets developed.
Factors that could contribute to the success of your idea:
How interesting is your idea?
Is your idea recognized to be consistent with the needs of potential adopters ?
Is the idea perceived to outperform competition? How is it perceived to be better? Is it better?
Is the idea easy to understand or does it need additional knowledge or skills to understand the idea?
Can the idea or the product be experimented before, purchasing?
Are the benefits visible for others?
Steps to Validate Idea
1. Define Goals Customising the Ads will put the website on top, increasing the clicks and thus increasing the traffic
2. Develop A hypothesis You choose when and where your ads will appear based on targeted keywords, age and other attributes. This flexibility will ensure that only the right people land on your website and you will not be charged unless the visitor is interested (reliable lead generation).
3. Experiment Observe your views, the average number of clicks, overall ad performance, costs, expense and profits. Based on the analysis, you can alter your Ads to generate more qualified leads and reduce expenses.
4. Release and Measure You can set a daily budget for the Ads and decide how much you want to spend per click or per day.
5. Pivot or persevere.Your ads will appear on the SERP when people search your keywords, establishing you in your industry increasing the brand awareness.
Idea validation can easily become a chaos without the right tools and systematic methods for mapping and testing assumptions.
Although each and every idea from every individual is different and most of them cannot be validated by using the same methods, there are some tips that can help succeed with the process.
Being ruthlessly critical
Keep the validation process simple and unique
Involve the right target audience
Learning from mistakes made earlier
Idea validation is done to reduce the risk of implementing an idea in which nobody is interested in or willing to pay for.
SatyamSri is one of the best Business Monitoring companies in India to validate best startup business ideas. The main purpose is to make sure the idea to product or idea to business has the potential. The point is to find the cheapest and fastest way to test the potentials of small business ideas so that you can decide whether you're moving forward or pivot with the idea. Validation often becomes difficult based on the different assumptions and real time challenges. Since the ability to find out the most significant one requires a systematic approach, there are tons of different approaches you can validate and we help you to validate best business ideas to make money with the right investment strategies.