MARKET VALIDATION Flashcards
The statistics on new product success are frightening. New products fail because
they do not sell. They do not sell because they do not meet the needs or expectations of
the market. Their market was not proven, or validated.
MARKET VALIDATION
Market validation process
- Describe the technology
- Decide what to ask
- Identify whom to talk to
- Conduct interviews
- Analyze your feedback
reduce risk by aligning your technology development with your
business development. The better you understand your market, the more strategic you
can be on your approach. If your engineering and marketing efforts are not unified, you
may take longer than you hope to reach your first sales.
MARKET VALIDATION
Over the last few decades the ic2 Institute and The University of Texas at Austin
has developed a __________ process for rapid market validation. This process takes about
40 hours of interviewing.
12 solid expert interviews
QUICKLOOK
four categories
of validation:
USERS
TECHNICAL
DECISION MAKER
PARTNER
s can help ensure that your technology is technically sound and give
you valuable insights into what is happening in the field.
TECHNICAL VALIDATORS
are the workers who will actually use your product
USERS
are the ones who buy your product. They help you understand if and
how they would purchase the technology.
DECISION MAKERS
can identify how to manage all the aspects of commercialization you cannot
handle yourself, at least at the beginning-the expectations of manufacturing, distribution,
marketing channels, etc.
PARTNERS
Even short email summaries are preferable to no record at all.
Because it may identify specific marketing areas to investigate further, the information
from these interviews can provide the basis for later market surveys and focus groups.
TAKE CAREFUL NOTES
are fantastic resources and can give you valuable insight into your
work.
They are well respected and
well known in their field whether in academia or as research scientists or professors who
are actively engaged in cutting-edge research. They may be in industry and considered
thought leaders; speak often at conferences; have position in their companies that shape
technical roadmaps; or be retired and now do philanthropic work or actively engage in
trade associations and other efforts that develop the field.
TECHNICAL VALIDATORS
Your technology needs to be not only technically valid but also usable by the
individuals who will end up actually using your product.
USERS
the people who actually buy your products. They take the greatest
risk to bring in your technology. It is critical to understand exactly what they expect and
what motivates them to buy.
DECISION MAKERS
anyone who can facilitate your technology’s entry into the world and
its adoption by target markets.
PARTNERS
