What is the best way to determine the viability Of Your Product Idea -

This is a fantastic idea for an entirely new product, software or service that is certain to be developed, however, is the marketplace truly ready for your new idea? If you're a new company or an established business the ability to identify a product's market fit is an effective indicator of the potential success of your new business. It was coined first by Marc Andreessen in 2007 "product-market match" was initially described as "being within a market that is favorable and having a product which can be a good fit for this market."

In the past, countless entrepreneurs, venture capitalists, and experts in product development have provided their own definitions of the word, but at its very core product-market fit is all about making sure that your product does not just meet the needs of your consumers (the market) and does it in a manner that's superior to other products. Dan Olsen, a product management consultant, expands on the topic in greater detail within his own model the Lean Product Process, which helps businesses to achieve market-fit.

If you're looking at launching the first product of your own or even introduce a different service into an in existence product line, the 6 steps of this framework will assist you to determine the feasibility of your plan.

Step #1: Determine Your Target Customer

It's important to recognize that while you might not be able to pinpoint the exact target market for your product. At first, using a broad assumption of those your product's meant to be serving is adequate for the initial stage. As you carry on conducting market research and start to segment your clients, you could discover that the original idea you came up with may change.

Establishing clear buyer personas to determine your target customers is the human aspect to your design and helps your product team have greater knowledge of who you're making products or services for. What's most crucial to include within your personas are demographics, behaviors, as well as motivations and goals. It is important to give the most complete description feasible since these personas can serve as representations of the real users who will end up with your products.

Step 2: Recognizing the needs of your clients

When you've identified the core group of people who you'd like your product, the next thing to do is to identify their wants. No matter what you're calling it, a pain point or customer needs ultimately the fundamental principle remains similar, and the effectiveness of your product's effectiveness on the market is determined by your ability to satisfy the unmet demands of your customers.

Step #3 Step #3 Choose Your Value Proposition

This discussion already touched on what your product's value proposition will be assessed against its current competitors in the market. The clearly stated value proposition makes your product stand out among others by clearly describing how your product can meet customers needs better than other products.

There are a few issues that clients do not address through the interactions you're having with potential customers but it may not be possible to go to tackle all the needs. The value prop gives guidance for your approach to developing your product, making it mandatory to select the appropriate issues to deal with. What are you going to do to make your product perform better in satisfying this set of requirements in comparison to your competitors? What are the unique benefits you provide to enhance the value of your product and please clients? What are the reasons why customers should choose your products you offer over those of your competitors?

Step 4: Give the Specifications of Your Minimum Viable Products (MVP)

The aim of this stage is to repeat the procedure until you've created the Minimum Viable Product the customers are happy with. The ability to clearly describe the key features that customers will be able to evaluate can assist in determining what essential functionality your customers want and also serves as a safeguard against investing considerable time into developing a product that your target customers do not want or don't prefer.

Through the process it is possible to find:

• The customers really appreciate this important element of functionality that's missing from your MVP.
• There's an extra function in your MVP that your customers don't particularly utilize.

Step #5: Build the MVP Prototype. MVP Prototype

Don't be scared by the term "prototype! A Minimum Viable Product that created doesn't need to be a complete product, as interactivity and fidelity to the product will differ for every business plan.

The MVP prototype can serve as an illustration of your finished product, without the need to construct a fully-fledged product. The MVP prototype will help you to evaluate your concepts by providing users an alternate model of your product that they are able to use and give comments on.

A good example is having a mock-up of an app's user interface (like a wireframe) can be as easy as developing the application in its own. In the end, at the end of the day, the objective is to keep the app as small so that we are able to adjust to the feedback we receive from our users. It's unproductive to devote a significant amount of energy and time into creating an entire product if it's necessary to dramatically modify the product or move to another direction.

Step 6: Obtain Your MVP noticed by your clients

When you're pleased with the initial draft of the MVP It's now time to test it against your potential customers. The accuracy of your data is essential in this final step since your feedback can be crucial to determining the direction for the product.

When you first start, you'll want to only elicit feedback from people who are in line with the needs of the customers you want to target. If you're not careful, you may end up creating a new product and going in the incorrect direction in order to satisfy requirements of your customers, which may not always be in the market to sell the product you offer. Therefore, it is recommended to create an online survey or questionnaire to be certain you're finding people who fit your ideal customer persona.

Your actual testing of your MVP's performance in the hands of your customers must include the use of a variety of quantitative as well as qualitative questions. It is more flexible to ask questions allows for better customer feedback rather than questions that are quickly replied to by a "yes" or "no" answer. However, it is important to be sure that you're not asking leading questions as they may cause customers to give a particular reaction.

After you have completed every test, make sure to review both negative and positive feedback you are receiving as well as be aware of any pattern in the reactions and behaviour of users who utilized your service or product.

Reflections, Pivots and Iterations

Finding the perfect product-market alignment is a continuous procedure. There's a possibility that the first beliefs you believed about your product, the potential market or customers you want to target be identical after each iteration through you Lean Product Process. As long as you stay open and responsive to feedback from your market and customers, you're heading on the right track to create a product with huge market opportunities.

After you've established the software or service you're considering is a match for the market, then it's time to figure out a viable approach to marketing and get your offer in front of the most potential customers possible.  The ecommerce platform of's is built to provide a broad range of distribution and online product models It has also been able to aid hundreds of organizations to make money from their offerings.

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