The process of launching a new product or service can be an exciting and intimidating experience for many new or established entrepreneurs with great ideas.
There are some techniques that can help entrepreneurs in Saudi Arabia to launch products and ensure a higher rate of success in the market. Through these tools, you can validate whether your product fits the market before you decide to heavily invest in it.
You will have to meet and survey a variety of people to be able to ascertain whether your idea solves a problem, to understand potential consumers, and ultimately decide whether or not there is a demand in the market for your product. These steps will help you validate any new idea you may have:
1- Describe the concept
You’ll be able to notice any missing details by thoroughly writing a description of your concept. Whether developing a product or service, these questions will help you clarify the goals of your idea: Who will use the product or service? What problems will the concept solve? How will the concept solve these problems? How will the concept improve consumers' lives? The sooner you clearly articulate the concept and the problem it will solve, the less risk you will face down the line.
2- Test your assumptions
Once you've made a few key decisions and written down your assumptions, you must test them to see if the concept connects with potential consumers. You can visit public spaces or specific locations and approach a variety of people. You can also validate your concept by interviewing experts or people within your network, but keep in mind that friends may give you biased feedback.
3- Look for practical reasons
The question "Why?" is by far the most important question to ask, because you’ll be able to understand the value and measure the benefits of your concept. Investigating why a user would interact with your product or service will help you identify the practical reasons behind their decision. There are also some great ways to test ideas across digital platforms with affordable landing pages and ads.
4- Present the value of your concept
You should always focus on communicating the value proposition of the concept. The value proposition is the expected benefit that people will gain from using your product or service. The value can be quantitative, such as the time saved, or it can be qualitative, such as pain relief or lifestyle benefits. By thoroughly understanding the value provided and documenting it through consumer interviews, you can discern how relevant your concept will be in the marketplace.
5- Understand the difference between expressing interest and purchasing
There is no absolute reliable data when validating a product idea with potential consumers. You may receive feedback expressing admiration for your concept out of general kindness and encouragement, so you should always be careful about taking their answers for granted. When someone enthusiastically tells you that your product is great and interesting, you should further ask them: “Why?”. It’s important to understand that a person liking your concept is different from a consumer actually purchasing a product.
6- Make a decision
After you receive and collect enough information from interviews and other data sources, you should realize that you will still never be 100% certain of the reception of the product or service in the market, but nevertheless you should decide to either make the required adjustments or go ahead and launch your concept.
Once you’ve taken all the necessary measures to validate your product or service and are comfortable with the risks involved, you will be in a confident position to launch your concept to consumers. Keep in mind that taking risks is one of the hallmarks of successful entrepreneurs and you will surely increase your chances of a successful launch by following the steps to validate your concept.
