Market validation tests are the best way to test the feasibility of a new product idea with prospective customers. They can reduce the chance that a product won’t be profitable, increase trust of investors in the product, and aid teams allocate limited resources efficiently.

Focus groups and surveys are not the only methods of market validation. The question of asking someone if they would be interested in purchasing your product isn’t the same as buying it. The results could be false.

Many companies prefer running experiments to determine if their product is likely to succeed. This can be an excellent strategy, but it’s also important to keep in mind that there are other, less expensive and quicker methods of testing an idea for a product.

Let’s say for instance, that a SaaS firm is looking to find out which of two social media platforms that are available on a new market will bring the most leads. It decides to run an experiment based on few assumptions. It assumes that platform A will perform a lot better than platform B, and it sets out in order to verify this assumption by interacting with its users.

This is an illustration of a typical validation experiment. There are many other variations. You can employ competitive analysis and Google Trends to identify trends or interview competitors, as well as a number of other methods of research to gather the information you need. After you’ve gathered the data then it’s time to analyze it. The results will last, pivot or perish – to take a phrase from the lean startup methodology.

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