Starting a new business is always a risk. You can reduce it a bit and make sure the idea works using idea validation.
How to validate your ideas before a rollout
Study the market and realistically assess the chances of your startup
Get the first feedback from potential customers
Build a community of your product’s fans before a rollout
About the project:
A P2P crypto platform for international students, businesses, and migrants who need remittance services.
Create a landing page, get traffic, and evaluate the demand for the product
Learn the problems of the target audience
Gather a focus group and conduct surveys
Collect emails addresses of people who are potentially interested in the platform
1.We set the goals of the landing page: informing, conducting the survey, collecting email addresses, and getting feedback. Also, the landing page can replace a presentation of your product. The new landing page shows the idea as clearly as possible and describes the problems our product solves.
Besides, conducting surveys on the target audience was an important stage as well. In a nutshell, we checked whether the target audience was satisfied with our app, its features, and user-friendliness. We had to understand whether people would want to get their needs satisfied in the way we proposed (a future product).
2. Targeted advertising on social media works effectively to promote landing pages. We tested several target groups and creatives to find out what people are interested in.
3. Analytics about ad campaigns and survey results.
After the analysis, we:
Described the target audience in more detail (gender, age, geolocation, and devices used)
Found out what currency exchange options they use
Identified the top three problems people face when exchanging currency
Found out what alternative methods people use, e.g., crypto wallets
Time and money are the most important resources for any business.
That’s why we did the following things:
We had been conducting the experiment for two weeks (time-saving)
We used a small budget, which answered the question “Do people need our product?” (money-saving)
We helped make the decision whether to invest in this project because, before we spend our precious time and money on custom software development, we wanted to be sure that the idea was really viable (confidence in the idea)
The landing page is best used in conjunction with other idea evaluation methods. If you get positive results, consider developing an MVP. This way, you’ll get an understanding of the return on investment in the idea, taking into account development and promotion.