The Importance Of Validating Product Ideas
In today’s fast-paced business world, where new ideas emerge by the hour, product idea validation has become a critical step in the product development process. It involves rigorously testing and analyzing a product concept before launching it to the Amazon marketplace. This validation phase allows you to gain valuable insights into the viability and potential success of your ideas. By validating a product idea, Amazon sellers can minimize risks, save valuable resources, and increase the chances of creating a product that resonates with their target audience.
The significance of product idea validation cannot be overstated. Without proper validation, Amazon sellers run the risk of investing time, money, and effort into a product that may not address any genuine market need. Skipping this step can lead to disastrous consequences, as Intellivy experienced before developing its platform. Watch this video to learn about our biggest product fail, so you can avoid these mistakes and save money during your process.
One of the primary benefits of product idea validation is that it helps you identify potential flaws and weaknesses in your concepts. By gathering feedback from potential customers and analyzing market data, you can make informed decisions about refining your product before it goes to market. This early feedback loop ensures that the final product aligns with customer expectations, increasing the likelihood of success.
A question we often get is, “Can I use Intellivy when my product isn’t on the market yet?” The answer is yes! Intellivy can help you validate your product idea by testing it before you release it to the market. Integrating Intellivy’s pre-market testing tools into your process can save you both time and money while giving you the opportunity to fine-tune your product.
Conducting Market Research
Market research plays an essential role in the product idea validation process. However, understanding the current market landscape, identifying competitors, and analyzing industry trends can be challenging. While multiple tools are available to gather information about your product idea, obtaining feedback from your future Amazon customers can prove difficult. In part, due to Amazon’s strict privacy rules. Traditional methods, like focus groups, are time-consuming and expensive, geared more towards retail shops than eCommerce.
Instead of utilizing traditional methods of market research, Amazon sellers can use an online consumer panel that matches their target audience, as it provides the best way to gain feedback on their idea. In this blog, you can read more about online consumer panels and how they can benefit your validation process.
Intellivy offers a high-quality online consumer panel designed to gather feedback from consumers who match the Amazon seller’s target audience precisely. With this input, they can tailor their product effectively to meet specific needs, ensuring a successful launch.
Making Informed Decisions
The data and insights obtained from the validation process serve as a compass guiding Amazon sellers toward making informed decisions. By objectively assessing the results, sellers can determine whether the product idea is viable and aligns with market demands. If the validation uncovers potential issues, it provides an opportunity to pivot or iterate the concept, ensuring that the final product meets customer expectations.
Validating Your Product Idea With Intellivy Step By Step
Intellivy’s data-driven solution to product validation: The Product Validation Marketplace Poll. This tool empowers you to embark on a journey of precision and confidence when validating your product idea. By strategically benchmarking these concepts against existing market offerings from competitors, the poll casts a discerning eye on their viability and potential success. Garnering invaluable feedback from potential customers, the poll provides a unique perspective on Amazon’s competitive landscape, equipping you with the insights needed to make informed decisions.
Step 1: Start a Product Idea Valiation Poll
Go to your Intellivy dashboard. The third business objective is ‘Validate Your Product Idea.’ This is the one you need. Select the blue button ‘Create Poll.’ A new page will pop up where you will select the option ‘Start Marketplace Poll.’
When creating the poll, you can open and close the instructions on the right side of the screen. It will guide you through the process of setting up.
Step 2: Complete Product Information
When conducting a Product Idea Validation Poll, you may not have a listing yet. This prevents you from the automatic addition of all product information through its ASIN, as you would with an already-launched product. However, you can upload an image of the product from the manufacturer or create your own image with the assistance of a sample product. To complete the poll’s information — title, price, reviews, and star rating — you’ll need to input this data manually. It is beneficial to base this information on your anticipated main competitors once the product is launched.
Step 3: Analyze Results
The results of the poll give you insightful data that you can manually analyze. Or, alternatively, the AI summary examines the data and shows you the strengths and weaknesses of your product idea compared to your competitors. It will give you inspiration to try new angles and gives actionable recommendations to improve it.
Common Pitfalls To Avoid
During the product idea validation process, there are common pitfalls that entrepreneurs should be aware of. One of the most significant pitfalls is confirmation bias. Confirmation bias occurs when sellers seek input solely from friends and family, who are inclined to offer skewed, positive feedback. However, genuine consumer feedback might reveal crucial aspects of your product that need improvement. To avoid confirmation bias, it is crucial to remain open-minded and receptive to constructive criticism from a diverse range of potential customers.
Another mistake is relying solely on a single validation method. It is essential to use a combination of techniques to gain a comprehensive understanding of the market and customer needs. Here are two examples of other techniques to use, besides Intellivy’s validation poll:
- Prototype Testing: Develop a sample of your product and have potential customers test it.
- Social Media: Connect with your target audience and create a need for your new product.
Product idea validation is a crucial step in the product development journey. By validating ideas before investing significant resources, you can save time and money, increase your chances of success, and create products that resonate with your target audience. Remember, a well-validated product is not just a great idea; it’s a strategic advantage that leads to a thriving business.