Validate my idea
The market study: validating your idea with facts and figures
Once you have reworked and refined your concept, it is time to go back into the field to validate your idea in detail. The aim: to confirm the market potential and collect the facts and figures that will feed into your business plan.
The different forms of validation
A market study is more than an online questionnaire. This validation phase can take several forms, often combined:
- desk research,
- quantitative questionnaires,
- qualitative interviews,
- the pilot: launching your product or service for a given type of customer or in a chosen region,
- distributing and testing a first prototype,
- acquiring one or more first customers, for example by supplying a tailor-made solution and then “industrialising” it,
Whatever method you choose, the aim is always the same: to confirm the potential of the market you want to enter and collect facts and figures that will help you refine your business plan.
Structuring, presenting and testing your offer
At this stage, it is time to structure your offer and test it against the market. Points to define include:
- the type(s) of products / services you will sell,
- the features, advantages and benefits for your customers,
- the selling price,
- any guarantees,
- what the offer includes (additional services or “bonuses”).
The three objectives of the market study
- Confirm the market potential.
- Collect feedback to refine the idea, segment the customer base and make the offer as unique as possible.
- Obtain figures that make it possible, for example, to set prices or distributor commissions, which will refine the business model and help assess the financial potential.
Fri Up guides you step by step
Fri Up supports you in carrying out your traditional market study with the free downloadable guide “My market study, step by step”. A Fri Up coach is also available to guide you through this decisive phase.