Product idea validation.
Gavalla Ranjit
2 replies
Hi PH Lovers,
I was wondering if we can safely assume that the product idea is validated and proven if there are more competitors in that field?
Example: Email service providers, Chatbox, etc.
Thanks.
Replies
Alex Devero@alexdevero
Yes and no. It is validated in the sense that someone else thinks it is an idea worth pursuing.
However, it is not validated as viable. Idea is viable if you find potential customers, people willing to pay for your product. Existing competition doesn't guarantee this. The only thing that guarantee this are real customers willing to pay.
So, if you want to really validate an idea, don't bet everything on existing competition. Do the research and find potential customers.
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@alexdevero Definitely agree, as a product design advisor, I've seen tens of startups with a great product and zero paying users. I'd say that the product is validated when you clearly see, that all your customer acquisition costs lower than the income you can get our of your user base :)