How do you assess the viability of your product before launch?

How do you assess the viability of your product before launch? This is a crucial question for any product R&D team, as it can help you avoid wasting time, money, and resources on a product that does not meet the needs and expectations of your target market. In this article, we will explore some of the methods and tools that you can use to validate your product idea, test your assumptions, and gather feedback from potential customers.

1 Define your problem and solution

The first step in assessing the viability of your product is to clearly define the problem that you are trying to solve and the solution that you are offering. You need to have a clear value proposition that explains how your product solves a specific pain point or need for your target audience. You also need to identify your unique selling proposition (USP), which is what makes your product different and better than your competitors. You can use tools like the Lean Canvas or the Value Proposition Canvas to help you articulate your problem and solution in a concise and visual way.

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Mohammed Yaseen Ali

Lighting Consultant | Project Manager | Lighting Application Specialist | Dialux Trainer | Speaker
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And remember "WHY" you are bringing this new solution to the market. Often we forget this simple aspect while developing a new product. But as Simon Sinek says - Why you do what you do, is the biggest differentiator and can define your market presence.

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2 Conduct market research

The next step is to conduct market research to validate your problem and solution assumptions. You need to understand the size and characteristics of your target market, their needs and preferences, their current alternatives and competitors, and their willingness to pay for your product. You can use both primary and secondary research methods to collect relevant data and insights. Primary research involves directly interacting with your potential customers, such as through surveys, interviews, focus groups, or observation. Secondary research involves analyzing existing data sources, such as reports, articles, statistics, or trends.

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3 Build a minimum viable product (MVP)

The third step is to build a minimum viable product (MVP), which is a version of your product that has the core features and functionality that deliver value to your customers. The purpose of an MVP is to test your product with real users and get feedback as quickly and cheaply as possible. You can use tools like prototyping software, landing pages, mockups, or demos to create your MVP. You can also use different methods to test your MVP, such as alpha testing, beta testing, usability testing, or A/B testing.

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4 Measure and learn from feedback

The final step is to measure and learn from the feedback that you get from testing your MVP. You need to define the key metrics and indicators that measure the success and performance of your product, such as customer satisfaction, retention, acquisition, engagement, or revenue. You also need to collect and analyze the qualitative and quantitative feedback that you get from your users, such as through surveys, reviews, ratings, comments, or analytics. You can use tools like the Build-Measure-Learn loop or the Feedback Grid to help you organize and interpret your feedback and decide on the next steps for your product development.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you assess the viability of your product before launch?

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3

4

5

1 Define your problem and solution

2 Conduct market research

3 Build a minimum viable product (MVP)

4 Measure and learn from feedback

5 Here’s what else to consider

Product R&D

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How do you assess the viability of your product before launch?

1

2

3

4

5

1 Define your problem and solution

2 Conduct market research

3 Build a minimum viable product (MVP)

4 Measure and learn from feedback

5 Here’s what else to consider

Product R&D

Rate this article

Thanks for your feedback

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