What questions should you ask to validate your product ideas?

1 What problem are you solving?

The first and most fundamental question you should ask is what problem are you solving with your product idea. A problem is a gap between the current situation and the desired situation of a specific group of people. You need to identify who has this problem, how big and urgent it is, and how they are currently solving it. This will help you define your value proposition, your target market, and your competitive advantage.

3 How will you reach and retain your customers?

The third question you should ask is how will you reach and retain your customers. You need to have a clear and effective strategy to acquire, activate, and retain your customers. You need to understand where your customers are, how they discover and evaluate products, what motivates them to buy and use your product, and what keeps them loyal and satisfied. You also need to measure and optimize your key metrics, such as customer acquisition cost, conversion rate, retention rate, and lifetime value.

4 How will you make money from your product?

The fourth question you should ask is how will you make money from your product. You need to have a viable and scalable business model that generates revenue and profit from your product. You need to identify your revenue streams, pricing strategy, cost structure, and break-even point. You also need to validate your assumptions and hypotheses about your business model with real data from customers and the market.

5 How will you differentiate your product from competitors?

The fifth question you should ask is how will you differentiate your product from competitors. You need to have a unique and compelling value proposition that sets your product apart from other solutions in the market. You need to understand your competitive landscape, your customer segments, and your value drivers. You also need to communicate your value proposition clearly and consistently to your customers and stakeholders.

6 How will you adapt and improve your product over time?

The sixth and final question you should ask is how will you adapt and improve your product over time. You need to have a lean and agile approach to product development that allows you to learn from feedback, data, and changes in the market. You need to have a clear vision, goals, and roadmap for your product, but also be flexible and responsive to customer needs and expectations. You also need to have a culture of experimentation, innovation, and collaboration within your team and organization.

7 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?