Is There a Demand for My Product? Part 2

Is There a Demand for My Product? Part 2

Consider the Marketplace

Before launching your business, you need a clear understanding of the market. Ask yourself:

? Is the market growing or shrinking? If shrinking, are there still untapped opportunities?

? How many potential customers exist?

? What barriers to entry could slow or stop your business?

? How intense is the competition?

? Is there a risk of established players entering your space?

If your research from we discussed in part one of “Is there a demand for my product?” has shown there is potential demand, now is the time to focus and learn more about your customers. You need real answers to key questions:

? Are people willing to pay for your product? How much?

? How do they currently solve their problem?

? What do they think of your idea?

Finding Your Ideal Customers

Broad platforms like Facebook or LinkedIn can be overwhelming. Instead, focus on:

? Industry bloggers, influencers, and podcasters who comment on your field.

? Niche groups or forums where potential customers engage.

? Specific individuals who match your target audience.

Identify at least 10 sources of potential customers. The more, the better. Once you find them:

? Personalize your outreach. Don’t sell—seek insight.

? Ask for their thoughts on your idea and pricing.

? Pay attention to response rates—they can indicate demand.

Proposing Your Solution

Once you've gathered insights, refine your value proposition. Introduce a price point that supports your business. It’s better to start high rather than undervalue your product.

Launching Your Minimum Viable Product (MVP)

The concept of an MVP comes from Lean Startup Theory, which encourages failing fast to succeed sooner. Your MVP should be the simplest working version of your product, with just enough features to attract early customers and gather feedback.

A minimum viable product is only an MVP when it sells.

Example: Amazon’s MVP Amazon started as an online bookstore. Jeff Bezos didn’t invest in warehouses or massive infrastructure upfront. Instead, he bought books from distributors and shipped them per order. Once sales proved demand, he scaled operations.

The Virtual MVP

You don’t need a physical product to test demand. Create a simple landing page and:

? Direct traffic through test advertising.

? Include a price and a “Buy Now” button. Instead of checkout, lead users to a page explaining the test and inviting them to leave an email.

? This helps validate whether people are willing to pay for your product.

No Budget for an MVP?

If funds are tight, consider content marketing. Write a blog with valuable insights for your target audience. Engage in forums, share knowledge, and direct potential customers to your content.

Need a bit more clarity on demand validation. Let's have a chat. Contact me via:

https://calendly.com/3-continents-consulting/open-discussion-how-can-i-help-you?back=1&month=2025-03

The Power of Research

It’s tempting to rush into launching your business. But remember: More haste, less speed. The steps in this series help you avoid the second most common reason startups fail—lack of demand. Take the time to validate your idea now, and you’ll save time, money, and frustration in the long run.