Market validation is the process of determining whether your product or service is of interest, in other words how it would benefit a given target market. Market validation demands a series of interviews and evaluation of ideas or startup ideas with people in your target market, and it almost always takes place before you’ve made a consequential investment in your product/concept.
Let us take an example where the daily passengers faced serious commuting problems since taxi services refused customers at their discretion. It was the dawn for Indian origin online transportation network company namely OLA. Ola offers services ranging from economic to luxury travel in all over the country. One can book or reserve a cab through a mobile app or website and the service accepts both cash and cashless payments with Ola money. This service is available at customers doorsteps and he/she can cancel the ride if needed, pool it with others to reduce the pollution and curb down the fare price and avail various exciting offers from time to time.
The main aim of the venture was to provide customer of different age groups to provide a hassle-free commuting service and their prospective customers were office goers, old aged people mainly. Though it operates under losses and faces cut throat competition with other foreign brands like Uber which operates on a large scale and is available in more than 700 metropolitan cities worldwide, Ola brings a whole lot of exclusive perks for corporate employees as one need to worry about rains, parking issues, and traffic anymore. One can share his/her ride experience, rate his/her trip and the driver, as customer satisfaction is of utmost importance for any businesses, the feedback from the customers helps them to deliver better service more conveniently. Customers often compare OLA fares with other taxi services before availing them. Ola is a Bangalore based start-up which has expanded to all the major cities in India diversifying their services after their successful launch in the potential market.
There are various tips for using lean market validation to confirm whether you have a product/market fit with real customers or not. By simply engaging with the right people, asking the right questions, and fetching the factual data you can confirm if your idea solves a problem, who your potential customers are, and ultimately whether or not there’s a market for your product or service.
Lastly, reach out to a business expert from your field and comprehend from them. You will build a good business domain if you have a guide who’s practically been there and done that. Having a business website is the gateway to your venture. Arobit Business Solutions Pvt Ltd provides functionalities and services which will help you to open your doors to prospective customers and let them know what you offer and how your business can help them with their definite needs.