How Do I Know If My Idea Has Market Viability - Will People Pay For It

How do I know if my idea has market viability?

I was outside running and I got a question in that I wanted to answer because it is at the foundation of LaunchStreet and how we do business and why we do business. So Carrie in our community asked:

How do you assess market viability of your idea?

Carrie, that is such a great question and I have to say, I think as most of you know, I spent twenty-plus years in Corporate America doing brand strategy and innovation and we would spend hundreds of thousands of dollars trying to assess market viability in focus groups, in conference rooms, looking at data.

Do you know what I discovered over those years?

All that stuff, all that internal information, didn't really matter. Your invention still had a 50/50 chance of making it. So here's what I've learned since then. Don't make that mistake, don't try to test market viability by just looking inward, new data and the past and what you think is possible. Test it by getting your idea out into the marketplace, see if people want it, to see if it fulfills a need, to see if it's something that they want more of.

And here's the deal, Carrie, and to the rest of the community, it doesn't have to be perfect for you to get it out there. Just make a working prototype of it and see what people think. You can get a kiosk at a street fair, you can get a booth at a mall, you can have friends over for wine and cheese to test market viability. But, you haveto test it in the real world, cause from my perspective, everything else is just crap.

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Share This: You'll never know if your idea will succeed on paper. You gotta hawk it. #theshuuk