As a 20+ year marketing and product professional, I’ve conducted market viability analysis for ideas and products countless times.

I can say with confidence product-market fit is the #1 determinant of success. With it, even bad casts catch fish. Without it, all the marketing and salesmanship in the world is unlikely to help much.

Over the years, I’ve found that these 3 steps are key to an effective outcome in determining market viability for your idea.

#1: Market Research

Conduct thorough research to understand your target audience.

Focus on a niche. Focus on the severity of the pain points. Focus on your audience’s attributes.

Effective market research will save you from some expensive mistakes in the long run.

#2: Competitive Analysis

Analyze any competition to your idea.

Competition can be direct or indirect, Direct is a product or service designed to solve the problem you are trying to solve. Indirect is a product or service designed for another purpose that people use to solve the problem you are trying to solve.
Researching both can help you design your product.

#3: Customer Validation

Engage with potential customers.

Explore their pain points. Explain your concept and see if it resonates. Listen and adjust based on the feedback.
A minimal viable product can be helpful here.

Takeaway

Until you assess the market potential for your idea, you really have nothing. Start by identifying a niche and researching it thoroughly. Using these 3 key steps will keep; you ahead of the game.

​