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Validating a new survey

Validating a new survey

How Surveys Lead To Faster Market Validation By Andrea Fryrear Aug 25th, Blog Traditional approaches to market validation suggest a weeks-long effort conducted by a team of market researchers, but the ever-increasing pace of innovation makes this timeframe unrealistic.

But with a strategic combination of online surveys and in person interviews, you can dramatically shorten the cycle of market validation. Shorter cycles mean less wasted time and effort, as well as more current data. What is Market Validation? Put simply, market validation is a means of testing your product concept against your target market. Most market validations consist of a series of minute interviews with people who fall into the demographic you believe will be buying the final product.

Some experts dictated a minimum of four weeks and an average of six weeks, with eight weeks being common to complete a market validation study, depending on the number of interviews and the size of the research team. But startups have slashed these times.

People like Jim Semick, Founder and Chief Strategist for Product Plan, are using lean startup methodologies to encourage potential entrepreneurs to complete their market validation within a 54 hour period. This time frame is probably a bit too extreme for most businesses, but by combining the traditional interview-driven approach with lean principles and online surveys, you can get meaningful data in a relatively short time.

In order to effectively reach the appropriate audience with your survey and interviews, you need to know who to reach out to. But you should be open to the idea that the people who you think need your product may not be interested.

Consider these questions if your customer is a business: What kind of business? How big or small is the typical business? What market are they in? Where do they hang out, both in the digital and physical worlds? Are you already active in these spaces, or will you need to pay for placement or approach influencers to help you?

Will a personal appeal or an incentive be more likely to encourage their participation? If you begin by administering online surveys before conducting interviews, you can quickly and efficiently narrow down the pool of potential respondents. A survey can help you identify people who are willing to talk to you in more depth, and also collect valuable demographic and firmographic information that can help refine your target market later on.

For the purposes of a market validation, this means you want to know whether or not these folks will buy your product. This is where in-person interviews become an invaluable tool. I recommend continuing to input your qualitative interview data into the same tool you used for the initial surveys.

This allows you to take advantage of its data analysis capabilities and connect the dots between your quantitative and qualitative stages of research. Even if the answer has nothing to do with your product, you can get ideas for how best to communicate with your market. Some other good options for market validation questions include: Plan to ask this one a lot during interviews. How do you do that [solving the problem your product is meant to solve] today?

How do you feel about… [your current solution? Who is responsible in your organization for implementing products or services in this space? If your product is targeted at the B2B market, in person interviews combined with about surveys can give you accurate data. Consumer products may require hundreds of interviews before you have a data set you can act on with confidence.

Once your product plan is entering its final stages, then you can return to your target market to conduct a full-fledged market validation study. After the First Market Validation: Testing Value Statements Trying to validate your market AND test your value statements simultaneously will muddy your data , because people may respond one way to your value statement and another way to the product itself.

Conduct multiple short studies rather than one lengthy one, and consider the minimum amount of data you can act on with confidence: And then they make them.

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How To Validate Your Startup Ideas



Validating a new survey

How Surveys Lead To Faster Market Validation By Andrea Fryrear Aug 25th, Blog Traditional approaches to market validation suggest a weeks-long effort conducted by a team of market researchers, but the ever-increasing pace of innovation makes this timeframe unrealistic.

But with a strategic combination of online surveys and in person interviews, you can dramatically shorten the cycle of market validation. Shorter cycles mean less wasted time and effort, as well as more current data. What is Market Validation? Put simply, market validation is a means of testing your product concept against your target market.

Most market validations consist of a series of minute interviews with people who fall into the demographic you believe will be buying the final product. Some experts dictated a minimum of four weeks and an average of six weeks, with eight weeks being common to complete a market validation study, depending on the number of interviews and the size of the research team. But startups have slashed these times. People like Jim Semick, Founder and Chief Strategist for Product Plan, are using lean startup methodologies to encourage potential entrepreneurs to complete their market validation within a 54 hour period.

This time frame is probably a bit too extreme for most businesses, but by combining the traditional interview-driven approach with lean principles and online surveys, you can get meaningful data in a relatively short time. In order to effectively reach the appropriate audience with your survey and interviews, you need to know who to reach out to.

But you should be open to the idea that the people who you think need your product may not be interested. Consider these questions if your customer is a business: What kind of business?

How big or small is the typical business? What market are they in? Where do they hang out, both in the digital and physical worlds? Are you already active in these spaces, or will you need to pay for placement or approach influencers to help you? Will a personal appeal or an incentive be more likely to encourage their participation?

If you begin by administering online surveys before conducting interviews, you can quickly and efficiently narrow down the pool of potential respondents. A survey can help you identify people who are willing to talk to you in more depth, and also collect valuable demographic and firmographic information that can help refine your target market later on. For the purposes of a market validation, this means you want to know whether or not these folks will buy your product.

This is where in-person interviews become an invaluable tool. I recommend continuing to input your qualitative interview data into the same tool you used for the initial surveys. This allows you to take advantage of its data analysis capabilities and connect the dots between your quantitative and qualitative stages of research.

Even if the answer has nothing to do with your product, you can get ideas for how best to communicate with your market. Some other good options for market validation questions include: Plan to ask this one a lot during interviews. How do you do that [solving the problem your product is meant to solve] today?

How do you feel about… [your current solution? Who is responsible in your organization for implementing products or services in this space? If your product is targeted at the B2B market, in person interviews combined with about surveys can give you accurate data.

Consumer products may require hundreds of interviews before you have a data set you can act on with confidence. Once your product plan is entering its final stages, then you can return to your target market to conduct a full-fledged market validation study. After the First Market Validation: Testing Value Statements Trying to validate your market AND test your value statements simultaneously will muddy your data , because people may respond one way to your value statement and another way to the product itself.

Conduct multiple short studies rather than one lengthy one, and consider the minimum amount of data you can act on with confidence: And then they make them.

Validating a new survey

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