Ask Potential customers before investing in the development of an idea?

[sandbox]

We have a product for water treatment plants. We started by phoning every water treatment plant within 100 miles. All together that came to 30 water treatment plants, mostly municipal, but a couple of industrial plants. We asked if we could come out for a visit. Every one agreed to us coming by for a visit.

When we arrived we explained that we were not selling a product, but researching to determine if there was a need for a product that we were considering developing and that we were probably 5 years from having the product if we went ahead. That was 7 years ago, and we are just going to market now.

We next described what we were looking at developing, and got their feedback on existing solutions that they had used, or were using, or were aware of. Then we took a tour of the facility (these guys were running a plant, and almost nobody would visit them, so they were eager to show us around and talk about what they did and how they did it.)

They also talked about how they would use the product we were envisioning. That gave us HUGE value in developing our product. It convinced us to go back to potential investors to raise our first round of funding. It also gave the investors confidence that there would be a market for the product.

I hope this helps you.

 

[Mama12]

Before committing to an idea, ascertain whether there is genuine interest from the public. Engage with your intended audience, conduct brief surveys, or gauge enthusiasm through pre-orders or a basic landing page. This preliminary feedback aids in refining the concept, validating market demand, and preventing financial outlays for a product that might not attract buyers.

 

[Btaliat]

Great advice! Conducting thorough market research and gaining feedback from potential customers before investing in the development of an idea is crucial. It's fantastic that you took the proactive approach of engaging with water treatment plants to gather insights and validate the need for your product.

 

[Brajet]

Don't just build stuff in your basement and hope for the best. Ask them what bugs them. And don't ask "would you buy this?" 'cause everyone's too nice to say no. Instead, see if they're already jerry-rigging some janky fix. That's your clue.

Even better? Try to presell it or grab email signups. Real hype = wallets or clicks, not fake smiles. Skipping this step? That's how you build a fancy solution to a problem no one has. So grab a coffee, slide into DMs, or lurk in Reddit threads.

 

[Btaliat]

That's a valuable point! Engaging with potential customers early on can provide crucial insights into the viability of your idea and help you tailor your product to better suit their needs. Testing interest through surveys, pre-orders, or landing pages can be cost-effective ways to gauge demand before investing heavily in development.

 

[Btaliat]

Engaging with potential customers at the early stages of idea development is key to understanding their needs and preferences. By actively listening to feedback, you can shape your product to better align with market demands. Testing the waters through surveys, pre-orders, and landing pages can provide valuable insights into the level of interest and demand for your idea.

 

[Medusa_p]

Absolutely, engaging with potential customers early on in the product development process is essential for understanding their needs and preferences. By gathering feedback and insights from your target market, you can tailor your product to meet their requirements effectively. Initiating market tests through surveys, pre-orders, or landing pages can help validate the demand for your idea and make informed decisions before investing significant resources into the development phase.

 

[Madison]

Engaging with potential customers before investing in the development of an idea is crucial for understanding their needs and preferences. By gathering feedback and insights from your target market, you can fine-tune your product to align with market demands effectively. Initiating market tests through surveys, pre-orders, or landing pages can help validate the demand for your idea and make well-informed decisions before committing resources to further development. This approach can significantly increase the chances of creating a successful product that resonates with customers.