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Perform initial consumer needs assessment, based on a 10-hour internet search, to determine whether, or not, there may be a
viable business opportunity for your new product or service idea.
- Are you solving a real consumer need/problem?
- Initial Definition of consumer/customer target.
- What other products or services are in the market now?
Why is Consumer Validation So Necessary?
“What do your customers need and how do you know for sure?
It isn't enough to say there's a need for your product; you need hard facts and real-world examples to prove it.
A pair of entrepreneurs spent time in the vitamin section at Whole Foods, and discovered women didn’t like the large size of vitamin pills and potential side effects of nausea and constipation.
They used this bottom-up research when pitching investors on their product, a prenatal vitamin drink that the company says doesn’t have digestive side effects. "When companies are pitching to me, I always look for" bottom-up research, says Danny Warshay.
Source: excerpted from http://www.nbcnews.com/id/50361864/ns/business-small_business/t/questionsanswer-pitching-investors/#.WcEyh8iGPGg
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