Concept Validation Research
What is it? Concept Validation Research is a process used to test and validate a product, service, or feature idea before significant time and resources are invested in building it. It helps determine whether the concept resonates with the target audience, solves a real problem, and has market potential.
The research process usually involves presenting proposed concepts in the form of product descriptions, prototypes, mock-ups or storyboards to potential users or stakeholders to gather feedback on the concept's desirability, relevance, and monetization potential..
When should you use it?
- Early in the product development cycle typically during the ideation or planning or POC phases
- Before building your MVP (Minimum Viable Product)
- When you have multiple concepts and want to prioritize
- When seeking stakeholder or investor buy-in with evidence of user interest
What problems will it solve for you?
- Avoiding wasted development effort on ideas no one wants or needs
- Reducing risk by identifying potential flaws in the concept early
- Improving product-market fit by aligning the concept with real user needs
- Justifying investment in an idea with data and user insights
- Validating monetization potential for a product or service concept
Business Model Development
A stand-alone module that is frequently requested in conjunction with Concept Validation, Business Modeling involves a thorough verification of our research findings against syndicated research data and competitors' technology roadmaps The output is detailed five year revenue forecasts with key assumptions stated and proforma EBITDA projections. Our startup clients frequently use this output from our work to establish internal rate of returns and valuation for their potential investors. Established clients use the output for internal budget planning purposes. In both cases, however, business model development is a potent and powerful tool in developing business strategy.
For more information or to receive a demo and briefing, please contact us at insights@svrg.net
