Market validation is not just about asking customers if they’d buy your product, it’s about understanding their behaviours and barriers to changing behaviours. It’s also about getting inside the minds of potential partners and influential people to find out how to get them on your side.
Foolproof is for SMEs who are looking to significantly grow their revenues through new or existing product and service offerings. It has been designed specifically for the unique New Zealand market and contains thirteen true stories of failure and success from entrepreneurs and investors, along with many fictional examples.
It is commonly estimated that about 80% of new products and services fail within their first year. Given that about 45,000 new companies are incorporated in New Zealand each year – that makes for a phenomenal amount of potential failures. Most of these product and service failures occur because customer demand is inadequate. This is commonly due to a poor choice of target market, a weak positioning strategy, the product and service features not matching what the customers want, and lack of awareness. These problems could have been avoided if the products and services had been properly validated – however few people do it well, or even at all.
If you read Foolproof and implemented just some of the recommendations it will almost certainly result in improved financial performance.