B2B Idea validation - 3 step process to validate your MVP before spending $$$
B2B Idea validation - 3 step process to validate your MVP before spending $$$
You’ve heard it before – validate your idea before spending time building a Minimum Viable Product (MVP). Validating B2B ideas are challenging and expensive. But don't let this discourage you. Let me share my 3 step framework of how I went through validating the concept before building an MVP.
Refine problem, target audience, and do the due diligence
Identify the crux of the problem – Articulate in one sentence.
For example, Providing benefits to remote-first companies is not easy; accessing data from different systems within an enterprise is hard
Understand your competition
Is this just a small feature addition
Check the company forums to see existing customers complaining about this problem
Check job adverts, product tutorial videos to learn beyond vision and missions statements
2. Reach out to potential customers
Is this an Upsell – Work with your customer accounts to identify friendly customers and test the waters
Is this a new product – Find the targeted audience you refined in (1) through your network or reach out to people over LinkedIn, relevant online B2B events
Book meetings, pitch the idea, observe, listen and take notes
Distinguish between “a Customer who needs this” from “a Customer who is interested in this” through $$ test. Instead of saying “I think our service will be around X$” say “The service costs X$”
3. Define and refine your problem in (1) to arrive at MVP
MVP is not a crappy version of all the features you want to validate. MVP should allow you to validate the core problem you identified through the above process. Employ continuous feedback with established friendly customers