Title: How To Determine The Viability Of Your Product Idea | FastSpring
Headings: How To Determine The Viability Of Your Product Idea
How To Determine The Viability Of Your Product Idea
Step #1: Determine Your Target Customer
Step #2: Understanding the Needs of Your Customers
Step #3: Define Your Value Proposition
Step #4: Offer Up a Core Set of Features For Your Minimum Viable Product (MVP)
Step #5: Build the MVP Prototype
Step #6: Get Your MVP In front of Customers
Reflections, Pivots, & Iterations

Content: Dan Olsen, a product management consultant, expands on this topic further in his framework; the Lean Product Process, to help businesses achieve product-market fit. Whether you’re looking to launch a brand new product or introduce a new service to an already existing product line, following this 6 step framework will help you determine the feasibility of your idea. Step #1: Determine Your Target Customer
It’s important to recognize that you may not have a precise definition of who exactly your target customer is initially, having a high-level hypothesis about who your product will serve is sufficient for this first step. As you conduct more market research and begin segmenting your customers, you may find that your initial hypothesis may change. Establishing clear buyer personas to describe your customers adds a human element to the design process and gives your product team a better understanding of who exactly you’re building the product or service for. Some characteristics you should include in your personas are customer demographics, behavior patterns, motivations, and goals. You’ll want to be as detailed as possible since these fictional personas will serve as a representation of the real users who will end up using your product. Step #2: