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: How To Determine The Viability Of Your Product Idea | FastSpring
How To Determine The Viability Of Your Product Idea
Estimated read time: 6 minutes, 15 seconds
You’ve got an amazing idea for a new piece of software or service that you’re confident about developing further, but is the market really ready for your idea? Whether you’re an emerging startup or an established business, finding product-market fit is a good indicator for the success of your next venture. First coined by Marc Andreessen in 2007, “product-market fit” was initially defined as “being in a good market with a product that can satisfy that market.” Over the years countless venture capitalists, founders, and product professionals have offered their own interpretations for the term, but at its very core product-market fit is all about creating a product that not only meets the needs of your customers (the market), but does so in a way that is better than the other existing alternatives. 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.