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: 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: Understanding the Needs of Your Customers
After identifying a core set of customers you’d like to market your product to, the next step is to understand their needs. Whether you call it pain points or customer needs, the underlying principle is the same, the success of your product in the market will depend on its ability to address the underserved needs of your target customers. Because your product will be compared to existing solutions, it would make more sense to try and break into a market where the customer needs aren’t adequately met. A good market opportunity exists when your software or service is able to create value for customers. Step #3: