How to validate a b2b business idea?

Question

Andres Felipe Ceballos · Accepted Answer

@adith_168 Thank you!

Answer

To validate a B2B business idea, first conduct market research to identify demand and competition in your target industry. Then, validate your solution with potential customers through interviews or early prototypes to gauge interest and potential buying behavior.

Answer

Identifying the target industry would be the key. From there drill down towards your ideal user. on this journey you will get to know about the pain points, the business impact, competitors, market size, etc., If you are solving a problem for your user you will have a market nevertheless. The other variables only decide the size of the business.

Ayesha Javaid · Answer

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Ayesha Javaid · Answer

To validate a B2B business idea in the realm of marketing, conduct thorough market research to understand your target audience's needs, pain points, and preferences. Engage in direct conversations with potential clients, participate in industry events, and create surveys to gather feedback. Additionally, build a minimum viable product (MVP) and test it with a small group of prospects to assess interest and demand. Utilize this data-driven approach to refine your marketing strategy and ensure your B2B business idea aligns with market demands before fully launching. https://www.marketing.biz/

Ayesha Javaid · Answer

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Andres Felipe Ceballos · Answer

@dasuika1986 thank you for your answer, any strategies that have worked for getting interviews to validate a solution?

Andres Felipe Ceballos · Answer

@vishnu_prassad Thanks, it's very valuable information.

Answer

Hi Andres, I'm a huge fan of First Round Capital blogs, and this blog - https://review.firstround.com/th... - is a great technique they have in validating business ideas in general. I've seen my fellow PM colleagues execute an "MVT" for a new product in my last company. Let's break this down into steps you can execute quickly and see. Step 1: Find competitors, if your space has extremely similar competitors - You can do a TAM analysis by looking at some of the top publicly trading competitors in the space and the sum of their market cap. This is a decent place to stop because you've already validated and it means that the market has already validated your idea and there's no need to check for further proof. Step 2: Let's say you're unable to find similar-enough competitors, you need to understand which job title is going to be your target ICP. Is it a horizontal ICP (across various industries) or a vertical one(one specific industry). When I say job title, it can be on the lines of Director of Marketing, Head of Sales and Growth, CTO, VP of Product, etc. Step 3: Depending on this, I suggest you connect with at least 15-20 folks of that job title. In order to connect with them, assuming a high reply rate, you should cold DM at least 150-200 folks from companies of various sizes. Step 4: Prepare a Figma prototype for your idea. Share your screen and showcase it to them, record the meeting, gauge their reactions, and understand if they like it or if they think it's a waste of their time Step 5: Once the interview is done, thank them. Offer some goodwill in return - it can be a service that you do for free for them or giving a physical gift. Some of these folks might even agree to be beta testers for your product and give you some lovely testimonials before launch! Step 6: Collate and analyze the results of your interviews If there's an overwhelming positive appreciation for your idea, I suggest start building and selling as quickly as possible. If you think your product is perfect, you're already late. Start selling, the market will tell you whether it's ready or not, how quickly you can grow etc.

Andres Felipe Ceballos · Answer

@ayesha_javaid thank you for sharing

How to validate a b2b business idea?

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