What strategies do you use to validate a market in a niche or emerging industry?
Herklos
24 replies
I've been struggling to validate the market for my product in a niche and emerging industry (cryptocurrencies investment automation).
What strategies have you found effective for confirming demand?
Replies
Zaheer Khan@zaheer_khan6
I look at secondary research and reports for market trends
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I creat content around the niche to see if it attracts interest.
I use pre orders to gauge interest before production.
I often run focus groups to get detailed feedback
I talk to potential customers and test small products versions for feedback.
I look at social media engagement on related topics
@sharon_workman Thanks, what tool are you using to check social media engagement?
I run small scale experiments to test viability
"I often run surveys and analyze the responses to understand the market needs.
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@steven_granata Thanks, what survey tool are you using?
"I like to create a simple prototype and get feedback from potential users.
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I run pilot programs with a small group of users.
I use social media polls to get quick feedback.
I spend some time on research but lot more time on the people who are actively working in that market. That brings more teachings for me that sometimes the secondary research reports, which were created sitting in a comfortable office without proper industry knowledge.
I test concepts through email marketing to measure interest.
I offer a free trial to see if there’s interest before commuting.
I use crowdfunding platforms to test demand and get early backers.
@mini_addison Great idea! Do you have a favorite platform?
I analyze online forums for pain points and opportunities.
I collaborate with influencers to gauge interest and get feedback.
@claudia_dennis How did you choose these influencers?
I launch beta versions to a select audience to gather insights.