Four Ways To Decide If Your New in Tech Will Make It Big

When you are building a tech product that you believe in, it’s easy to get caught up in what you envision it will become. You’re excited about it, so everyone else will be, too, right? Not necessarily. Before going too far with the buildout, you still need to ensure that your new tech idea will be embraced by those you believe want that product. It’s important to assess demand not only for the sake of attracting investors, but also because it tells you if the idea is even worth pursuing.

With 90% of startups failing, this early research is vital and can save you the heartache of an idea that doesn’t take off. Based on my own experiences and that of my colleagues, here are some tips that can help you decide whether your tech idea will make it big. 1. Measure The Tolerance Of Your Pain Points The decision about your tech product goes well beyond just identifying a set of pain points. Just because your audience has some pain points doesn’t mean their tolerance level has reached the level to do something about it.

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For example, some issues are more about inconvenience, while others keep the target customer up at night. In using my own product as an example, my target customers — parents — don’t particularly like that their kids are on their devices for hours every day, but what pains them the most is the fear of what they may see on the internet and what other dangers are lurking that they can’t block.

Therefore, the problem your product can solve needs to be these powerful pain points that most concern your buyers. If you can alleviate what keeps them up at night, then you are on the right track with your tech product.

2. Determine If The Tech Solution Is Sustainable

While it’s good to know that your product can solve problems, it’s important to see what happens next. For example, if you go after a problem that goes away after it’s solved, that is good for the world and the people who faced that issue. However, it’s not good for you because you have solved yourself right out of business.

The problem I took on involved kids and their parents. That is an audience that will continue to repopulate and face that same problem with kids of a certain age. Therefore, my product will always have a target customer who will be happy to use it to solve their age-specific problem. You will want to make sure your audience is sustainable so your tech product and business are the same.

3. Get Customer Feedback During The Idea And Prototype Stages

Early feedback from those you believe are your future customers can set the stage for what you do next. It’s important to know how these potential customers feel about your idea or even your prototype if you are far enough along. This is essential because their opinions determine if people will actually buy what you are offering on a much larger scale. Otherwise, you can’t prove you know the market; you only know what you want the market to do.

When getting this feedback, ask questions, and then listen. Don’t assume you know what they will say because you believe you are solving their pain points. What you hear can be surprising but necessary.

4. Assess Customer Acquisition Costs

Even if you have identified a significant demand for your tech idea, it’s critical to calculate to acquire those customers at the outset and on an ongoing basis. The metrics must deliver an acquisition cost that is far less than the lifetime value of those customers.

To figure out an idea of your customer acquisition costs, look into your potential competitors. How much are they spending on PPC ads? Where are they targeting ads? Do they get a lot of traffic from organic search?

This research will help gauge the level of demand and how quickly you can attract and potentially convert those interested. You can also estimate the cost and return on investment for those digital ads and what you may need to spend across your sales funnel.

A Good Start

Although you won’t know exactly what will happen, these four steps are good indicators of your tech idea’s potential level of success. The more you do earlier on, the better chance you will have to make it big because you will have more insights, intelligence and techniques than if you just tried one or two tests.

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