British Columbia Innovation Council

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Market Validation

When developing your new product or service, it's important to use information to drive your business decisions, not only intuition.

Intuition is great. It's what got you here as an entrepreneur, but now the real work begins. Start with market validation before introducing your product. In the market validation phase, the objective is to determine that there is a need for your product in the marketplace. Things to consider:

  1. Target market (potential customers)
  2. Competition: Identify the competition and differentiate your product
  3. Industry trends
  4. Identify pricing structure and sales channels

Why is it important?

Market validation will give you a better understanding of the market and can help with generating marketing strategies on how to position your product and the value it creates. It will also provide a better understanding of the appropriate target audience(s), their needs/wants and their behaviours.

Finally, market validation will also help to better position your product when introducing it to the customer.

Advisory Services/Seminars

Resources

Demographic Information Resources