We all get product ideas all the time; while taking a dump, in the shower, or in a gathering with friends after a pint of beer. Most of these ideas remain buried in the hearts because there is no cost-effective way to gauge if the idea has potential and/or is theoretically business-worthy. Arguably, even creators find themselves in this fix. Whether to go ahead with a certain idea or let it go off completely.
The process of traditionally determining product-market fit or understanding if pursuing an idea will only be energy and financially draining, is cumbersome and expensive. To that accord, an online website, which can help evaluate market demand for an idea and define its pricing strategy before it can be launched as a product in the market, has been helping the creators. This allows them to reduce potential failures and assist in making vital decisions pertaining to investment and development of the product.
On the lines of crowdfunding platforms that have become the modern way of product validation for most creators, even established businesses for that matter; this dedicated market-validation platform called Prelaunch has come to the fore. Prelaunch, is what the name suggests; a platform designed for creators to test their new ideated products before launch. It helps them gauge whether the idea fits an existing market, by allowing potential customers to place small deposits, and/or solve a consumer problem before investing in its R&D.
The platform has more than 1,000 companies using it, including several Fortune 500 brands. It is now introducing an idea validation funnel, which allows an idea to be submitted and tested in five minutes before it is readied for a launch on Indiegogo, Kickstarter, or any other e-commerce platform. As for differences between the two categories, creators need to have the initial version of the product ready before launching on Kickstarter or Indiegogo and then wait to see if it will yield huge success or lead to a complete failure.
Prelaunch, on the other hand, requires creators to have an idea and willingness to experiment and iterate the concept based on the feedback of potential customers. This is carried out with the help of AI and it works like this:
- Describe your idea and with AI, your product page will be created
- Share it with your network or Prelaunch panel of 200M people
- Get feedback and learn how to improve it.
After finalizing the validation process, creators receive invaluable information on the website that can ultimately secure a confident e-commerce launch, bound to succeed in most likeliness.
The Prelaunch idea validation feature enables creators to introduce their concepts to a vast community of over 200 million individuals. By simply describing their idea and outlining its features and potential specifications, creators can select from a diverse array of over 50 pre-designed templates to craft a responsive landing page. The process of idea validation is seamlessly automated: describe your idea, and with the assistance of AI technology, every element, from product presentation to copywriting and design, is generated automatically.
Creators then can sit back and await valuable feedback from the community, helping to measure real buying intent and tweak the idea according to the desired market fit. This product-market-validation service is provided for free on Prelaunch.com’s website for now.
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