B2B Idea validation - 3 step process to validate your MVP before spending $$$

You’ve heard it before – validate your idea before spending time building a Minimum Viable Product (MVP). Validating B2B ideas are challenging and expensive. But don't let this discourage you. Let me share my 3 step framework of how I went through validating the concept before building an MVP.

1. Refine problem, target audience, and do the due diligence

• Identify the crux of the problem – Articulate in one sentence. 

For example, Providing benefits to remote-first companies is not easy; accessing data from different systems within an enterprise is hard

• Understand your competition 

• Is this just a small feature addition 

• Check the company forums to see existing customers complaining about this problem

• Check job adverts, product tutorial videos to learn beyond vision and missions statements

2.  Reach out to potential customers

• Is this an Upsell – Work with your customer accounts to identify friendly customers and test the waters

• Is this a new product – Find the targeted audience you refined in (1) through your network or reach out to people over LinkedIn, relevant online B2B events

• Book meetings, pitch the idea, observe, listen and take notes

• Distinguish between “a Customer who needs this” from “a Customer who is interested in this” through $$ test. Instead of saying “I think our service will be around X$” say “The service costs X$” 

3. Define and refine your problem in (1) to arrive at MVP

MVP is not a crappy version of all the features you want to validate. MVP should allow you to validate the core problem you identified through the above process. Employ continuous feedback with established friendly customers