Validating a new product/business doesn’t need to take 6 months: Insights from our recent discovery

Impekable Consulting is a leading digital consultancy that strives to make a profound impact on our clients’ businesses, inspire innovation, and drive meaningful change. We were recently approached by a client that was bootstrapping a new company. For the purpose of this article lets call the company, “Grande.” We successfully addressed their needs, validated their product idea, and provided Grande with compelling analysis and software to secure funding. This article aims to highlight the effectiveness of our discovery process, which enabled us to reduce risks and expedite the development of Grande’s product and supporting business.

Streamlining Discovery for Swift Results

Traditional discovery processes often span several months, with diminishing returns as incremental findings emerge. Companies frequently fall into the trap of over-researching, employing large-scale quantitative surveys that take weeks or months to execute and collect data. I have heard of companies running surveys with 1000’s of users or potential customers, asking them questions like, would you use this product! However, relying solely on stated preferences from such surveys is insufficient, as revealed needs and true insights are more valuable.

Stated preferences are not the same as revealed needs and true insights

Multiple rounds of research can be wasteful. Use the appropriate research method for what you are trying to achieve. Many teams like to jump to qualitative research, this can be costly and wasteful. At Impekable, we emphasize using the appropriate research methods to achieve specific objectives. Instead of solely relying on time-consuming and costly qualitative research, we continuously ask ourselves a crucial question throughout the process:

What needs to hold true for this product/business to be successful?

The Power of the 4 Forces Model in User Research

To anchor our user research effectively, we employed the 4 forces model. By identifying and prioritizing key factors that influence customer behavior and enable them to transition from existing solutions to our client’s offering, we ensured that customer acquisition remains a primary focus. This approach proved more valuable than relying solely on personas, as it keeps the team laser-focused on critical success factors in the market.

The 4 forces model is great to anchor user research

Maximizing Efficiency in Validation

To save valuable time and resources, we adopted a pragmatic approach to validation. Rather than relying only on user research, which can be costly, we leveraged market data and with a lot of new tools out there this was easy and effective . We understand that time is money, especially in a bootstrapped environment, where every moment counts.

Determining a viable business model

Once we validated the need for the product and what we needed to make it superior to existing solutions to cause the switching behavior, we shifted our focus to assessing its viability as a business model. During the discovery phase, we diligently analyzed the potential target market and calculated the Total Addressable Market, taking into account key pricing considerations. This analysis not only helped us determine the break-even point but also plays a crucial role in attracting funding. Our meticulous approach allowed us to identify a lucrative opportunity for Grande and instilled confidence in the business model.

Usability and confirmation we are on the right track

To maintain a short feedback loop and ensure accuracy in our analysis, we swiftly created low-fidelity mockups of the product design. These mockups, devoid of any working code, enable us to receive timely confirmation that we are on the right track. Although time constraints prevented us from creating a complete walking skeleton of the app during this discovery, we outlined the core features that required development and identified areas where leveraging existing solutions would expedite delivery.

Build what is a differentiator to your product and buy what will help expedite delivery

Building Core Differentiators and Buying Efficiency

At Impekable, we follow a guiding principle for product development: “Build what is a differentiator to your product and buy what will help expedite delivery.” By focusing our efforts on developing unique features that set the product apart, we optimize resources and strategically invest in third-party solutions to accelerate delivery in non-differentiating areas. For example if lets say the core product is not in the notifications and messaging world it makes a lot of sense to use a product like Twilio rather than try to build that from scratch.

Empowering Grande's Journey

Grande was impressed by the comprehensive work conducted by the Impekable team within a mere four weeks. Our systematic approach significantly mitigated risks, resulting in Grande’s decision to launch a restricted release of their product. This approach will enable the team to gather valuable insights, iterate on their solution, and secure funding for what promises to be a highly lucrative opportunity.

At Impekable, we are thrilled to support Grande, if you hadn’t guessed not their real name, in their endeavor to launch their product and business through a restricted release. Stay tuned for part two of this article, where we will share our learnings from the restricted release, further igniting excitement for the general release.

For more information on our work at Impekable and to discuss how we can assist your digital transformation journey, please don’t hesitate to reach out.

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We help companies achieve their digital dreams, whether you’re an ambitious startup or a Fortune 500 leader.  Contact us to see the impact our Impekable services can have on your next digital project.

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