With OC4 Studio Head of Product, Tracy Stevens
How many times have you heard about a product that is launched with much fanfare but then never truly delivers on the hype? The truth is that, depending on your industry, 70-95% of new products fail (1). So how can you escape the fate awaiting the overwhelming majority of new products?
Market Validation is a process to mitigate the likelihood of developing a product that underperforms relative to expectations. The three key areas of Market Validation are:
- Business Model
So those are the three foundational elements of Market Validation. Some people refer to this as “Product Discovery” (2) – and if their definition of product discovery includes a component of the business model or monetization/value recovery assumptions, then they can be used interchangeably. But sometimes Product Discovery is defined as activities that are more narrowly focused on the ability to deliver a delightful product – which is great but, as discussed above, not sufficient.
At OC4V we’re helping founders to ensure that they are performing these Market Validation activities as quickly and cost-effectively as possible–to reduce risk and accelerate their success. Look for more of those success stories in the weeks ahead.
By Tracy Stevens
Head of Product @ OC4 Venture Studio
Tracy has held Product and Design leadership roles for many companies including GoDaddy, Appfolio, and Intuit, and is an expert in all things product.