What is Market Validation and Why is it Important?
Market validation involves testing the viability of a product or service in the market before a full-scale launch. This process is important because it:
1. Confirms that there is a demand for the product. 2. Provides feedback for improvement. 3. Helps in refining the business model. 4. Reduces the risk of failure.
Methods of market validation include creating Minimum Viable Products (MVPs), conducting pilot tests, and gathering customer feedback.