When commercialising a new product or innovation, making assumptions can be one of the riskiest mistakes. Too often, we hear inventors say, “I know what the market wants,” without conducting proper product-market fit research. While they may be right in some cases, assuming rather than validating can lead to costly missteps.
Why Validating Assumptions Matters
Assumptions, particularly in product development, can derail an otherwise promising innovation. Where do these assumptions come from? A few conversations with clients? Feedback from friends and family? Relying on such limited input is a gamble that can make or break your success.
Instead, true “product-market fit research” is an essential step not be missed. Validating assumptions through data and structured feedback is often the key difference between a brilliant idea that thrives and one that falters.
Building Confidence Through Validation
At Advivo ICP, we incorporate validation points in our Launch Formula, a step-by-step process that helps innovators systematically confirm assumptions. By defining and testing each assumption, you can be confident that your product or solution is tailored to a real market need—something your target customers genuinely want and are willing to pay for.
The Validation Process in Action
The process starts by taking an assumption—like the price customers are willing to pay—and quantifying what would validate that assumption. For example, many innovators assume their customers will accept a certain price point without testing it. Launching with a price that’s too high might result in low adoption, while pricing too low could lead to missed revenue. Worse still, raising prices later risks upsetting early adopters and damaging your brand.
Beyond price, it’s crucial to validate whether the functionality of your product addresses the problems your target customers find most frustrating. Without validation, you’re essentially guessing at what your customers need.
Increasing Your Chances of Success
Testing assumptions isn’t difficult, but it requires thought and careful design. Start by articulating your assumptions, then ask targeted questions to understand how important certain tasks are to your customers and how satisfied they are with current solutions. Once you gather data, look for confirmation—e.g. if 75% of respondents rate a problem as highly important and are dissatisfied with current solutions, you’ve validated your assumption.
Given the investment of time, money, and resources that goes into innovation and commercialisation, incorporating validation early in your project helps de-risk the entire process and significantly increases your chances of success.
Challenge Assumptions
Next time someone on your team makes an untested statement about customer needs, ask the critical question: “Is that an assumption we need to validate?”
Challenging assumptions and validating them with data is the foundation of successful commercialisation.
If you would like a copy of our Launch Formula interactive pdf that provides you with a visual step by step of successfully commercialising innovative products, simply email to innovate@advivoicp.com and we will send you back a copy for your use.
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Phone: 07 3226 1800
Website: www.advivoicp.com
