WEEK 6 - Customer and Market Validation

For this week we have conducted customer and market validation since we are done making our value proposition which determines who customers are and what solutions our product can offer to them.

With customer and market validation based on what I have understood from the lectures are concepts and methods in which we can determine how much is the demand for our product. It tries to validate our hypothesis through research, gathering of data and testing them if they are correct.

In order to validate our ideas, we have conducted more interviews, asking questions in such a way that it captures the validity of our product like for example questions like if this certain product exists would they buy it? Why or why not?

Introducing this kind of question to our respondents gives us an opportunity to spot early adopters of our project. They will be the one to test our app idea and their feedback is highly valuable. 

Aside from the interviews that we have made with our respondents, we have also conducted research from our competitors in the market. We examine their existing features and their customer feedback. We also check the demographics of their customers. 

Based on our findings we have found out that there is a feature that they really wanted to implement but was not available on the current application. We are planning to implement those features on our project. Not only that, we have also determined a possible market for our project. Through reading competitors' feedback we have found out that not only individuals who love to cook use the recipe converter type application but also bakers and food owners who cook use the application. With these findings we can expand the features of our product to cater to a wider audience.

Next thing that we did was formulating a modified value proposition. Our proposition for now is tailored against parents and individuals who love to cook. After that we determine our estimated market size. Our application, if it would be published on the play store or app store, would cater to all English speakers around the world who are into cooking or preparing food. This is only possible if it were given proper marketing and promotion. 

 For our competition, there are already products that exist similar to ours but looking at the statistics of some of the apps in the Playstore and other markets it seems that there is room for improvement for our application. Customer feedback of our competitors are important data for us to improve our product further.