From the course: Ecommerce Fundamentals
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Validate your product idea
From the course: Ecommerce Fundamentals
Validate your product idea
- While you're developing your product you should also be asking people how much they'd be willing to pay for your product. Those numbers will probably range from $1 all the way up to a thousand dollars, but over time you should get an idea of what people think they will pay. But asking people if they would theoretically buy and asking them to buy right now are very different questions. There's three different types of validation and they all have different values. The first is monetary. Is someone willing to pre-order your product? That's the best type of validation. Kickstarter is a type of pre-order where people are willing to buy your product months or years before they'll hold it in their hands. The second type of validation is email or contact information. If you've never built a product before you might assume that 80 to 90% of people on a newsletter will buy your product but it's much closer to two to five percent.…
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