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Feasibility study

A feasibility study is a crucial step in the process of launching a new digital product, platform, or application. It helps to determine whether your idea is viable and if it has the potential to be successful. In this blog, we will discuss when a feasibility study is necessary, how to conduct one, and what methods can be used to validate your idea.

The first phase of a feasibility study is to map out the market and assess the competition. Start by researching whether your idea already exists and if so, how much competition is there. Consider how you can differentiate yourself from the current competition and what revenue model you will use for your idea. These are all important questions to answer before moving on to the next steps of your feasibility study.

To begin, it’s a good idea to start with a large-scale, but relatively easy study. You can do this by sending out questionnaires to gauge interest in your new product. This is known as quantitative research. If you want to go more in-depth, you could conduct telephone or in-person interviews. It’s important to have a clear understanding of your target group before conducting this research.

The next step is to interview individuals who fit your “ideal customer” profile. This will allow you to gain a deeper understanding of your target market and identify any potential issues with your idea. Once you have interviewed enough people and can no longer gain new information, it’s time to move on to the next phase of your feasibility study.

The final phase of your feasibility study is to conduct validation methods, such as the lean startup method. This involves creating a minimum viable product (MVP) that has just enough features to add value for early adopters. This allows you to get real, concrete feedback from customers and determine whether your idea is viable. If your MVP is successful, you can continue developing your product. If not, you can decide not to move forward with your idea without investing too much time or resources.

Another variation of the lean startup method is to perform a riskiest assumption test, which tests whether the riskiest assumption of your business idea can be a deal breaker for success. Companies like Buffer and AirBnb have used this method to validate their products or services.

If you need help with your feasibility study, don’t hesitate to reach out to a professional for assistance.