Frequently asked questions
What is Product / Market Fit?
Product / Market Fit is the term used to describe how well a product or service fits its intended market. It is the best indicator to determine whether a product / service will be a success or failure, since it reflects the demand of the target demographic.
"No product need" is the number one reason why startups fail and is why Product / Market Fit is the most important insight for startups and entrepreneurs. Read more about Product / Market Fit in
this article by Tren Griffin or
this article by Gigi Levy-Weiss.
What is the Wow! Factor Score and Why is it Important?
Venture Validator assesses Product / Market Fit on a scale from 1-10 using the WOW! Factor Score. This scale ranges from "I'm not interested in this whatsoever" (1) to "Can I buy this right now?!" (10). Incredible insights are gained from leveraging the WOW! Factor Score.
Interested to learn more? Check out
this article by Robert Bishop.
What is Venture Validator?
Venture Validator is a market research and consulting company. Our sole mission is to provide startups and entrepreneurs the key data they need to make better business decisions. The #1 reason why startups fail is because of "No market need". Entrepreneurs simply do not spend enough time conducting research prior to spending money on a minimum viable product, marketing, new features, etc. Entrepreneurs often fall into the trap of thinking "If I want this, then others must want it too!" Don't let this be you!
Venture Validator must be the first step in the entrepreneurs journey in order to validate your idea and increase your chances of success. Remember, it's never too late!
Who Fits as a Venture Validator Client?
Venture Validator works exclusively with B2C starups or entrepreneurs. We are industry agnostic and therfore will gladly work work with any B2C idea you have. Unfortunately, it is impossible to conduct reliable, high quality B2B market research due to the variability in data.
For example, let's say you have an excellent B2B SaaS idea. This individual who will purchase this product can vary from CEO, COO, CIO or CFO depending on the company and department your product would benefit. Therefore, key data such as Product Market Fit, profit maximizing price point, and value propositions will vary greatly.
What Kind of Research do you do?
At Venture Validator we conduct primary market research. This type of research is very different from the type of research conducted by the majority of entrepreneurs and startups. We design custom surveys with our clients and launch research projects to target their prospective customers, instead of Googling insights from secondary databases.
What if I'm Worried About My Idea's Confidentiality?
Your startup idea will only be viewed by Venture Validator staff during the revision process. After you have approved a survey, we will only put the survey in front of people that are interested in rating your business idea.
Contact firstname.lastname@example.org if you have any further questions.
How Do You get Your Data?
We use a variety of different methods to reach and survey your target market. Depending on the product or service you are testing, we reach audiences through Facebook groups or ads, nich markets through instagram influencers and social media marketing, community based hubs such as Quora or Reddit, and third party panel providers.
Because we are not limited to one source of potential consumers, we have the ability to reach any number of target demographics for your B2C idea, product, or service.
How Can You Survery My Target Demographic?
Venture Validator has designed multiple steps of our market research process to ensure that we are only going to provide market research from your target demographic.
First, you will work with one of our consultants to ensure that your idea, product, or service is explained in the most effective way possible. Then, we reach your target audience through whichever method would be most effective for your given situation. (Example: Have a new social media app idea? We will leverage organic influencers to reach an audience of likely adopters of your product.) Lastly, once we collect the data, we analyze the results and remove irrelevant responses and individuals who do not pass our screening filters in order to ensure the highest quality data is returned to you, the entrepreneur.
Our proprietary screening processes sift through survey gamers, survey scammers, and anyone who is not actually in your target market.
How Long Does Your Research Take?
Each of the two steps in the process takes roughly 1-2 weeks to conduct. The small scale survey will take approximately 1-2 weeks from start to finish, with two days to refine, tweak, and correct any early data points before launching the large scale survey. Overall, each project will take approximately 2-4 weeks, depending on the project and target demographic. This timeline can be shortened depending on the scope of the project and the responsiveness of the entrepreneur.
What's the Difference Between the Small Scale Survey and the Large Scale Survey?
These two separate surveys should not be looked at as two separate projects. Rather, these are simply the first and second step in the same project. The small scale survey ($499) is the first step for both Venture Validator and the entrepreneur to describe, design, and launch a “test run” survey. Once this is complete, we are able to evaluate early results and make corrections if necessary before launching the large scale survey ($999-$2,999). The large scale survey is where data becomes statistically significant, highly accurate, and a predicted product market fit score can be achieved.
The small scale and the large scale survey are not separate and one should not be completed without the other.
So What Does the Idea Stage Process Look Like from Start to Finish?
The steps in the process are outlined below.
1. Click “Get Started” on our Idea Stage webpage
2. You’ll be sent a link where you’ll describe your product / idea and schedule time with a consultant
3. Speak with a consultant about your idea / project
4. Refine and launch your small scale survey
5. Speak with a consultant about the results
6. Refine and launch your large scale survey
7. Receive your market research report and a video walkthrough of your results