Right now, thousands of individuals around the world are mulling over and debating whether or not to launch their new product into the market – the question is, how are they validating their decisions?
For some, it will be a gut instinct: insight crystallized purely from an assortment of thoughts and feelings based on observations.
For others, it will be validation through market research: a consensus validated by the responses of numerous potential/current customers.
And for others, it will be the result of collaboration: a collection of iterations to a unique idea by a number of key individuals with specific expertise.
Malcolm Gladwell, for example, would say go with your gut instinct. An interview with Business Week reveals that Gladwell believes businesses should be wary of three things:
“Relying on too much information to make decisions; asking people to explain why they made a decision that was instinctive; and believing in market research.”
Many current businesses, however, are making their decisions to bring something to market based on market research. It is commonly accepted in the business community that there should be some concrete market research to validate a concept before it is brought to market.
If, on the other hand, you were to ask Apple how they generate their ideas, they would tell you it is a result of collaboration. Pragmatic Marketing’s article on Apple reveals that for any new feature or design, Apple takes a group of designers, creates ten ideas, cuts it down to three ideas, and finally to one. According to Steve Jobs, they do not do market research. They hire really talented people and turn them loose — they rely on multidisciplinary collaboration from within the organization for all their groundbreaking ideas.
Now, assuming that at the moment of truth you rely on one of the above options more than the others to validate your decision, the question is …
How are you validating your business ideas?
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