What is your current favorite hack for figuring out if people are willing to pay for something before you create an idea?
Ask HN: Favorite hack for determining a market?
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Re: Ask HN: Favorite hack for determining a market?
#2Talk to people.
If that sounds too glib, and you really want something of a "hack", I'll offer up what Steve Blank calls "the million dollar question." If your domain isn't enterprise software, you can probably find a way to riff on this and adapt it to your needs.
“I ask them, “If the product were free, how many would you actually deploy or use?” The goal is to take pricing away as an issue and see whether the product itself gets customers excited. If it does, I follow up with: “OK, it’s not free. In fact, imagine I charged you $1 million. Would you buy it?” While this may sound like a facetious dialog, I use it all the time. Why? Because more than half the time customers will say something like, “Steve, you’re out of your mind. This product isn’t worth more than $250,000.” I’ve just gotten customers to tell me how much they are willing to pay. Wow.”
Re: Ask HN: Favorite hack for determining a market?
#3Re: Ask HN: Favorite hack for determining a market?
#4What is your current favorite hack for figuring out if people are willing to pay for something before you create an idea? Talk to people. If that sounds too glib, and you really want something of a "hack", I'll offer up what Steve Blank calls "the million dollar question." If your domain isn't enterprise software, you can probably find a way to riff on this and adapt it to your needs. “I ask them, “If the product wer…
Whenever I talk with the team about our product, some questions are:
- "Would you work at a company that doesn't use Git?".
- "Would you work at a company that uses Windows?".
The team's answer is "No". I myself almost quit on my first day because I was under the impression I would be using Windows, and none of the team can stand it. It's a bad example because Windows is a huge hit, but the point is that the product's absense or presence must trigger a strong reaction.
Our case is about internal tooling. We're optimizing for "If I worked elsewhere, I would want to keep accessing the internal tools we have here, or I would push to get access at my new workplace if it were a SaaS."
The extreme version of this questioning is: "Would you steal it?", and the underlying theme is "What would you do in order to use this?". Like the teenager Sean in https://www.youtube.com/watch?v=i8GaFuo4svQ .
Re: Ask HN: Favorite hack for determining a market?
#5https://firstround.com/review/future-founders-heres-how-to-s...
Re: Ask HN: Favorite hack for determining a market?
#6The Mom Test (eg, talk to people but ask the right questions): https://www.youtube.com/watch?v=Hla1jzhan78
Re: Ask HN: Favorite hack for determining a market?
#7It not only validates that there is a paying market, it validates that you have what it takes to ask for money. A lot of people don’t. That’s why proxies for paying are attractive.
Re: Ask HN: Favorite hack for determining a market?
#8Re: Ask HN: Favorite hack for determining a market?
#9Look at the buildings. What kinds of utilities are hooked up? Coax? Fiber? DSL? What kind of antennae are installed? What is their HVAC setup?
Who's coming and going? What are they dressed like? What are they doing?
Just pay attention and go with the flow. There are all kinds of opportunities around if you know how to look.
Re: Ask HN: Favorite hack for determining a market?
#10If someone buys - depends on activity - there is a market.
Refund, apologize and start building the product.