Validating willingness to pay for your product

If you ask users either they are willing to pay, you will surely get a positive answer.

Now,

If you ask people to show money & pay for it, almost nobody will pay!

Validating people are willing to pay requires a piece of strong evidence!

Once you have proof of the customer’s willingness to pay, you have nailed the first dot of Product-market-fit.

Let’s see different techniques, markets, product segments and how we can validate them. We can use the following methods to validate a new feature, subscription, validation of new service.

For each kind of business, customers, the market could be different. So, let’s understand which method or combinations of methods could be used.

It is very important to understand the willingness of customers before build some unknown new service.