2. Market Research and Customer Validation

Market research is the process of gathering and analyzing information about consumers' needs and preferences. It helps businesses understand what products or services people want, how much they are willing to pay, and who their competitors are. Customer validation is verifying that your product idea meets the actual needs of potential customers. This involves getting feedback from target users, ensuring that the product solves their problems effectively. Together, these processes help companies make informed decisions, reduce risks, and create offerings that resonate with their audience.