Proof of concept definition:

Anyone who understands what product development is all about would definitely want to be sure about a product’s market-worthiness. Marc Andreessen explains what product-market fit is all about in his blog ‘The Only Thing That Matters’. 

He describes it as ‘being in a good market with a product that can satisfy the market’. However, to put things into perspective, this much information is not enough. 

We need to delve deeper into the many components of product engineering that together determine product-market fit that in turn defines the product development journey. What’s essentially required is a means to build stronger market validation. Along this journey, you need to address three important milestones namely Proof of Concept or POC, creating prototypes and launching a minimum viable product or MVP. Let’s discuss each one in detail.

Proof of concept template: Market validation

When we look at failed startups, what they have essentially failed at is achieving market validation. They basically failed to prove that the solutions they offered could indeed solve the problems people were actually dealing with. 

For market validation, you need to first define your market. You may have a good concept and you’ve discussed it with family, friends, colleagues, and eventually discussed within your professional networks too in order to seek validation. 

The next step would be to define the market by asking questions like who is the target audience, what pain points will the product address, what kind of companies your potential customers work for, where would you find them etc.

Proof of Concept (POC):

The next stage in the development journey is to provide a proof of concept, mainly to internal stakeholders, to demonstrate that the idea is operationally feasible. 

You are expected to use minimal time and resources, and just to prove the feasibility of the complete solution, you will require several POCs each verifying one particular aspect of it. 

The POC can help you raise funds if you are a solo entrepreneur or seek initial buy-in from internal stakeholders. 

Proof of concept Vs Prototype

The next stage is to show how a product will look and how it can be used. The rationale is to help all concerned visualize the user experience. 

A prototype will include wireframes, features, user flows etc. that will help the developer create the exact product as you imagined it. This will also test your communication skills as without clarity designers and engineers won’t be able to understand what you want. 

One way of addressing the challenge of putting together a prototype is to use wireframing tools that help create a visual representation of the envisioned end product. In POC vs Prototype, it is difficult to determine what is more important. But without them, it is impossible to arrive at MVP.

Proof of concept Study: Minimum viable product (MVP)

This is the stage where a minimum version of the product is created to be shared with the maximum number of people to decide if the product is indeed viable. As you build a user base of early adopters, you will soon be able to figure out if the product offers enough value for people to spend on it. 

You may be excited by the thought of having first paying customers but unlike POC, MVP is an ongoing process that requires you to learn, make iterations and enhance the value proposition. The transition from feedback to iterations marks the beginning of your journey towards creating product market fit. 

Based on the survey, feedback, and customers’ inclination to recommend it to others, you can progressively work towards attaining the perfect product-market fit. 

However, what you need to understand is that it’s a journey, not a destination and there will always be room for improvement. Your strength lies in bridging this gap and ensuring what you create is useful, valuable and worthy of recommendation. 

Summary

Product development is a long journey and an important one at that. Unless you are familiar with the many milestones it touches upon, it is advisable to hire an expert who is as excited about the product as you are. 

If you stumble upon any roadblocks along the way or are eager to get started on this journey, count on us. We can help you create the perfect product market fit that excels on all important industry metrics.