This past week, I embarked on an exciting journey: validating my Idea 1, “Generating Leads from a Website Using an AI Chatbot.” As a developer, I often find the validation phase somewhat daunting. In fact, it seems more challenging than the idea generation itself. The urge to jump straight into coding and creating the MVP (Minimum Viable Product) is always tempting. However, this time, I pledged to myself that I would fully validate my idea first, no matter how much time it demanded.
In case you missed the previous posts, let’s quickly recap. I have set my sights on developing a Lead Generation Automation Tool. The aim is to assist small businesses by automating their marketing efforts on a budget-friendly basis, thereby generating leads for them. After exploring and brainstorming various ideas, I have narrowed down on one, which we are now in the process of validating before beginning work on the MVP.
The Five-Step Plan for Idea Validation
The validation phase requires a structured approach. To that end, I have devised a five-step plan:
- Define the problem you are aiming to solve.
- Identify the target audience who requires a solution to this problem.
- Create a website and an advertisement video.
- Launch an advertisement offering a solution to the problem and generate leads.
- Study similar competitors with a sizable user base or healthy revenue.
The Problem
While there are numerous live chat tools for websites currently in the market, such as Tidio, Tawk, and others, they predominantly require manpower to handle customer queries. Startups and small businesses often lack the necessary resources or budget to hire dedicated customer support.
The Target Audience
The focus is primarily on early-stage startups that are in the process of achieving product-market fit and have a website. It also includes startups that promote their products on their website and require basic customer support to handle product inquiries.
The Competition
There are AI chatbot companies already addressing this problem. For instance, Intercom has developed ‘Fin,’ an AI bot similar to the one we aim to create. In addition, the current market trends indicate a high demand for chatbots. Several emerging startups provide chatbots based on user data. These startups are growing rapidly, so much so that they can’t afford to provide a free trial due to the intense demand.
Next Step
I have hired a developer to create a website for Neoleads, which will be ready in a few days. I’ve also commissioned a video creator to produce a basic ad that will run on Instagram and Facebook. This is all in an effort to gauge the demand for this MVP product. In upcoming posts, I will delve into each of these steps in detail. Stay tuned for an exciting, informative journey through the validation process.
