Great, you think there’s something to the idea. If customers actually want it, you should be making a bank. So let’s validate this “if”.

This is the list of key learnings we need to obtain and answers to these questions would signal the idea has merit when it comes to solution-market fit. Notice we’re not talking about product-market fit – we’re still testing if the value prop makes sense, and we’re not diving into tabs and flows just yet.

• How well does the offer resonate with target customers? → Customers should show delight when describing the solution, and they should look relieved that someone’s thinking about solving such a huge pain point for them
• Do we need to pivot the value proposition, and in which direction? → Pivoting is okay, as long as it's based on real customer feedback, not just the discussions between the client and us. (Keep in mind there’s a chance the best option would be abandoning the idea completely.)
• Who will use our product? What factors influence their purchase decisions and their usage? → We need to understand the end-users and align our value prop with their needs
• How do we stand out against competitors? → A clear and feasible differentiation is the goal here.
• What’s the willingness to pay for such a solution? → High willingness couples with a high price point are ideal. Still, some products might require users’ attention or time instead of money to get revenue.
• How do people use the current product (if there’s one at the moment)? What are the main takeaways? → Usage of the current problem should be aligned with the hypothesized problem and value prop.