All your buddies think that your product idea rocks. In fact, they think it’s the coolest thing ever and coincidentally so do your parents. Your significant other says that he or she would definitely buy it, and your sister has already started spreading the word to all of her friends. You must have the coolest product idea ever. Right?

(Cue quintessential game show buzzer signaling “you’re wrong.”)

I hate to be the bearer of bad news, but there’s a slight chance that they might be lying to you. In fact, there’s more than a slight chance. They may tell you they love your product, but let’s face it, they’re all talk. Even if they really do think it’s a great idea, that doesn’t mean they would be willing to fork over the cash for it.

This is a common mistake that many entrepreneurs make in the conceptual phases of their businesses, particularly first-timers. We often feed off this kind of enthusiasm without stopping to consider the source.

I’m not saying that you shouldn’t trust your friends and family to give you honest feedback. They may very well be telling you the truth, but even their most honest opinions are still going to be biased. So you absolutely cannot use them to perform market research, or at the very least they can’t be the only people you consult.

Instead you need to talk to neutral third parties who closely match your target audience. Find out what they like, what they don’t like, if they would ACTUALLY spend their hard-earned money on it, how much they would REALISTICALLY be willing to pay, etc. The most important thing is making sure that these people feel comfortable being open and honest about their opinions.

It’s imperative that you accurately gauge the potential of your product. Unfortunately that’s not going to happen with family and friends. Don’t blame them though. Remember, they lie because they love.

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