This exercise can help you pinpoint or confirm your target customer set.
Ask potential customers what product or service they would buy to satisfy their needs.
Find out the price of the product or service.
Make a list of advantages your solution has over the competitors’ alternative.
Learn this list and be able to articulate it at any time.
Make a list of advantages of your competitors’ solution over your solution.
Based on these lists, estimate the value of your solution.
Revise this estimate as you get more real-world feedback from customers.