Last year, we started developing an MVP for our fintech product, Toolza. The initial idea was based on observations my business partner, and I made from our first three companies over the past 12 years. Many of our clients struggled with disconnected processes, scattered teams, and an endless cycle of tools. We saw that the market needed an all-in-one solution, and we had a strong vision of what to include. So, we built a prototype.
However, from our previous business experience, we knew better than to fall in love with our idea before testing it. Even if the concept felt like a Eureka moment to us, we understood the importance of asking the people we were building it for. So, we rolled up our sleeves and created a list of potential clients to survey, primarily from our network and past clients. After these calls, we validated 70% of our hypotheses and added new features in which potential clients saw value. Then, during the demo calls, 80% of companies expressed interest in using our product.
Beyond applying The Mom Test principles, we discovered a few key lessons that helped us achieve this outcome. Here’s what we learned after conducting 200 interviews with potential clients.
Make people feel safe
One of the biggest challenges we faced in gathering real insights wasn’t just getting people to talk; it was getting them to feel comfortable enough to share sensitive information. Since our product is in fintech, many people were hesitant to open up about their financial processes. If your business deals with similarly sensitive topics, you need to consider what might be holding people back and how can you create an environment where they feel safe enough to share.
To encourage openness, we adjusted the flow of our calls. While common advice says not to talk too much about yourself or your product, we found that in our case, a brief introduction was necessary to build trust. People needed to know who we were before they could feel comfortable discussing their financial operations. We clarified that we weren’t a regulatory authority; we wouldn’t judge or critique their financial decisions. We were there to understand their needs and challenges – to create a product that truly helped them.
The structure of our calls followed a pattern that helped participants ease into the conversation:
- We started with a short introduction about ourselves.
- Then, we asked a few general questions about their role and company. This allowed them to talk about familiar, low-stakes topics first.
- Gradually we moved into more specific topics. Instead of sticking to a script, we followed flexible branches of questioning based on their responses. This approach kept the conversation natural and personalized.
That’s how we made the process feel more like a conversation rather than an interrogation.
Show, don’t tell
During our interviews, we quickly realized that while it was important to talk about our product, there was a limit to how much people could absorb. After about 15 minutes, their attention would start to fade. No matter how well we explained our solution, long monologues weren’t effective.
Instead of just telling people about the product, we found that showing it made a huge difference.
Since we already had a prototype, we incorporated it into our calls and turned some into demos. Rather than giving a long monologue, we engaged participants and asked them to imagine how their company would fit into the platform. We then showed them real scenarios—how they could input their data, where their company name would appear, and how specific features could work.
This approach made the process more dynamic. We had all experienced traditional demo calls that lasted an hour or more, where you start zoning out after the first 20 minutes. We didn’t want that. Instead of a one-sided presentation, our calls became an interactive dialogue. By involving participants directly and making them a part of the process, we kept them engaged and got far more valuable information.
Don’t drag the process
Customer research doesn’t work if it’s dragged out over months. If you spread interviews over a long period, you risk making minor adjustments too often, which slows down development.
We dedicated two months solely to calls, gathering as much feedback as possible in a short time. This helped us see patterns quickly and make informed decisions without constantly tweaking our roadmap.
Instead, set a clear timeline: prepare for a month, run calls for two months, then refine your plan based on what you learned. This way, feedback shapes your product at the right time, not in a scattered, inefficient way.
Collect feedback in bulk
We gathered 200 customer interviews in just two months not just by packing in as many conversations as possible in every given day. We also talked to people at conferences.
At events in Budapest and Lisbon, we set up a booth and showed our product right there. This helped us get quick feedback and see if our idea made sense to people outside our network. It also showed us who was really interested.
For example, at niche events, where most attendees were in our target market, we got 70 warm leads. At a big event like Web Summit, where the audience was broader, we only got four. That told us where our message worked and where it didn’t.
One surprise came from talking to U.S. accountants. We hadn’t considered them potential users, but they were curious about our product. After those conversations, we started looking into other integrations and expanding our vision.
Include a CTO
Technical feasibility matters. A feature you’ve come up with during the call might sound great in theory, but if it takes three months to build, that’s three months you won’t be launching your product. Having a tech lead in the conversation helps balance ambition with reality.
When founders gather insights and then hand them off to the team later, important details can get lost. That’s why your CTO should be part of early feedback calls — even for topics that don’t seem directly technical. That way, when it’s time to act on feedback, your team already knows what’s possible, what’s urgent, and what needs to wait. The more they understand the big picture, the fewer surprises you’ll face later.
Ask the audience not to hold back on criticism
You can’t build a great product by only listening to praise. Often, your early audience consists of your existing network, colleagues, and supporters, and it’s natural for them to have warm feelings toward you and your product. However, their encouragement alone won’t help you refine it. To truly create something valuable, you need honest, unfiltered feedback — including criticism.
From the start, we made it clear that our goal wasn’t just to hear what people liked but to see what wasn’t working. At the beginning of each call, we told participants their objective feedback was why we were there. We asked them not to hold back and to be as critical as possible.
This direct approach set the right expectations, and as a result, people responded with thoughtful, constructive insights. Their willingness to engage in open criticism helped us identify blind spots and shape a product that met their needs.
Cheatsheet
If you want real insights, make people feel safe enough to be honest. Set a clear goal and a deadline. You don’t have to do 200 calls — unless you’re exploring multiple niches like us. What really matters is the quality of your conversations and the diversity of your audience.
Don’t shy away from criticism, and don’t get too attached to your first product version — it will change, and that’s a good thing. Your goal isn’t just to build a product; it’s to solve a real problem for your customers. Keep that in mind, and your interviews will lead you in the right direction.
