what next when you have a product or business idea
Our mind always coming up with new business or product ideas but few of them are able to successfully execute that one idea that makes all the difference. there is a key to starting a successful business known as idea execution.
you know what most of the startups failed not because of they ran out of cash, the actual reason is that there was no market need for it or they spend little time on market research.you need of thinking on product development but people don’t.
The primary purpose of this blog is to outline some steps you can take to increase your chances of product success and see if your idea is something worth exploring.You just need to answer the following questions and you good to go .
Is there a market for it ?
First you need to ask, Is there a customer or market for your product? Can people pay for your product — it needs to make money.its not always for product sometimes it in the form of service like such as through ads, or selling your data. So at this stage, we’ve identified a couple potential customers and users, that we’ll further narrow down throughout the process.
Can it Solves Customer problems ?
If your product can not solve the customer problems then it’s just useless. people can not buy your product unless its a problem worth solving.you can’t start your business on unclear or incorrect assumptions about user needs.
Be careful how you do your user research.Hire professionals who can do market research for your product. be sure to find out what the customers actually want, not just what they say they want.
is there is a giant competitors ?
“Companies that solely focus on competition will die. Those that focus on value creation will thrive.” – Edward de Bono
We need to identify what competitors we have and whether we can sustainably differentiate ourselves from them. It’s the sustainable differentiations that protect us from the need to continually outcompete our competitors on price. So this comes down to doing some market sizing, competitive positioning and competitive analysis to see what the opportunities are for us.
Is now the right time to try it ?
And amazing research found that say 13% of startups failed because of their product being mistimed. we need to find out that, Are our users culturally ready for it? Also, is there any disruptive technology or other emerging trends that we should be considering?
Potential for a High Profit Margin ?
Our ultimate goal is to make money, right? This means you need to focus on a product with a high profit margin. You ideally want the suggested retail price for your product to be about 4x what it costs to manufacture.That being said, you can’t expect to make a high profit when first starting. You’ll be lucky if you can just break-even on your first small production run.
what about product-market fit ?
Product-market fit means which a company’s target customers are buying, using, and telling others about the company’s product in numbers large enough to sustain that product’s growth and profitability. can your product do this ???
you can test your value proposition with potential customers. This type of testing should become central to how you approach your decision making from the beginning right through the product life cycle.You should try to make your testing as realistic as possible, for your product to be successful in market.
Is there is future of your product or business ?
You need to identify the future risk of the business. Is there value in continuing on ? We can’t predict the future but we can definitely prepare our business to face unforeseen challenges.
Remember that it is just as important to know when to kill off an idea, as it is to carry on — especially given if it’s your own idea, you’re probably a little biased towards it.
Thank you for investing your time on reading my blog