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5 Ways to Test if your Product Idea is worth the Time & Investment
Ideas can be contagious. Whether it’s a bad idea or a good one, ideas can occupy your mind in ways even you can’t imagine. It is true that everything begins with an idea. In the world of entrepreneurship, product ideas matter a lot as the world of digitization has allowed these ideas to reach levels no one ever imagined.
We know the reason you’re reading this is because of the fact that you have an idea. However, that idea requires a significant amount of time and investment for it to be materialized. This is where you start doubting whether that idea is even worth it or not. Many entrepreneurs or businessmen undergo this dilemma as they might have an idea but they just don’t know whether to risk it or not.
Don’t fret as there can be ways you can actually test your product idea and find out whether it’s worth your time and investment. Here are 5 ways you can test if your product idea is worth your time and investment:
1- Brainstorm, Write & Ask:
You have an idea but how much of the details of that idea have you written down? Pick up a pen and write as much as possible about what you intend to do with the product if it’s developed. List down all the ways a potential consumer base might be able to use the product or buy it in the first place? What makes your product stand out from the rest of your competition? These questions are important and we’re sure you have plausible answers. However, it’s essential that you listen to the other side as well. Some people often use tools for sketching ideas or brainstorming.
This is where you start talking about your product with other people. You can first start with your family members and your friends to get some input. Try to understand what they truly feel about your product. Take the constructive criticism to further improve your product if possible.
2- Social Psychology:
One of the best ways you can find out about your idea is through using social psychology. Don’t worry, using social psychology is quite simple if you want to know your product idea is worth the time and investment. All you have to do is ask your confidants whether they would be able to promote your product or not. It’s often said that a good product opens up an organic form of marketing that is often termed as ‘word of mouth’. If your product idea is truly worth the investment, try finding out whether your customers would like to spread the word or not.
3- Complete your Research:
Before going towards the ideas development phase, make sure that you complete your research in terms of competition and demand. If your idea is out there and there’s a solid competitor already holding the reins fast then your idea no matter how good the execution is will fail. You need to complete your research regarding all your competitors and how they are executing it in the first place. It might be usual that you find your idea already in the business, the best way to approach it is to look for a different angle.
4- A Minimum Viable Product:
One of the major points in the Lean Startup Model is how you should build a minimum viable product if you’re about to launch a business. A minimum viable product is something that you can actually sell as a product but it isn’t your product in fully developed form.
An MVP can be defined as the simplest form of your product that you can sell. If you can develop a certain form of your product that doesn’t require as much time and investment as the final product then it’s a great idea to go for an MVP. Through an MVP you can infiltrate the market earlier and find out how your customers are responding to it. This data can be further used to enhance or modify your product.
5- Use Existing Customers:
If you already have a business or an existing company, then you have the leverage of having a customer base. In such a case you can use a minimum viable product and open it for selling to your existing customer base. This can be particularly useful as it allows you to actually know where your product stands. The best part about existing customers is that they would provide valuable feedback as they already use your services.
In a Nutshell:
All ideas are great. It all depends on whether they are marketable or not. The five ways described above aren’t supposed to undermine your idea. They are supposed to elevate it and find angles that are worth the investment. Think your product is ready to go in its development stages? Hire our developers and we’ll churn out some fantastic development!
tagged: Product Idea