Download: MP3 (63.3 MB)
An idea is just an idea. You can’t market, launch, or sell an idea, no matter if it solves problems or not.
If you want to sell something, you’re going to need to have someone willing to buy it. When it comes to products that are nice to have, you’re already starting with an uphill battle. This doesn’t make it impossible, but there is work that needs to be done.
Unlike problem-solving ideas where you can simply answer the question of, “do people have this problem?” you have to tackle viability from a different standpoint with nice to haves. The questions are different, and the answers can be more complicated.
Acquiring data is one of the most important parts of deciding to move forward with producing an idea. Without data, you’re flying in the dark and hoping that someone will want to buy it at some point.
This episode is the second of a four-part series. We’ll be talking through questions to ask, data you’ll want to collect, and how to better determine if your idea is actually viable.
Highlights, Takeaways, Quick Wins:
- Nice to have ideas have significantly higher risk than problem-solving ideas because there’s no guarantee that it will pan out.
- Conduct as much research as possible before moving forward with your product idea.
- People asking for the thing you want to make won’t necessarily one-to-one in sales, but can be an indicator of viability.
- Listen to your customers. People buying your products will have a good idea of how to improve it in the future.
- Lack of competition may indicate lack of market desire. If you’re the only one in the space, consider why that is.
- Type whatever you want to make into Google and see if anyone else is searching or asking for that thing.
- Knowing what makes your product better is key to standing out in the market.
- The more you niche down the more you get clarity as to the market opportunity of your product.
- Understand what kind of product you want to sell and determine the amount of resources you’ll need to make your product a reality.
- Don’t hold onto your idea too tightly. The nature of it may change during your research, either to make it better or do something different.
- If you have no expertise or authority in the particular industry of your project, you have to build it or get someone else on board who can bring authority.