- What compelling advantage does your product offer?
Like any good business idea, yours must solve a significant customer problem or create a magnetic opportunity for buyers. - Is there strong market potential?
Clearly identify your prospective buyers and the size of the market-now and in the future. - Does it leverage my company’s knowledge and resources?
The odds of failure rise the further you move from your existing know-how.
- What do potential customers think?
Solicit feedback by giving prospects a sample or
prototype? - Am I wedded to the idea?
Be willing to make changes to the idea once you’ve investigated its potential and solicited feedback.
- Will it hurt my existing business?
If the new product will cannibalize or siphon resources from your current products, it had better be more profitable.
Originally appeared on PROFITguide.com
FILED UNDER: ProfitGuide strategy
