3 (or more) Questions To Ask When Facing a New Product Opportunity
When coming up with a new product opportunity, we often overwhelm ourselves with an obscured cloud of information.
Everything seems upside down. 🤸🏻♂️
We have to keep in mind that we don’t need to know everything right away.
Actually, the time, energy & effort required to make a single decision will always increase based on how many options we give ourselves to pick from.
The more we search, and analyze, the more complex all gets. We get smarter by taking our time and mastering one thing at a time.
Progress does not come by juggling multiple things in our minds at once trying to retain them all.
With that being said, today I’m going to do exactly the opposite. These three questions bellow intend to broaden your vision on the road.
They might help you in developing a new product or idea. This is part of my studies and I decided to share because this is valuable and I needed to post something today.
In the night, we are able to drive all the way from New York to San Francisco by only seeing 200 ft. ahead in the road.
These questions intend to be the sun in your day. Because when developing a new product, the entrepreneur and the team might be closed in the same thinking process. But things might suddenly shift after you try to answer this questions.
You don’t have to figure all out, just be ready to receive the blessings. 🧠
Answer NO in at least one group: Make a risk analysis.
YES answer in all cases: probable success!
1. Is the opportunity real?
- What is our need?
- Can the customer buy?
- Will he buy?
- Is there a viable concept for the product?
- Is the company able to develop a workable concept?
- Is the product acceptable within social, legal and environmental standards?
- Is the product achievable? Can it be done? Is the technology available?
- Is there an advantage over other products? Is there a lot of competition?
Can it be produced at low cost?
2. Is it possible to be successful with this opportunity?
- Is there a competitive advantage? Is it sustainable?
- Does it fit the brand of the company?
- Will it outperform its competitors?
- Do we have better resources?
(engineering, marketing, finance, production) - Do we have management to win?
(experience, culture, commitment, will, love) - Do we know the market as well or better than our competitors?
(customer behavior, channels, customer wants, market view)
3. Is the opportunity worth it?
- What is the financial return?
- Is there financial recourse for the early stages?
- Are the risks acceptable?
(what can go wrong?) - Is it fit for company strategy?
To remember:
I hope this helps somehow.
Thanks For Reading ❤
#Day 79
#The100DayWritingProject
