Can Your New Idea Compete? 11 Criteria to Help You Assess
Curated from: incafrica.com
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Bringing an idea to market
You have an idea for a new product, and now you want to bring it to market. You may not think it would be easy because of your limited budget and experience.
The internet is an excellent tool for research, but there is also value in visiting brick and mortar retailers and befriending store managers. In addition, trade shows are great for doing market research and relationship building.
Before you start spending your time and money trying to commercialize your idea, you need to ask yourself some pointed questions.
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Market size, Competition, and Value proposition
Market size: How large is the potential market for your new idea? Put otherwise, how many consumers may be interested?
Competition: How saturated is the market for similar products? Too much competition can make it extremely difficult to succeed. However, identifying products that have been selling for a while without innovation or improvement could be worthwhile.
Value proposition: Does your new idea offer a benefit that consumers will want to pay for? Amazon reviews can help to identify the benefits that consumers are actively looking for.
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Manufacturing, Cost, and Protection
Manufacturing: Can your new idea be manufactured using existing machinery? YouTube can help in researching alternative manufacturing methods.
Cost: Will the retail price of your new idea be low enough to stand up to the competition?
Protection: How will you protect your ownership of your idea with intellectual property? Patenting can be very costly.
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Education, line extensions, profit margins
Education: Do people understand when you explain your concept to them? Educating the consumer can be expensive and time-consuming.
Line extensions: One new idea doesn't make a business. Consider how you can expand your idea into a line of products.
Profit margin: After all the expenses required to bring your product to market, can you live on the money left over?
Experience: Do you have the necessary skills to launch a new idea, and can you build a team to help you?
Money: Are you prepared financially?
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Ways to mitigate risk
Crowdfunding to raise money.Test your idea while raising the funds you need to get started.
Joining a startup. It can be enlightening to work with others who have skills that you don't.
Focus on licensing your idea instead of venturing. Licensing is like renting. Instead of you doing all the work, your licensee takes on the responsibility of manufacturing, marketing, and fulfillment. The company should have great distribution.
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