When a consumer can purchase a product or a service from a company - they are seeing the final visible end of a much longer road. There is a process, steps & stages that a product or service must go through in order to be launched out into the world!
It starts with an idea. We generate lots of ideas every day, but finding the RIGHT idea - the most strategic and/or coveted idea is what we are looking to do in the idea generation stage. Businesses come up with ideas based on a number of different factors: customers, competitors, industry trends, general needs in the market - and many more. The more ideas the better. Not every idea is going to be a hit and some ideas that lackluster at the beginning may develop in the grandest idea yet!
Once an idea is generated, it must be qualified. Does it pass the test on the important factors for a business? Does the businesses have a process for evaluating these ideas? Staying organized and having a process will promote a more streamlined approach to creating a new product or service.
The #1 thing to assess first and foremost is the problem that your idea is solving. Putting yourself in your customers' shoes allows you to really think through the problems that they may run into that you can solve for them. When there is a true need - filling the void with a new product or service gives you a head start - you already know there will be buyers!
From there you can take a deep dive into the analytical aspect of developing this new product or service. Key factors to analyze include cost/benefits, resources required, capital expenses, timeline, profitability, and sales projections.
This month we have created a guide to help you walk through some of the important factors when vetting an idea for your business. Happy Inventing!