Wednesday, February 1, 2012

Is your product or service idea viable?

imageHow do you know if you have a viable idea for a product or service?

Easy. Ask yourself these two simple questions.

Question #1 --- What (business) problem does it solve?

Question #2 ---Does it solve it differently than the competition?

Meaning does it do it better, faster or cheaper. These can be in the form of features & functions or on price. There are other factors too and if you have used any other factors to differentiate your offerings I’d like to hear about them in the comments below.

imageReality Check
If there are no compelling answers for these two questions ...

You don't have a viable offering.


What do you think?
  • Have you applied these questions to your ideas?
  • What other factors did you consider?
  • Will you ask your colleagues to answer these two questions to validate their ideas?
Drop me a note in the comments or at one of my contact points below. I really would like to hear what you think --- good or bad.
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This is part of a new series of blog posts I am just starting called The Simple Series. Look for more from me and a collection of guest bloggers in the coming days. If you want to be a guest blogger drop a comment here or ping me at my other contact points – Twitter, Facebook , LinkedIn or email.

imageAbout The Author: I have spent the last 20 years working in various aspects of the ECM industry. I am currently with Kodak as a Director of Business Development. In my past I have spent time at Kofax, Microsoft, FileNet, K2, and at Captaris (which was acquired by Open Text). Prior to that I was a Unix VAR running my own company. Follow me on Twitter, check my blog, send email or find me on Facebook or LinkedIn.

2 comments:

Marco Manuello said...

I would add one question:
Who is it for?

Not knowing the marketsize could result in a lot of "one off" solutions that would hinder profitability.

Just a thought...
. Marco

Jeff Shuey said...

Great point Marco. While I do think that the concept of a "Market of One" is viable. It does not lend itself to every situation.

You are absolutely right that understanding the market for a product or service is a critical factor.

Which makes me think there is another blog post worth considering here. It also brings up a question in my mind that is akin to the Chicken or Egg argument. What comes first ... A Product or a Market?

What do you think?