Research your chosen marketing in depth until you find out what potential customers needs are before you come up with a product or service. When you know there is a specific need, you come up with ideas for potential products and services.
Yet most entrepreneurs I’ve dealt with have come up with an idea for a product or service before they have identified a specific need in the market. However, even this approach doesn’t necessarily mean that the original spark or trigger for the idea didn’t originate in the market because of a need, want or desire.
The challenge of innovation is that it isn’t something that can be reduced to a formula, turned into a formal structured process or be simplified into fixed rules. It’s also not possible to just copy or imitate the methods of another business and expect fixed results.
Knowing this doesn’t take the excitement out of coming up with new ideas for products or services. It actually makes it fascinating like the adventure in a treasure hunt.
The treasure is in the product and the potential customers’s willingness to pay for it.
While there is no magic wand to predict whether a product or service will fly, I can put a tool in your hands that I’ve developed after years in the trenches. This tool will quickly show you the junk in your plan but it will also bring out your golden nuggets.
It’s best to use this tool before you take your idea into the test phase where you show your product to potential buyers or even sell to them if you’ve made a prototype or initial short run of your product.
Although some entrepreneurial experts advise you to take your prototype to trade shows and exhibitions, I’d be more weary about potential competitors. Trial, test or pilot your product at lower profile community stores and markets.
“The One-Page New Business Idea Accellerator Evaluation Plan” is a tool that helps tackle the key areas that will be required to make your product or service fly in the market. It will guide you on what you must do to successfully implement your product or service. Use this tool before you trial, test or pilot your product.
You can get hold of the tool now if you full in your details below. This free offer is available for a limited time only.
Fill in your details below and I’ll send you a copy while the tool is still available for free.