Previously we shared a list of questions entrepreneurs need to ask themselves before investing in a new product. However, It’s just the beginning. To go deeper into analyzing whether development of a new product is worth the trouble, take a look at the following questions and checklists:
Profits-wise. Do you have a clear understanding of what you’ll gain if you start this business? The crucial check-out points:
- The market is not too crowded.
- You know its structure (aware of the client segments).
- You found a developing niche.
- You know what the growth drivers are.
Marketing-wise. Do the sales pay off? The check-out points:
- You found the value that people want and cannot have (yet).
- You proved that you can deliver what you have promised.
- You found a sales channel.
- You confirmed that you scale profit rather than the losses.
Product-wise. Do we deliver value to our customers? The check-out points:
- There is proof that people change how they behave.
- They purchase again and bring their friends and family.
- They are happy about the change your product brings.
Team-wise. Do we have a well-coordinated team that develops using their experience?
- They ‘use’ each other to improve their thinking processes.
- They are quick to delegate and share responsibility.
- They help each other.
- They are predictable.
- Roles within the team are well balanced.
To find answers to these questions and tick the checkout boxes, you might need research, experiments, analytic and reflective activity. Sometimes, the job is better done with an experienced expert who is able to provide unbiased vision and suggest best-practice techniques and bus dev ideas. JetStyle’s Alexey Kulakov is that type of expert. Read his book on the product development approach (link above) or get in touch via firstname.lastname@example.org.