Full Version: How To Tell If Your Remarkable New Product Idea Is Truly Worth Gaming On
You're currently viewing a stripped down version of our content. View the full version with proper formatting.
A: I am a bad poker player, due to the fact I can not help grinning like the village idiot when blessed with a successful hand or frowning like a sad clown when dealt a dud.

I also never mak...

Q: I have a great idea for an amazing new product. There is nothing like it in the marketplace and no opposition that I will find. I think it will become a big success and so does everyone I tell the concept to. I'm ready to bet the farm with this one. What do you think my odds of success are?

A: I'm a poor poker player, for the reason that I can't help grinning like the village idiot when blessed with a winning hand or frowning like a sad clown when dealt a dud.

I also never make odds on the success of 'amazing services' because more often than not the only thing that's amazing is the way the product is completely ignored by the buying public. In my own software company there were instances when we came up in what we thought was an amazing idea for an amazing piece of software - a piece of software so amazing, actually, that we knew that all mankind would sit up and just take notice, then line up to write us inspections.

After countless hours and tens of thousands of dollars spent developing the product we were surprised to find that the only people who thought the software was truly amazing was us. Click here TM to read the inner workings of it.

We made mankind yawn. Get Fundable Ledified contains more about the meaning behind this thing. Quite an incredible accomplishment, if I do say therefore myself.

It worries me that you say there is nothing like your idea on the market. While you may possibly think that is a very important thing, it could really mean that there's no market for your product. The same is valid for too little opposition. A total lack of opposition may imply that there is no interest in this kind of solution.

Rarely does an item come along that revolutionizes an industry. Rarer still does a product create-a new business by itself. Therefore, how will you tell if your amazing new product is really worth gambling o-n? The stark reality is, it is possible to never be one hundred thousand sure your thought will offer. No matter how enamored you're of it or how much your friends talk about it, the achievement of the new idea depends on numerous factors, many of which are beyond your control.

Such facets include:

The stability of the idea: is this really a product that you could build a company around? Does the idea have the potential to create income or customer loyalty? Individuals implementing the idea: the best group can make even an enormous success to a mediocre product (heard of Windows). Inversely, a bad team could not offer ice water in Hades. Choose your team vigilantly. The right people do make all of the difference. The interest in such a product within the marketplace: will this product fill a need or satisfy an itch? The competition: may be the market already crowded with competitors? If so, what will it take to go your product prior to the bunch? The range of your pockets: even an amazing product needs a ton of cash to get from drawing board to store display. The availability of other resources required to simply take the item from the drafting board to the consumer: do you have enough time, the drive, the perseverance, the data, the contacts, the service, and a hundred other things required to bring your amazing idea to fruition? The record would not be complete without sheer luck and timing. And a lot of other items.

Before you invest too much time and money into your idea, perform a little study to ascertain if it's an idea that's worthy of gambling on:

Study industry for similar products. Again, if there are no similar products and services on the market that may mean there is no market for that product. If there certainly is nothing exactly like your product, study similar items that fill a similar gap within the consumer's life. Learn all you can about such products: pricing, market share, background, an such like. Research your competitors. There might not be a market for a product like yours as mentioned earlier, if there's no opposition. Study the competition fully (little guys and major guys) to help determine if you are able to realistically compete for market share, if there's competition. Determine your target customer and ask them for an honest analysis of the theory and its marketability. Dig up more on a partner link - Hit this web page: ledified fundable. Avoid friends and family while they usually only tell you what you need to hear. If your target customer is just a 35 year old female, pitch your idea to every 35 year old female you assess and meet their response. Only don't break any stalking laws in-the name of general market trends :o).

The best advice I could offer you when it comes to wonderful new product ideas it is best to check out your mind and not your heart. It is a lesson that took me years to learn. If I had a nickel for every amazing new product I've invested in I'd go play a few hands of poker.

Here's for your success!.
Reference URL's