Will Your Product Idea Survive In The Current Market?
No business plan is complete with a product to sell. No product is good enough to sell without proper research, materials, and time put into its development. And no product will last long on the shelves without a robust idea behind it.
As such, if you’ve got a product idea you’re willing to take all the way, you need to double check a couple of things to make sure it’ll survive in the current market.
Is Someone Else Already Making it?
Competition is a given in business. There’s not a single company out there who isn’t up against someone else with a similar model when they first start out.
The goal is to do what they do in a better, more convenient, more quality way.
And that’s a hard thing to achieve, but the first step in achieving it is to know what you’re actually up against. Because no company can create a better customer experience if they don’t know what the customers are already getting.
You need insight to create a more streamlined basket to checkout process, and a little bit of competitive analysis can go a long way.
And don’t be disheartened by a competitor or two. Even if someone else is already making your product, you don’t have to let go of the idea.
You just have to be sure you’re not stepping on any legal toes, and that your idea has something a little more to offer than their idea.
Will it Last?
How long can your product be used for before it needs to be thrown out and replaced? This answer is going to differ based on a lot of factors, but what could your average customer expect to get out of its lifespan?
It can be quite a tricky question to answer if you don’t have the ins and outs of your product’s potential uses. So let’s isolate those right now.
What industry are you planning to focus on? Going on an industry by industry basis will give you a lot to chew over.
After all, this is how you can lock down both your potential demographic and the wide range of use cases your product can run into. Diversify for these and you give yourself a larger market to pull from.
For example, someone looking to create a product for industries like automotive or aerospace has a lot of wear and tear to account for! And that’s why a process like aerospace gold plating is such a popular choice for a developer like you.
Stronger resistance in multiple kinds of extreme conditions (high pressure altitude, dirt roads, etc.) means more effective applications and more loyal customers.
All in all, a bit of research into the whys and hows goes a long way to making your product idea much stronger!
Do you want to know if your product idea will survive once it hits the market? Then go through the steps above to do the research that’ll really tell you.
