How to Make Sure That Your Idea Will Work?

From the Very Birth of the Idea…

Why analyze?

  • Save your time
  • Save your money
  • Improve the idea while analyzing it
  • Keep yourself from a disaster
  • Move forward fast with a clear plan

How to analyze the idea by yourself?

  • Think of an idea payback
  • Google
  • Make sure you are passionate about it
  • Find out about the risks
  • Never ask your friends’ opinion
  • Learn from experience

How do professionals analyze the idea?

#1. Setting a financial goal

First you need to give a voice to your financial goals — how much do you want to get. If you do not have a clear understanding then professionals will help you to set your goal by giving you an information about the market and your potential competitors.

#2. Problem solving

Each successful idea solves some problem. That’s how Facebook started. Mark Zuckerberg is introverted and he needed a way to find more cute girls at Harvard. But sometimes you need a fresh approach to see different way of problem solving. Professional look will define the problems that your idea can solve fast and easily.

#3. Matching the success criteria

You have a certain vision of the results you want to get. A real expert will learn your objectives and success criteria first. Thus, you won’t be misled. You’ll receive only those recommendations that can lead you towards what you really want out of this idea.

#4. Target market

The core principle is to find the audience passionate enough about your idea to expand these feelings among friends, relatives, etc. The analysis has to identify certain criteria to recognize your client: age, gender, income level, professional activity, etc. The portrait of your potential client will spare you from the encounter with people who won’t buy your product. This might make it worth your while.

#5. Research market analysis

No one should have any illusion that you already know the market. You need clear facts! The idea implementation should be based on the market realities taking into account the dynamics of its growth. The market research will distinguish the potential customers, real competitors, and what is in between. A detailed SWOT analysis of your potential competitors will help you define what’s your product niche and its competitive advantages. You’ll have a clear understanding of what your competitors do and what they don’t do. Just make the right conclusions!

#6. Identifying customer’s pain

Along with the market research you need to understand the customer’s contentment with the products and services available on the market. It’s time to analyze the needs of customers. What do people really feel, talk about and what pains do they have? It can be a long list of their pains, problems, unmet needs, concerns and wishes. Here you may experience major insights.

#7. Features for problem solving

Now we know the pains and problems of the market. For every pain we find a solution. The list of solutions is a list of features that your product has. Each feature solves people’s problems and meets their goals. Don’t forget to include creative insights.

#8. Checking the idea

It’s important to make a detailed SWOT analysis of the created features for the idea. It will identify your strengths and weaknesses, open new opportunities and eliminate threats. And it’s just a part of the work on defining the idea success in business. All that, combined with the market data and the customer feedback, is done in a specification that clearly describes your idea, the product, the problem it solves and how it should be implemented. Then technical documentation and a development plan are drawn up for this.

#9. Monetization

There are many ways to monetize a business. Explore all your options here. At this stage you need to understand the real figures of the your cost basis, the competitors monetizing strategies, how much your customers are willing to pay and certainly your primary means of monetization. You can have more than one path toward monetization, but your primary means is the most important. It’s the route you expect the majority of your customers to pay, and the one that will generate the most value for your business.

#10. Development plan

After the whole set of analysis, tests and first received results it’s time to make up a detailed development plan for the idea. It should be well structured and optimal specifically for the idea. As the main goal is to establish a prosperous reliable business.

#11. Idea project

That’s the so-called finish line when you get a pack of documents from the marketing experts. It will show you the whole path of your idea implementation — from first notes to real results. It will answer all your questions: how, why, what’s the time frame and is the idea worth working on it. The next step is yours!

Conclusion

You see, there are different ways to turn your idea into success: you can either go all the way by yourself or find experienced partners to do it specifically for you. The second one is obviously faster and more effective. It’s up to you to decide. If any help needed, turn to us to develop your idea together!

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Igor Izraylevych

Co-founder and CEO of S-PRO, Entrepreneur, Advisor & Expert in Mobility & IT Strategy. Custom solutions for enterprise and startups http://s-pro.io/