Why Would Anyone in the World Want My New Product?

[tweetmeme]One of my favorite things about being an entrepreneur is coming up with new ideas for products. I’m constantly seeing great ideas and opportunities at every turn.

Then It's All You Think About for Days

Not many of them stick, though.

When one does, I know I have to pursue it. It’s like when you see something at the department store, struggle with the decision a bit, and then decide not to buy it. Then it’s all you think about for days. That’s when you know you really want it.

I have an idea that just won’t go away. 

So I’m giving in.

I’m following my own example from What I learned from Negative Market Research and I’m starting from the negative and questioning why anyone in the world would want my product idea.

If you have a moment, please share what you think via a short survey:  http://www.surveymonkey.com/s/87NX9T3 .

Vetting the Big Idea

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The best mompreneur advice I’ve received so far came from a veteran entrepreneur. He told me not to fall in love with my idea.

I didn’t get it back then.

Vetting the Big Idea

Since “my big idea” was consuming all of my waking thoughts, how could I not be seriously attached to it? And why shouldn’t I be?

I get it now.

What happened to me is very common among entrepreneurs. I was so enamored with my idea that I put on blinders and intentionally disregarded nagging doubts. I pushed full force on an idea that I knew in my heart was going to succeed–despite what my head said.

When I finally let go of my original product concept (read more about it), I was able to see a much bigger, better idea.

Vetting your idea is a critical step in launching your product or service. You need to determine if there is a market for your idea, how much a customer or client will likely pay for it, and how it compares to competing products. 

So take your $100,000 and invest in the best market research firm you can find to put your idea in front of potential customers. Don’t have $100,000? Well $20,000 will get you a pretty good market research firm. Don’t have even that much?

No worries–you’re in great company! Most entrepreneurs boot-strap their fledgling companies and prioritize spending on product development and advertising.

There are creative ways to assess your product or service idea without spending a fortune and I’ll share some that worked have for me in the next post. 

Next post: Market Research on the Cheap

The Big Idea

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There are a ton of incredibly innovative, brilliant ideas out there that never become a reality.

There are a ton of not-so-extraordinary ideas that go on to make millions of dollars.

The Big Idea

What’s the difference? While there are many factors involved in the long-term success of a product or service idea (such as financing, the grit and determination of the mompreneur, etc.) let’s stay with the idea for now.

Ideas that solve real problems win.

It sounds simple enough but what does that really mean? The key word is “real.” And real is in the mind of the consumer, not the inventor. For example, imagine you’re a mompreneur who is an amateur tennis player. You’ve come up with this phenomenal idea for a new tennis racquet for beginning tennis players that replaces the nylon strings in most amateur racquets with a brand new material that improves performance, reduces injury, and increases durability.

These sound like great problems to solve, right?

The question is does the average new tennis player see these as problems? Amateur tennis players often buy their racquet based on which brand they know or on price. Even tennis experts recommend that amateurs focus on head size and length to maximize their early command of the ball.

To sell your new tennis racquets to beginning players, first you would have to convince them that they need to be worried about performance, injury, and durability. And then you’d need to compete with bigger brands on price.

It’s infinitely harder to create a market than to solve an existing problem.

A good place to start vetting your product idea is to ask yourself two questions:

Is there a better way?
Does anybody want and need a better way?

We’ll talk about creative (and inexpensive!) ways to determine the answer to the second question in the next post.

Next: Vetting the Big Idea