How do I assess my product ideas?
I have a number of concepts defined. How to monetize them, market them and even who my competitors are.
I'm trying to figure out how much "due diligence" and how I can decide between the various concepts I have.
I'm hoping to be somewhat detached about it, because at the moment the success or failure is completely subjective.
How are others deciding what ideas are worth persuing?
Step 1 - Go talk to customers. It's always the answer.
Step 2 - Ask customers for money
Step 3 - Reflect and repeat
Simple and direct, I like it
A lot of good answers here, but one thing I would advocate for is building cheap, fast-loop prototypes.
https://twitter.com/johnmaeda/status/518556402902925313
As John Maeda says, "A prototype is worth a thousand meetings."
Here's a good list of resources on Product Hunt for helping build prototypes:
https://www.newco.app/toolkit?ref=producthunt
I use a validation checklist and process which I have been working on for some time...
You can read it here...
https://www.notion.so/b3efb19e1ec74ef8b8c809f818f30d0f?v=71797e4cf7b947768c50c52980758d75&p=409527d6cf3841ba92831b5a0cafc6f4
Great checklist! This appeals to my inner voice "have I done all I should do" thanks!
You've provided a pretty general question here so will probably only get general answers. It all depends on the concept.
I like the method of creating a 'fake' landing page and driving some traffic to it, even if it costs money. Decide on an engagement metric (enter email address/start an order process) and monitor your conversions.
The general advice will be to think about where your target markets hangs out and engage with them to validate your idea, but I suspect you already know that.
If you want to share one of your concepts I'd be happy to give you some specifics.
Reach out to early adopters you’ve identified. If you find someone from this group who is willing to part with money for your product, you’re on to something.
Don’t bother with building a full product on the get go. Spend lots of time on the marketing aspect.
https://javelin.com/ is trying to help in validation. Might be worth checking it out to see if it works for you (so far for me, it's not what I was looking for, but you may really like it).
1 find your audience/customers
2 connect/talk with them
3 if 2 isn't clear enough, provide wireframe/mockup/landing page asap to clarify the concept
4 share it and ask for input via IH, Hacker News, Reddit, Twitter, ...
5 "ow sure I'd use that" isn't good enough. ask if people would pay (and how much). and test it by using a buy button on your landing page for instance
6 steer towards a better target crowd (ie: a (sub)niche) or correct your product focus.
7 maaaaybe, only just maybe, now you can think of building an MVP.. as long as you have the value clear, and defined the minimum product
Are you afraid of someone seeing your idea and stealing it?
I am a little yes
If someone has the means (money, time,...) and interest to copy your idea they'll do it anyway. It will sick but save you time and money if they do it before you invest lots of time and money... OR...
They don't copy it, and you learn from the feedback and get your thing going.
Last but not least.. Copying functionality != getting your strategy. If you really "get" your target audience's desires and wants, you can think of a roadmap, start with the smallest thing possible and build ahead to increase your value (while getting paid for your MVP if all goes well).. They can copy what you build but they wouldn't necessarily know the "why" behind it all and therein lies a strategic value.
That's almost like a bootstrapper's super power 💪🏻😊
These are great suggestions. but I must admit, I am nervous about the features I'm going to build that will make me stand out from my competitors getting out there. I kinda feel like others will be "a haaa, of course! Slaps head" and run off and build them in. Then I have nothing to stand out from the crowd
Two thoughts:
If it’s THAT simple to copy then you’re going to have copycats soon enough anyway. It won’t be your competitive advantage.
If you’re not in a “winner takes all”-market you’ll have customers as long as there are customers to begin with. If you get competitors then differentiate by being the best option for a subset and make that subset different from your competitors. A competitor who targets wider will likely be a bit wore for your niche.
I’ve been talking about my improv management software for almost two years. Nobody is stealing it, and I’ve seen similar projects, like martial arts on rails here on IH, have success. It’s pretty much the same type of product in a different niche.
You need to know if customers could be interested in your product first.
Either you know there is a unfulfilled need for your product (often in niche market), either you need to make as if your product already existed or you are making it.
Usually today people start with a landing page and communicate around their idea in order to get emails of interested people or sign up to a fake service, replying it is under construction but at least you know people would have given a try to your product.