4
17 Comments

Of all ideas, how do you estimate which one has better potential?

Do you use any quantitative tools? Or do you rely more on the customer interviews?

  1. 3

    I usually only make things that I directly want to use, as that is a good rule of thumb for making these sort of determinations, so I rank my ideas based on how excited I would be if I learned that that exact product already existed and it could start solving my problem immediately.

    As far as quantitative tools go, normally those boil down to the usual metrics you will be able to collect yourself after you start getting users (page views, bounce rate, subscriptions, etc.) so I normally wait until I actually have that data to use those.

    In general however, the best way to do it is to build it (an MVP) then message potential customers (not invariant cold-messaging, although that can work sometimes, what you really want are people that you suspect have the same problem because they frequent the appropriate forums and ask about those types of solutions).

    1. 2

      Same here! At least there will be one user ;)

    2. 1

      Would you use AdWords planner tool before to see if there is a reach first? I just feel like I don't want to use my time and energy in the wrong direction

      1. 1

        I have used the tool several times as well as running several ad campaigns and what I have learned is that actually getting users and seeing how many of them remain engaged is the only reliable way to measure whether or not a project is worthwhile.

        I understand not wanting to spend time and money on something that is uncertain but that is unfortunately one of the realities of being an entrepreneur that we all have to accept. A lot of this relies on trial and error so you have no choice but to do it then learn to let go and move on when something isn't working.

        It is definitely challenging to commit 100% to something you know may be completely unwanted when there are so many other ideas you might have. The thing is however, the same will be true about the other ideas and you will get stuck in an analysis paralysis loop if you refuse to commit until you are certain there is demand for your product.

        For the truly dedicated, there are these types of solutions:

        https://firstround.com/review/how-superhuman-built-an-engine-to-find-product-market-fit/

        where you build a system for measuring demand for your product, though the amount of effort that goes into building such a system will become the new high effort, high uncertainty project you spend your time worrying about instead of actually working.

        1. 1

          thanks. gonna check out the link

  2. 2

    I find the market opportunity navigator useful. http://wheretoplay.co/
    The attractiveness map helps me to prioritize ideas in a more structural way.

    1. 1

      That's interesting. Will check it out. thanks alot!

  3. 1

    Great topic @victorbalta - I prioritize the execution of my ideas based on classic RFM analysis.

    R = Recency: how recently a potential customer will need a certain product or service
    F = Frequency: how often do the potential customer purchase
    M = Monetary: how much the potential customer spends

    I usually work on 2-5 side hustles a year and see which ideas take off. Right now I'm spending most of my time on Zlides - no rocket science, just something useful and low entry barrier plus the market size is big enough.

    1. 1

      how do you score R, F and M?

      1. 1

        I use 1, 3, 9 scale to make the difference between ideas obvious.

  4. 1

    I find Facebooks groups to join, then post a poll (ask moderator first).

  5. 1

    For me customer interviews are TOP.

    Then you do the quant stuff because to check the gut-feel you are developing from talking to end users. Also all quant stuff for early stage ideas is heavily baked in with assumptions.

    Best framework that I know - Disciplined Entrepreneurship by Bill Aulet

  6. 1

    Does it solve a problem for you.

    Makes it 10x easier to find potential customers.

    That doesn't mean your solution for the problem is right, you still have to talk with customers and see if they're willing to pay.

    1. 1

      Many of them solve a problem for me, but how do you know which one has the potential to reach a larger userbase? Do you have a framework?

      1. 2

        Don't go for the largest userbase, go for the ones you can actually get customers for.

        Just go and try to speak to 10 people for each idea. You will learn quickly.

        1. 1

          Gotcha. Thanks, buddy! :)

Trending on Indie Hackers
How I grew a side project to 100k Unique Visitors in 7 days with 0 audience 49 comments Competing with Product Hunt: a month later 33 comments Why do you hate marketing? 29 comments My Top 20 Free Tools That I Use Everyday as an Indie Hacker 17 comments $15k revenues in <4 months as a solopreneur 14 comments Use Your Product 13 comments