So you have a product idea? Maybe even inspired by our last episode!
Sometimes you can get excited and just plough ahead with it. I kind of did that, back in he day, albeit with the limited time I had available.
Before you spend any time or money, here are a few things I suggest doing.
1. Know who your customer is - and find them!
Take 5-10 minutes to really think about the person your product is aimed at and this will really pay off a bit later.
Perhaps you have someone in mind here, perhaps you’re just guessing. Either way, it’s well worth doing.
Remember, your customer is the person buying your product - not necessarily the person who’ll be using it.
Maybe you know some potential customers personally, or perhaps you can find them in Facebook groups, or other online (or offline) groups.
Now you know who you’re looking for, finding them should be a little easier. Whether you’re looking for cat lovers, or people who regularly meditate, there are bound to be plenty of groups and forums with your ideal customers already there.
2.Ask some questions
A great question to try is:
“If you were buying an X, what would it need to do / be to exceed your expectations?”
Take notes of everything you find out here (whether you agree or not!) It’s really important to create a product that your customers actually want, rather than the product you think they want!
3. Research similar products & figure out what makes your product different
It’s good to know if there’s anything similar on the market right now.
If so, do people buy it, how much for and what do they think about it?
You can find out all of this by doing a bit of online research.
Next, give these questions some thought:
The aim is to figure out how your product is going to add value.
4. Validate your idea
I always recommend doing as much validation as you can, before you spend any time and money.
THE NEXT EPISODE will go into validating your product ideas in more detail. In the mean time, take a look at some of the resources below, to get you started.