Eight Questions to Ask Yourself Before Moving Forward With a New Product or Service Idea

Owning a business means working the brain 24×7 for coming up with new ideas. Some ideas might be great in taking their establishment to new heights but some just might be total trash and can impact their brand’s goodwill. Hence, comes the importance of determining and separating the good ideas from the bad ones.

A Digital Marketing Agency can only help in advertising an idea; they cannot force the clients to like the product or service. But because this business is yours, you need to take the initiative to full-proofing all your new product or service ideas. Doing so is easy, just by asking the below eight questions you might be getting a clear idea of the current scheme would be fruitful or not.

Q. Is this product or service needed?

A. Just because you have a seemingly great business idea doesn’t mean that is what the market needs right now. Hence, when you need to determine if your targeted audience is going to accept the new feature of your business. Always remember to surge research through your targeted market before you are actually progressing with the idea and potentially losing all the investment.

Q. Is the market’s margin broad enough?

A. Before ensuring the product or service, determining that if it would sell in your suitable market should be your next concern. Sometimes you might have just the next big idea that can totally change the face of your company but that doesn’t mean that you should just dive in. For example, Leona Chalmers, the first inventor of the menstrual cup who came up with the idea in 1937, could not implement this revolutionary idea in the market because women then weren’t acceptable enough. But now due to the increased demand for these cups, there are now so many brands of menstrual cups worldwide. Along with it, you need to hire a digital marketing expert so that you can make the perfect marketing plan for it. As coming up with a great idea is not enough, you need to sell it well too.

Q. How will I get revenue or retention?

A. In the end, all it matters is the outcome. You will obviously not like to spend so many hours, time, and money on a product or service that will fail to generate enough retention. Just because one or two clients have asked you to add on a new feature or service, doesn’t mean that your whole customer base would take initiative to invest in it. Ask yourself how the new business idea will gain revenue and if the answer is indistinct then you should seek out suitable data for the new idea.

Q. How can you monitor the new idea?

A. To figure out the answer to this question you will need to get help from your partnered Digital Marketing Company. You need to understand if the product or services will be scalable once implemented in the market. And if the idea became successful ensuring that your company can carry further expenses as well as stable enough to hold the ground if the idea fails, should be surveyed properly. Your investors would ask you all the above queries o it would be better than you can gather all the answers in the early development process.

Q. Do I have enough budget?

A. Money is the only factor whenever anything business-related arises. Just because you have a new and light idea, investing all your dimes on it might make you bankrupt. And it is especially true for a start-up business as the wrong investment can shut down your company before it takes off. The same goes for big brands as they generally look forward to the big idea which means investing in big numbers. Being certain that your business can stand tall even the current business investment fails would be a smart judgment. Because there will be times when you will get another actual great idea but no more investors to invest in it.

Q. Would the service or product requires a special workforce?

A. Being too much invested in a service or product might not be a good idea if you are not familiar with the area. Try to seek out a company or organization that is already an expert in the field so that you won’t have to make it from the scratch. Because that can ultimately ruin the end result meaning the chance of losing money. You should either contact or hire an expert with expertise to develop your desired product or service without fail.

Q. Would I use it?

A. For a minute, forget that you are the seller and think like the buyer. Now ask yourself if you would use the product as it’s intended for? If you are able to answer this question without the friction of doubt in mind then you should progress with the idea with your investors and make marketing plans with a digital marketing agency near me. Steve jobs ask himself a similar question before all his inventions and that’s why his legacy speaks louder than anything.

Q. Is the idea alluring for my enemies as well?

A. You know a product or service is of quality and worthy, even when your enemy is impressed with it. We hope you don’t literal enemies other than business competitors which we all have, but you got the point right? If the idea is so irresistible that it can allure your competitors as well, then rest assure your clients will also accept it.

There you have it. If you practice asking yourself all these questions and the answer are mostly positive, then you will not have to worry about it. Even if taking all the precautions one idea fails, don’t get discouraged as even the brightest minds have made errors decisions in their time.