When You Have a List of Products Ideas, How Can You Pick the Best One?
Whenever we started to innovate new products ِat my ex-company, we had to answer the most complex and repeated question in our meetings. Which product idea is worth our time and money to waste on it?
It was a concealed trap we enter periodically, and most of the time, we couldn’t escape it. Even though we had an endless stream of good-looking ideas, we couldn’t find a functional one. We struggled to innovate profitable products, and we wasted time and effort working on failing products.
Also, it wasn’t just us who suffered from that. It’s a universal crisis. In a poll by McKinsey, 94 percent of global executives were unsatisfied with their innovation performance.
For small startups with limited-budget, Bad innovation is dangerous. We don’t have the luxury of working on the wrong products. Our business has to sustain itself with profitable products, or will sooner shut down the whole company.
After I have analyzed data from our past experiences. I sat marking criteria of six elements to help us rank and focus on the best innovative idea that deserves our limited resources to spend on it.
Here they are
- Doing progress on people’s life
“You’ll see the world with new eyes. Different competitors, different priorities, and most important, different results.” Clayton Christensen — competing against luck.
Your potential clients are like a football team with bad performance. They are unable to win their matches. They can’t make progress. Thus the club administration tries several solutions to overcome this problem by. (Hiring managers, signing up good players, etc.) “ to make progress.”
Every company’s customers struggle at a certain point in their life paths. They have jobs to get done, and they hire us to do those jobs. Many businesses misunderstand this point. They innovate products based on assumptions about what clients would like or need. Not on real data.
When you work on a new idea, you have to do the following:
- Identify what progress you make in your client’s life.
- Study your competitors who compete with you in the same progress/job.
- Explore How Can you do the job better.
2. You can launch the MVP Quickly
However, you think that your idea is extraordinary and will transform the world. No one can call a product idea is great until it delivers adequate results, and few people in the world do consider this point.
The majority of people don’t think in that way. They build teams to work on projects for periods to launch innovative products. And when they release it, the products fail to gain enough traction.
An MVP can solve this dilemma. MVP stands for “minimum viable product.” It’s a version of your product with enough features to be usable by early customers. So they can provide feedback for future product development.
“By designing an MVP for your products. You can test every assumption you had and validate how successful your idea quickly so that you will not waste your effort.”
So when you select an idea to work on, make sure it will not take time to launch quickly.
3. A Large market potential
Despite how many marketing strategies you do, you can’t expand some products’ userbase. Those products, in particular, have a limited circle of people who can use them.
To become a growing startup, you have to develop growing products that spread globally. Thus, every product you innovate should show the potential to expand globally into new markets.
“Build a Business With Growth in its DNA.” Dan Norris.
You have to be ambitious when you generate ideas. Only focus on products that have large market potential. Don’t exhaust your company’s limited effort on products that can’t grow.
4. Enjoyable daily tasks
The innovation process is a difficult and long quest. You will spend so much time tackling obstacles and challenges including, moments of uncertainty and lack of trust.
Because of that, It’s crucial to be passionate about what you will work on; if you work on something you cant enjoy, It will be a hard struggle for you. You will lose your motive, and that can affect your efficiency at work.
“You have to find your daily tasks enjoyable.”
Visualize yourself handling these tasks, and if you don’t enjoy what you see, then it’s not a worthy idea to work on it.
5. Match with your persona
Many small businesses neglect at their start creating products that align with their company persona. In case they sat one in the first place!
Your business persona is the dashboard that controls where your company impact will reach. It’s a powerful tool to deliver your products to the right people. So make sure every something you offer aligns with your ideal customer’s characteristics.
“If your products don’t match with your persona, your users will go away.”
6. Align with your why statement
Intentionally or not, every company has its own why statement. It clarifies why the company exists by presenting what contribution or impact it makes in people’s lives.
The why statement also works as an inspiration and motivation engine for your employees, it drives them to maintain working by defining the meaning of what they do.
If you worked on something that doesn’t reflect your mission, you would lose an influential factor in the innovation process, the encouragement. So don’t waste that and create products with a purpose.
“two ways to influence human behavior: you can manipulate it, or you can inspire it.” Simon Sinek.
Finally, write your ideas in a spreadsheet, and give each element a score. Then select the highest one!
Do you think I missed other factors? Let me know in the comments!