Someone once said “Nothing can stop an idea whose time has come”. But then comes the question, how do I know if my business idea is a hero or a zero?
Consider below the four all-important questions that will help you check people’s acceptance of a product.
1. What Is My Product?
You need to be able to answer this question as simply as possible. “If it takes you more than one or two sentences to describe your product or business, you probably don’t have a clear enough vision of how it’s going to work or whom it’s for” says Lori Greiner, serial entrepreneur and Shark Tank judge.
2. Will People Like It?
It’s possible for you to think that something is fantastic, when in reality nobody wants it! Hence, it is important to understand the needs of your target audience and also, that people buy for their own peculiar reasons. You need to find out if your product idea is something that people are actually really hungry for and needing, something that will be popular on a large scale.
Do your own market research. Offer your product or service on a limited scale to find out how people engage with it. Hit the streets, knock on doors, and ask people – not just family and friends – for feedback. Go out there and find out yourself.
If people are not impressed with your product idea, tell them that you are just conducting a market research and would welcome their opinions on possible improvements. Then go back to the drawing board. Trust me, it works.
3. Does It Solve a Problem?
“You want your product to be an answer that solves everyday issues that people struggle with” Lori Greiner says. Think of problems you have experienced yourself or that you have seen others experience. Would you want to use your product yourself? Be honest. Does it really solve a problem for you? Does it provide a very useful service? Does it save work or time? If not, don’t sell it.
4. Is It Something People Need and Want?
The way to make whatever you are selling appealing to people is to create something that people can’t live without once they start using it, something like Google. Okay, maybe not like Google, but close enough.
You want your product to be seen as a must-have necessity, something that makes people feel good, and that they will still want to buy even in hard times.