Friday, September 30, 2011

Making Product Ideas Real

So, you've got the greatest technology product idea ever. You're trembling with excitement. But do you have what it takes to execute it? Sure, you may have the idea, the energy, and might even have a business plan, budget, and buddies all lined up to help you. You may think you are well on your way to quitting your day job and owning an island. But do you really have what it takes to get to the finish line? There's a lot to do when it comes to making that idea real. Here are a few things you shouldn't leave out.

1. Research Smart. Nothing will cost you time and money faster than ambiguous, disorganized research. But good research, that is aggressive, precise, and business-focused, is critical to product success. When done right, it should illuminate whether you're the first to market, who your competitors are, who your customers are, and how much you should charge.

2. Find Your Cash Cow. Knowing what your revenue model will look like is not only crucial for driving initial investment, but it is also a major contributor to the long-term market success of a product. Knowing whether your revenue is going to be based on a niche user base, with a lump price or a subscription model, is important. Or maybe you're going to give the figurative "milk" away for free – and instead go after massive traffic or a huge user base, where you'll eventually make money on ads or entice secondary interest in that user base.

3. Look at a Map. A vigorous product roadmap can drive specific prioritization of features and drive market-focused versioning. While your creative juices might be in overdrive, it is unlikely that every shiny feature you want will be in a v1 release. But it is important to define what needs to be in that release, and the next, and the next.

4. Beware of Superhero Syndrome. While you may have come up with the idea alone, you will need some help getting it into the hands of your customers. You'll need a partnering integration plan that considers all aspects of your product's specific supply chain and distribution needs.

Finding an energizing, trustworthy strategic partner that understands your constraints and shares your passion can be tricky. That's where Idea Entity can come in. Making ideas real is what we do.

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