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Not all ideas are created equal. Growth is hard enough with a good idea, so it’s important not to begin your journey with an idea that’s bad – let alone ugly. If it's not good enough, then start looking for another one!
But what makes a good idea? A good idea doesn’t need to be unique. In fact, a brand new idea can be ugly, if you don’t have the time or money to develop it for market. Not being able to make the product, deliver the service, or to create a market and educate people on a new idea are not easy tasks, and can quickly turn good ideas into ugly ones.
With that in mind, here are five questions to ask in order to determine how great your idea is:
1/ Is it something customers would want and value?
Very few of us asked for any of the products that Apple created, but Steve Jobs figured out what his customers wanted before they did. How can we do that? First, recognise that it is a science (analyse data on your target market ) – and an art (listening hard for what people really want). Many people told Henry Ford they wanted to travel faster, and he figured out how to address their needs/wants with something they valued enough to pay a lot more for than a horse!
Before you start building a product or service, begin with some old-fashioned applied research. Identify and map ideas similar to yours that competitors are selling. Note their strategies and tactics for marketing, pricing, and selling. Figure out which customers, demographics and psychographics, are buying — and identify their pain points. Talk with them. Identify what it would take to attract those customers to your idea. What do customers really value that you must build into your idea in order to win. Is it low cost, speed, safety, ease of use, or prestige? If you don’t do the basic research, and spend enough time on Google, you could end up with a copy-cat idea that no one will buy – that makes for an ugly idea.
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