Evaluating new products

The world is full of new ideas. Ideas make the world what it is BUT:

Very few ideas are ever turned into a profit.

What should we do when faced with new ideas or a new product to sell?

This is my take on it:

  1. Define clearly what the idea is
  2. What does it do?
  3. What is the solution it solves?
  4. What is the cost?
  5. Does it make a difference for a customer?
  6. Why should a customer buy this from me?
  7. What is the competition for this product?
  8. What does the alternative cost?
  9. How will our competitors react?
  10. Will it do the job it is intended to do?
  11. Is it at least ten per cent better than any existing alternative?
  12. Is it a significant improvement?
  13. Is it compatible with human nature?
  14. Would you recommend it to family and friends?
  15. Would you buy it yourself?
  16. Are there any reviews anywhere on this product?
  17. Is it too soon or too late for this product?
  18. Is it worth the cost?
  19. Can it be easily understood?
  20. Can it be summarised in one minute?

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