Evaluate the likely demand
Once you have clearly articulated the @ha Idea, you need to to evaluate the likely demand. I.e. how many people or companies will buy my product in year one (after its launch), year 2, year 3 and beyond. What will they pay for it? And how will I incentivize them to buy it in its early years?
Concrete Market Need
Before you go into too much detail with the above you must clearly articulate your idea's (offering) market need. To do this clearly answer the following questions:
- What exact problem or opportunity does my offering fulfill?
- Is that problem or opportunity a long term issue or short term blip?
- Is that problem or opportunity big enough for potential customers to change their habits and try my new offering?
- Is that problem or opportunity big enough to warrant them paying enough for my offering?
- Does my offering really solve the problem or opportunity in a meaningful and long term manner?
Having answered the above questions completely and accurately - if you feel the need is strong enough and your offering valuable enough in satisfying that need, then go back and more completely evaluate the likely demand for it.
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