1. Define Your Problem Statement
First of all, you need to be clear on what problem or pain point your target audience is facing. That pain point should be the focus of the idea, product or service you have in mind and aim to address it.
2. How Differentiated Or Superior Is Your Offering?
Put yourself in the shoes of your customers. How different is your product or service compared to what is already available in the market?
Does it provide extra value? Does it improve the current process in a way that few others do?
3. How Desirable Is Your Idea, Product or Service?
How much do your future customers want it? To what degree does it solve enough of a pain, that they will want to use it?
You can test this by interviewing your future audience, via focus groups, surveys, etc.
4. How Feasible Is Your Idea, Product or Service?
How difficult will it be to deploy your idea? Will you need to invest a lot of time, energy and capital into it?
Does this align with your expectations and the time, effort and money you are willing to spend on it?
5. How Large Is The Market?
You may want to develop a very niche product or service. As the saying goes, better to have a few loyal customers than a mass of customers who are not engaged with your brand.
6. How Passionate And Curious Are You About This?
Last, but not least! How passionate are you about the idea, product or service — how much do you really care?
Would you be a user/ customer of it yourself? Perhaps it is solving a problem you are experiencing yourself.
A source
How much do your future customers want it? To what degree does it solve enough of a pain, that they will want to use it?
You can test this by interviewing your future audience, via focus groups, surveys, etc.
4. How Feasible Is Your Idea, Product or Service?
How difficult will it be to deploy your idea? Will you need to invest a lot of time, energy and capital into it?
Does this align with your expectations and the time, effort and money you are willing to spend on it?
5. How Large Is The Market?
You may want to develop a very niche product or service. As the saying goes, better to have a few loyal customers than a mass of customers who are not engaged with your brand.
6. How Passionate And Curious Are You About This?
Last, but not least! How passionate are you about the idea, product or service — how much do you really care?
Would you be a user/ customer of it yourself? Perhaps it is solving a problem you are experiencing yourself.
A source
