At Ballistiq, we get a lot of crazy product development requests. People come to us with grand visions for new ventures and products that they want to build. Our first reaction is to ask them if they have validated their product idea. I’ve even posted the entire methodology I use here.
What’s strange is that many people seem to be against validating — they’re afraid of asking people to shoot down their idea.
So here’s another way. These are 14 questions that you need to be able to answer about your idea before you start investing and building. These are from SyncDev, pioneers in product validation methodology.
- Is the target customer clear?
- Is the need compelling?
- Is the lifetime value of the product high?
- Is the market large enough?
- Is the competition tolerable?
- Does your product fit the market?
- Is your advantage sustainable?
- Is distribution available?
- Are sales costs reasonable?
- Is the product feasible?
- Are margins adequate?
- Are risks tolerable?
- Does the business fit your company?
- Do you have a mountain of evidence to prove all of the above?
If you can answer “yes” to all the above questions. You probably are onto something.
“Pulp Fiction” by Banksy, international man of mystery.