FAQ
How can I know if my product idea will sell?
This is the multi-million dollar crystal ball question everyone considering a new products has. In my 5-Phase process, there are steps to follow in assessing this question prior to reaching the product development phase. I’ve seen companies invest in patents and complete the product development process so they can start selling to answer this question – I don’t recommend doing this. My 5-Phase approach address this issue in both the R&D Phase and Product Budgeting Phase. If the risk assessment says stop during either of these two phases then I don’t recommend that my client continue to the product development phase. On a personal note, early on in my startup I had three product ideas I was working on. Of those three, I felt the PicnicPal was the least likely product that would be successful. But that was my gut talking because I liked the other two ideas better. The data I collected during the R&D and Product Budgeting Phases kept pointing to PicnicPal as the best proceed to proceed with. My opinion of the product wasn’t reflecting the opinions of my potential customers. Had I invested based only on my gut, I would have run out of money before I got around to developing the PicnicPal.