How do you filter the right product ideas to focus on?
So, you go on a lunch meeting with one of your key partners
They share with you about this amazing opportunity that they’ve uncovered, for their client
They suggest that a white label version of your product would be perfect for them
With the potential to bring you USD 400k in revenue in the first year alone
So you quickly start to pitch this new idea inhouse….
However your colleague, Jane, just came back from an innovation conference
She uncovered a new idea that would finally put the business on the map and expedite the organic growth
So how do you screen these two ideas? By focusing on the fundamentals:
- What outcomes are you looking to achieve as a business? Is it to increase revenue or brand awareness?
- What customer need will the idea address? You want to create an idea that has a market for it
- How feasible is it to implement? Your business should be ready to facilitate the execution work
The answers to these questions will provide the justification for your recommendation of whether or not to continue with either of the two ideas
Pick the right idea by picking the right lane
How do you determine the right idea to focus on?
