WILL IT SELL?
HOW CAN I GO ABOUT THE FIRST CUT?
I HAVE AN IDEA FOR A PRODUCT…
Learn How To Take Your Product From Concept to Reality >
Step 1: Define your IDEA
Step 2: Take up this QUESTIONNAIRE
1. WHAT IS THE MARKET OPPORTUNITY?
Use Google to find how many people are searching to solve the same problem that your product will solve.
Find out who is your competition. How do you stand out from them? Define your USP.
All said and done, ensure you have a fairly LARGE market opportunity.
2. WHAT VALUE DOES IT ADD TO THE MASS?
List down the benefits of your product.
E.g.: Does it help people; how? Does it help companies – small, medium, large; how?
3. WHAT CAN BE YOUR REVENUE MODEL?
Find out how you will reap the monetary benefits – sooner or later.
Study the market and list things that will attract your target audience – free membership?, free trial?
economy packages? Keep in mind, you are starting up with a product idea.
Chalk out a revenue model and forecast your projections. E.g.: Let’s say you decide to have a per user
subscription at $20. If you have 100 users at the end of the quarter, you have made $2000. Now, what could be
the projected number of users at the end of 6 months, a year, 2 years, 3 years? What would be your earnings?
Increase in number of users is one parameter, there could be others like the paid services that you would offer
to a single user – so that can also help define your revenue growth and your projections.
Work out if charging some minimal setup fees applicable for your product?
4. HAVE YOU PLANNED A BUDGET?
Whatever it could be, you need to have a clear idea on the amount that you are
willing to allocate to this venture of yours!
Make a list of all the costs. Design, development, marketing, after-sales.
Generally you want the manufacturing cost to be one-fifth of the retail price.
5. WHAT'S THE BEST WAY TO PROTOTYPE?
Instead of raw wireframes, develop visuals.
Hire an affordable designer if you are tech-savvy yourself. At this point of time, find someone who would be
cost-effective and yet quick.
Else, hire an affordable software vendor with the required man power to analyse, map your requirement to
the latest technology, provide you a customer-centric engagement model, develop, test and maintain.
Prototyping is a good way to get some market intelligence.
6. AT WHAT POINT CAN YOU START LOOKING OUT FOR VCs?
Get a rough prototype first.
Try to get the product funded. If you can get it funded at this stage,
this in itself is a good validator.
Figure out a fairly fast way to deliver the commitments made.
7. HOW DO YOU DECIDE WHETHER TO PRODUCE IN-HOUSE OR
Do you have technical expertise and bandwidth to develop in-house?
If not, have the software development company do it for you. There are many software companies, but
hiring the right one is a challenge undoubtedly, especially when you need software tailored to meet your
SOME TIPS BEFORE YOU ENGAGE WITH A VENDOR:
1. Ensure your software development company will use the latest technologies and do not have them
to code your product meant only to get cornered soonsoftware development company to code your
product meant only to get cornered soon.
2. Ask them on the engagement models during development and maintenance?
3. Ask them about their existing work? Also, gather some of their client references and contact them to
get a feedback on their services.
4. Ask them about some demonstrations of their existing work. This will give you a clear insight about
their expertise with User Interface Designs. Remember you need User-centric designs.
5. Enquire about the free warranty period that they offer.
6. Enquire on what they can do to accelerate go-to-market strategy.
7. Ensure that they provision you with a project schedule and clearly defined milestone and delivery
dates, so that you can plan your demonstrations accordingly.
8. One more insider tip for you: Ask them about the flexibility that they would be willing to offer you.
You are start-up, and based on the visuals that you carry to the market as your first cut, you may
have evolving requirements. Will the vendor be flexible enough to accommodate such
requirements? What are their business terms?
WELL NICE TO KNOW THAT
YOU’VE STILL BEEN READING!
Email us at: email@example.com. Expect a reply in less than 4 hours.
Call us for quick assistance at +91 9881115001 or +91 9922173913.
CONTACT SEFFCON. WE DIGITIZE IDEAS.
By helping you validate your "Idea" before it loses value and launching the software
ahead of competition, we bootstrap your IT project. We offer a rapid
development and deployment approach, taking utmost care of user-centric design, in most
cases, allowing you to carry your concept design to the market in less than 20 days
and launch the phase 1 of your product in less than 60 days.
Bootstrapping your IT projects.
30% faster model specially designed for Start-up
Crafting innovative solutions.
FAST LANE APPROACH
Case Studies: http://seffcon.com/case-studies.html