If you are an internet entrepreneur or businessman and thinking of launching a product or service to the public then you may need to ask yourself the following questions which will help streamline your thought process and maybe even help you decide whether it’s even worth it in the first place:
- Does the market really need this?
No one can give an accurate answer to this question unless the people first see it in action and then decide whether they need it or not. Before Google, Yahoo and MSN were the only talked about search engines. After Google was launched and people came to know of the power and speed of Google once they started using it. They abandoned all other search engines for Google and now it has become the top search engine commanding over 80% of all search queries on the web. There have been other search engines as well which have been launched over time however they failed to make an impact which Google has on the minds of the people. Necessity is the mother of all inventions.
The product needs to have the ability to make itself so important that people can’t even think of being without it. Ask any one whether they would be able to live without Google and you will know the answer.
- Will it be any different?
If Google were to display the same set of results like Yahoo and MSN would it have been so successful like it is now? The answer would most definitely be “No”. People try new products to see whether using them makes life easier for them or not. If people don’t see any difference then why would they even bother to go for a new product?
Google provided a new look from traditional search engines. The home page does not show anything besides the logo, a search box and some links at the bottom. The relevancy of the search results to the search term entered by the user is so high that people find what they are looking for in a couple of minutes and sometimes even in seconds.
Your product needs to provide something different and useful compared to other products in your industry which will really make it a hit among its users.
- Will the customers accept it?
Product developers invest a lot of time and money on their projects only to see them fail because the end users found it too difficult to understand or the product was not able to provide the results in a timely manner. The general idea should be to keep it simple.
The team at Google purposely kept the interface very simple so that every person in the world would be able to use it with ease. The simpler the interface and the easier to understand the more chances of customers accepting it.
- Will it be cost effective?
Some people may term this question as the basic question as most people will not be able to afford a very expensive product no matter how good and how powerful it is. SAP may be the world’s best ERP yet a major store retailer in your city may not choose it for its day to day operations as it may not be able to afford it. Frankly it may not even have the need for such an expensive solution in the first place. Remember if you are building a one of a kind product which will revolutionize everything like Google then that is a different story however if that is not the case the no one would be willing to pay extra for something which is already offered by another product.
Hope the above points helped. I would love to see your comments 🙂