A Quick Checklist for New Product/Service Ideas to Improve Odds of Success

During our innovation work with executives and business owners over the last few years, we typically see three early stage problem areas related to new product/service concept (a written, elevator type pitch) ideas aimed at generating business growth.  As you create and develop new concept ideas, make sure they address the following three items very early in the development process:

1)     Does the concept clearly solve a problem or job to be done for the customer?  When we review initial concept drafts for a new product or service, oftentimes they address an internal problem (we need more sales, profits, or market share) and not a customer problem.

2)     Is the concept idea clearly written so that a 12 year can understand the problem and how you are proposing to solve it?  It’s not that your clients aren’t smart or educated. They are just extremely busy and don’t have time to think about what the real benefit you are offering them is.  Either the benefit is absent or so buried in the technical or feature rich marketing copy you propose using that they can't recognize it.

3)     Are you creating a solution to a problem that doesn’t really exist or the frequency of the problem doesn’t justify what has to be given up (time, money) to secure the benefit?  If so, it's time to rethink if the concept is worth pursuing before your invest too much time and money.

Keeping these three new product checklist “filters” in mind will help ensure your ideas are headed in the right direction.