Launching a new product is always risky even if you have done it many times before. Too many entrepreneurs fail because they fall in love with an idea and lunge forward at warp speed. Their product doesn’t solve a problem anyone cares about and doesn’t satisfy a real need or offer anything unique. It just makes them feel what they are doing is better than what they were doing.
They share their big idea with friends and family and build their product without evaluating it the way sharks do. This failure to test before you invest accounts for so many new product failures. Inexperienced entrepreneurs use social media and crowdfunding to test their ideas, but they don’t realize that showing their idea in a public venue prevent them from patenting their product if and when they do file for protection from the U.S. Patent and Trademark Office. Asking Facebook friends if they would buy their idea may work fine for an online course or concept for a blog, but asking for feedback on physical products is dangerous unless you have already applied for patent protection.
So, why launch a new product without first doing some basic due diligence? We’ve mentioned arrogance. There is also naive hope, trust, ignorance, fear and desperation. Another problem is cost. Individuals and small companies can’t afford the million-dollar market research programs used by giant companies like Proctor & Gamble.
The most practical reason is not knowing how to test an idea.
Until now, there hasn’t been an affordable, objective way for entrepreneurs to know if a new product idea is a winner or a loser before taking it to market—or even how to build a minimum viable product that can be tested further. If you have ever built anything, you know to measure twice and cut once to eliminate mistakes. Measuring your great idea’s potential is no different. Testing the idea safeguards against making impulsive decisions—and losing friendships over money you borrowed but can’t repay.
That’s why we decided to develop an in-depth method for identifying your idea’s strengths, weaknesses and marketability. Equally important is being sure the product is a good fit for you, not just the first thing that came to mind. You can learn more about the test here.