What you should know before your team starts building a new product
There are some questions you and your team should answer before starting out to build a product:
- Is there a group of customers who would buy this product?
- Is this a significant pain point for them, or a minor one?
- Are people really excited about an idea like this or is the response pretty meh?
- How big is this group of customers potentially?
- Is there a change or a tweak or a full scale revision to this idea that would radically increase the number of customers?
- What price might customers be willing to pay?
- What solutions are customers currently using to solve this problem? Is this solution pretty good or pretty bad? How receptive are people to the idea of a better solution?
- How much are people currently paying for this alternative solution?
- How would you reach these customers? Is there a place where they get together? One or more websites they all read? Conventions they all attend?
- Would these people tell their friends about your idea, or not? (this is a measure of word-of-mouth resonance)
These are 10 basic questions that need a lot of effort to be answered. But the effort needed is way smaller than the pain of building a solution for a problem nobody has.
First thing to do is get out of the building. There are no facts in the building.