Successfully bringing a new product to market is a considerable challenge for most organisations. Understanding product feasibility at the earliest opportunity is key. Here's a high level process to analyse whether a product is a viable idea or not. Complemented by this concise article: npd-solutions.com/feasibility.html
1Is there genuine user need?
What evidence do you have for this?
1.1Do these users know they have a problem & that there could be a solution?
If people don't realise they have a problem (or think the problem they have is different to the one they actually have), they're not going to look for a solution. And if they don't feel the need to look for a solution, it's unlikely they will ever find your product.
2Is there a large enough market?
What markets would benefit from this product, and what are the size of these markets? (TAM - total addressable market).
3Will people pay for the solution?
This is a hard one to provide evidence for. This question should form part of your initial product/market research.
4How much resource is there to allocate to this product?
People, time, money. Do you have the necessary people resource in-house or would you have to look outside your company?
4.1Can the product actually be made?
What technology or expertise is needed?
4.1.1How easy is it to test the product concept?
Are there low risk ways of testing the product using a mockup or working prototype? How much work would have to be invested before the product impact could be assessed?
4.2Are the costs acceptable?
Costs (e.g. of development, marketing, and maintenance), compared with the anticipated sales and revenue.
4.3Will the product be profitable?
Will it be profitable enough to justify the resources put into it? Will it be profitable in 5, 10 or 20 years?
4.4If you would need funding, is the product attractive to investors?
If the product can't be self-funded, is it attractive enough a proposition that others would be willing to fund you? Does it have potential?
5Is the product time-sensitive/critical?
e.g. Is it aimed at a particular event/scenario and will no longer be useful/relevant after this?
6What is the aim of developing/launching this product?
To enter a new market? Serve an existing market better? Cross-sell? Impact your company brand? Fund another part of the business?
7What is the competition?
What would you be competing against? Similar products? Old ways of working?
8Bearing all the above in mind, would it be worth it?
Do the benefits outweigh the risks?
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