Will Your New Product Idea Make Money? Check It Out Now!

So you have a brilliant idea? Congratulations! It’s more likely that you have already searched for similar products on the Internet, or even read through the UK IPO’s website to start gathering some information about Intellectual Property Rights and how you can protect your product idea. But wait a minute! Have you double-checked your idea is actually a marketable one? Check it out with our 8 critical questions!

Is your idea a consumer good, a collector, a product requiring disposables or of common usage? A good idea is a product people will buy more than once, even for relatives. Indeed, repeat sales ensure prosperity and brand loyalty.

Does you idea target a large or dynamic market? Your product idea must solve a common problem or have a great universal appeal on an existing market to make sales without having to educate the consumers or to create a new market.

Does your idea has a unique customer benefit that you can easily prove and customers instantly understand? Consumers will be directly attracted to the products they are familiar with. To catch their interest, a new product (or an improved/enhanced existing product) must offer something of value the consumers want and that the competition don’t offer yet.

Does your idea have a WOW effect? A new product idea that would be innovative, exciting, fun, fascinating, attractive or extraordinary is more likely to meet a great success than a product that fulfill a need while creating a BLAH effect. Novelty usually outweighs ordinary.

Is your product idea of small size? The retailers’ shelf spaces are of high value and central to the negotiations. If your product needs too much space, retailers will be likely to be reluctant to try selling it.

Can your product idea be manufactured using existing technologies or common materials? If a product is easy and cost-efficient to manufacture, it’s easier and faster to bring to market while reducing risk-taking for the project’s stakeholders – easier to convince if needed.

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Is your product idea fast to market? In the era of Fast Innovation to fit the Speed to Market rule, it’s crucial that your product or a MVP (Minimum Viable Product) can be brought to market and sold out there as soon as possible.

Finally, will your product idea generate an interesting gross profit margin? A new product idea worth bringing to market is one that can be manufactured at low cost and sold for a high price, while covering rapidly your first investments. It must secure a good ROI so that you have funds at your disposal to boost your business using digital marketing and online advertising, targeting a new market or even exporting your product abroad.

By Aline Kerneis
Founder at Boost Your Impact, VC Investor & Virgin StartUp Mentor

Aline Kerneis specializes in business strategy, open innovation, sales boosting, digital marketing, web design and entrepreneurship coaching. She has over 15 years of experience in various industries and corporate structures, first as a Business Developer, then in International Sales, and now Founder of BYI, VC Investor and Mentor for Virgin Startup to help entrepreneurs aged 18-30 achieve their goals and realize their potential through understanding problems, identifying solutions and implementing their plans to success.

Ever since, Aline has been advising hundreds of entrepreneurs, startups, inventors and SMEs of a wide range of markets. She has provided business & personal coaching for many of these clients, helping them to unlock their full potential.

Previously, Aline graduated from the International Business School (Paris) with two Business Master’s degrees and, before that, with a Management HND and a second-year university degree in Laws & Economics. However, she was – and is still – a self-taught, constantly studying key books from all over the world to keep adding new knowledge and skills to her existing portfolio with one single objective: bringing more value to her clients.

In five years, she will set up a global foundation based on a pyramidal scheme to help abused women transform their lives through walking the entrepreneurial road.

She is also a mind-shaking writer.