You can go through decades of life without thinking of a single original thought. Then, out of nowhere, an incredible idea enters your mind, and you can’t stop thinking about it. All of a sudden, you’ve got something that really has legs and could make you a lot of money.
So, what should you do next after your eureka product-moment? Take a look at this.
Figure Out Where The Money Will Come From
An idea is great, but, ultimately, it is still just that – an idea. Unfortunately, most concepts require a considerable amount of money to get off the ground. You can’t just waltz along, assuming that it will create itself. You need real capital to make it happen.
If you’ve had a great idea, therefore, you’ll want to either save the money to implement it yourself, or you’ll want to approach investors. If the plan is really good, you might want to hold back on disclosing the precise details to the people giving you money. You want as much security as possible.
Work Out How You’re Going To Market The Product
Most companies can look at what they’re competitors are doing and market their products based on that. But if you’ve come up with something genuinely new and original, then that approach probably won’t do you much good. Using existing templates won’t give your audience accurate information about the product or how it helps them.
Invention marketing is a specialist service that innovative companies use to get the word out about what they do. The idea is to come up with an advertising approach that clearly communicates benefits without confusing potential customers. Ultimately, it should be easy for people to see precisely what you offer.
Find Out Whether There Is Demand
Coming up with a great idea is one thing, but whether there is a demand for what you sell is quite another.
Say, for instance, you develop new battery chemistry that is better than existing lithium-ion cells. In that case, there’s probably a large number of people who would pay good money for technology. By contrast, if you’ve come up with a new device that keeps horse rider’s bottoms warm in the saddle, then you’re probably looking at a much smaller market.
Work Out Who Your Customer Is
Related to this is your target market. Ideally, you want to know who your customer is, where they live, and how much money they earn. You could have a wonderful product that solves a problem, but if your customers can’t afford it (or can’t get to it), then you’re in trouble.
Eureka moments are almost always the first step down a long road. Having the idea is essential, but it doesn’t make it happen. There will be plenty of other people out there with similar ideas, looking to cash in on new concepts. Plus, they will often have more resources than you do.
If you’ve had an idea, keep it to yourself and beaver away frantically in the background to make it happen. Then hit the market and take the lead.