Monday, 13 May 2024 04:39

5 questions to help you identify marketable ideas

Rate this item
(0 votes)

Are you pushing a rock uphill? When you're working on bringing a product or service to market, sometimes it can feel very burdensome – like you're pushing a heavy load skyward. A lot of effort is required and you're becoming exhausted in the process.

But this is to be expected, right? You're always hearing that every new idea takes time, effort, patience, determination and plain hard work to become successful.

It's true that what we perceive as an overnight success is usually at least 10 years in the making. There's more to it than that, though. Some ideas really are just easier to launch.

These ideas are like rocks rolling down a hill. They gather momentum easily and require less effort. These are the ideas you need to be able to identify quickly and test.

Why? Because the challenges that every inventor must conquer to bring any new idea to life are numerous. The more you can do to limit these challenges, the greater your likelihood of success.

Below, I've listed five questions to help you identify ideas that are going to take off. (Hint: There are fewer barriers to overcome.)

1. Is it a simple solution to a widespread problem?

A problem many people experience for which there is no elegant solution – yet – is what I call a "sleeping dinosaur." We're all aware of the need for improvement.

2. Is it easily understood?

Instructions aren't needed, because the purpose of the item and how to use it are obvious. (Education is costly and uncertain, making it a big barrier to overcome.)

3. Is it easily demonstrated?

You don't need a prototype. A simple sketch, 3-D computer-generated visual, or even a drawing will do. Our vision helps us process new information quickly. Being able to visually convey the benefit of the idea is a powerful selling tool.

4. Is it easily manufactured?

There's no need for new machinery. Your idea is not reinventing the wheel. No research and development means very little capital expenditure. Ideas that don't require reconfiguring a supply chain are much easier to scale and ship.

5. Does it cost the same or less than competitors?

After you receive interest, one of the first questions you will hear is, "What does it cost?" Cost is a huge hurdle to overcome for product developers. Ideas that gather momentum easily are the same or cheaper than similar products.

What comes next? Putting the right team together, which begins to take away perceived risk. Then, when you start showing the idea, it moves forward. It rolls.

Now, your job is to guide it to market by filing the right intellectual propertypatents, finding the right commercialization partners and ensuring everyone involved profits along the way.

This isn't easy; it's practically an art form. If you are doing this for the first time, find a mentor. Specifically, someone who has repeatedly achieved what you are trying to do. Identifying ideas with the potential to roll is much easier in hindsight.

Learning the difference between ideas that require a heavy lift versus those that roll is a skill every entrepreneur needs to develop. I highly recommend focusing on simple ideas first, because there is a great deal of inertia to overcome when implementing anything new.

Later, after you've developed a better understanding of what's required to turn an idea into a product, you'll be able to spot obstacles and overcome them more easily.

Looking back, one of the most difficult ideas I commercialized was a rotating label. New machinery had to be built in every manufacturing facility, which wasn't scalable.

Consumers didn't know how to use the product instinctively, so we had to place a demo at every point of purchase in Walmart showing how it spun. (We even filmed a commercial with Alex Trebek, the late host of the game show Jeopardy, with the same goal in mind.)

And because the rotating label was actually two labels, it doubled costs. While it offered a clear benefit, the product ultimately failed for these reasons.

One of the easiest ideas I licensed was the Michael Jordan Wall-Ball to the toy company Ohio Art. They were already selling an indoor Nerf basketball hoop that featured a small image of the iconic basketball player.

Why not transform the entire backboard into the shape of Michael Jordan? Three days after I pitched this simple idea, I received a licensing agreement in the mail – and earned royalties for the next 10 years.

The idea made good business sense. Cost was reduced by going from plastic to paper. By changing the packaging from a box to a clamshell, the product stood out better. Enlarging the image of Michael Jordan made it more attractive to fans.



May 27, 2024

62-year-old started her business with $1,000—now it brings in over $25m a year

The 62-year-old is the president and CEO of McKissack & McKissack, the Washington, D.C.-based construction…
May 27, 2024

Protests erupt in Kano over Bayero's dethronement as emir

Supporters of Aminu Bayero, the dethroned Emir of Kano, have taken to the streets in…
May 26, 2024

How to talk to people: 3 ways to stop the cycle of negative self-talk

Negative self-talk, or the experience of your inner monologue being hyper-critical, can erode your confidence.…
May 25, 2024

Wanted criminal pretends to be deaf and dumb for 20 years to avoid prison

A Chinese man wanted for murder managed to avoid police detection for over 20 years…
May 22, 2024

Gunmen kill 40 in fresh attacks on Plateau communities

At least 40 people were killed and many others wounded in an attack by gunmen…
May 27, 2024

What to know after Day 823 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Russian jamming rendering much US-supplied weaponry ineffective – WaPo Many US-made munitions that…
May 19, 2024

Scientists develop device that can detect when someone is sarcastic

Experts have developed a device that can detect when someone is sarcastic It works by…
April 30, 2024

Finidi George is new Head Coach for Super Eagles

Former Nigerian winger Finidi George has been appointed as the head coach of the national…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.