9 out of 10 times, product ideas are usually valid. With the right intentions, any idea can be turned into a product to solve a problem. But that is not the point of contention. The problem is whether that idea can generate income in a viable way. This means that the cost of creating that product should be less than the income generated. So to determine whether your product idea is viable, you should create a minimum viable product. Here are 4 important characteristics of a viable product.
Usability
Of what use is your product if no one can use it. This could be the result of complex features or just insufficient features to meet the consumers demands. If your product lacks useful features to function, then it’s just an idea, and a wasted one for that matter.
Meets customers’ needs
A minimum viable product must have the ability to retain initial customers or early adopters by depicting enough future benefit so that they can continue using it even after the product is launched. If they can’t use it in its initial stages, then it’s not viable.
Generate feedback
You should be able to receive feedback on how your product is performing to guide you on future developments.
Minimal cost
For the product to be viable, it must break even at least. A good MVP keeps the cost of production down to a minimal while maximizing the revenue.
OSAR Enterprises will help you with Product Testing, Concept assessment, Brand voice and purpose, and Supplier due diligence to help you come up with awesome minimum viable products ready for the market. Get in touch for more details.