Product viability: keys to an assertive conclusion
Launching a product or service to the market is a project that generates a lot of enthusiasm. For the idea to be a success we must first know if the product or service we have in mind is viable. We must analyze in detail all its characteristics to draw useful conclusions. The certainty that a product/service is viable or not will optimize the time we invest in that project, whatever the final conclusion. Next, the factors to take into account about about the PRODUCT VIABILITY.
Analyze the needs that a product satisfies
The first point to analyze about the viability of a product is to know what needs it satisfies. Then you have to determine how many people would need that product/service.
Analyze potential customers
This point is the most important: once we determine the potential customers we must objectively analyze whether that number of potential customers is large enough to make the business profitable.
Study possible competitors
We must study if our product/service is easily replaceable or not. We must also analyze the uniqueness of our product. In the case that there are no competitors, we must analyze how our company would perform if there were any.
Analyze substitute products
Substitute products are those that represent an alternative to the product we offer, although they are not direct competitors. For example: if we make coffee, all other brands of coffee are our competitors. Instead, substitute products could be any infusion such as tea.
It is important to have a budget allocated to implement marketing strategies. These strategies should be based on the particular characteristics of our product/service.
Adaptation over time
The PRODUCT VIABILITY depends largely on its ability to adapt over time. Reality indicates that the most successful products/services are those that best adapt to new times. Therefore, from the moment a product is conceived, it is necessary to analyze how flexible it is to adapt.
We already know that the PRODUCT VIABILITY depends on its adaptability. What we must analyze later is our own capacity to adapt as a company. For example: capacity to correct errors, budgetary capacity to face changes, speed to adapt to a new context, etc.
Determining the PRODUCT VIABILITY is a fundamental process to optimize our time. If after an exhaustive analysis we reach the conclusion that our product/service is viable we can start working on our project. If it is not viable we can elaborate changes to make it viable.