Title: Product Evaluation: The 16-Step Viability Guide
Headings: The 16-Step Guide to Evaluating the Viability of Any Product Idea
The 16-Step Guide to Evaluating the Viability of Any Product Idea
Free Guide: How to Find a Profitable Product to Sell Online
Make, manufacture, wholesale or dropship
How to evaluate your product idea
Market based criteria
1. What is the potential market size or demand?
2. Who are your competitors?
3. Is it a trend, fad, flat or growing market?
“Coconut Oil”
4. Can your potential customers buy the product locally?
5. Who are your target customers?
In the USA
In Canada
Product based criteria
6. What is your potential selling price?
7. What is your potential markup?
8. How many SKU’s will you have to stock?
9. Can you offer a subscription?
10. What is your product's size and weight?
11. How durable is your product?
12. Will you face seasonality swings?
13. Does your product serve a passion or solve a pain?
14. Is your product consumable or disposable?
15. Is your product perishable?
16. Are there any restrictions or regulations on your product?
Conclusion
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Content: How to evaluate your product idea
For each evaluation criteria below, we’re going to briefly explain it and then use it to evaluate our product idea. Many of the decisions are arbitrary and you may have a slightly different opinion for each criteria. For many of the points there won't be perfect answers, rather educated guesses. Each of these criteria are meant to help you better understand your own product choice and all the factors of building a business around it. You can use these 16 questions as a framework, substituting our product choice for your own in order to get a better idea of your products potential and to avoid dangerous potential pitfalls. Market based criteria
The first thing we want to look at is market based criteria. These are criteria that are usually external facing like market size, target customer, whether you're dealing with a trending product , and so on. 1. What is the potential market size or demand? Gauging market size and demand can be difficult but you’re going to want to have some sense of the potential market size and demand before investing any significant amount of time, money and energy in your venture.