Are there any easy ways of telling that a product idea is unlikely to succeed?
An over-ambitious project may well fail, either because it is technically too complex or because it requires a level of resources that you cannot afford or that isn’t justified by the likely returns. In cases like this, it’s worth considering whether a less ambitious project would be more likely to succeed. Even if you manage to develop a new product, you will only be successful if the product is profitable. This is less likely to happen if: • You operate in a market where customers resist paying a significant price premium for new products. • Your customer base is small and you find it difficult to reach new customers. • It’s easy for competitors to copy your new product.
