Analyse the total addressable market (TAM) and serviceable addressable market (SAM) to decide whether a product idea is worth pursuing.
Businesses that wish to create new products must conduct extensive research on the product they want to develop. Conduct online research and consult experienced developers to gather information on similar concepts.
To analyse the viability of a product idea, create a product development map and quantify pre-and post-production expenses like marketing and legal fees. Pre-determine metrics to measure success and failures and calculate monthly expenses to develop products without setbacks.
Establish milestones, assess and bridge any skillset and resource gaps, plan a schedule, and define and assign responsibilities. Set aside a certain amount of time each week for the project and use platforms like LinkedIn to connect with product developers and other stakeholders to assemble a product development team.
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