For any idea that you have in mind for a product, ask yourself, does it need to exist?

You can also ask other people if it needs to exist, to pitch the concept to other people, maybe a potential user group to see if they would be interested and validate your idea.

You could also verify the idea by doing user research online through various methods, such as surveys, published data, interviews and forum posts.

SWOT Analysis

A great way to see if an idea would work out would be through a SWOT analysis, which would help you be able to see any potential Strengths, weaknesses, opportunities and threats. This analysis gives you a detailed insight into a potential project and it’s position into the market. But what does SWOT Stand for?

• Strengths Internal factors that can give the product a positive impact, such as knowledge, brand reputation, intellectual property, etc.
• Weaknesses Internal factors that can give the product a negative impact, such as low punding, poor product quality, bad customer service, etc.
• Opportunities External factors that might have the potential to give the product a positive impact, this could be from a strong market grow prediction, acquiring competitors, international presence, etc.
• Threats External factors that might have the potential to give the product a negative impact, this could be from a new competitor, governmant regulationsm economic downturns, etc.

A SWOT analasys can be approached in two different ways,

Which could either be by filling the 4 categories by doing research online and create it yourself, or search for an already existing company online followed by “SWOT” to find analyses that already exist.

A SWOT analasys can be used to:

• Understand the business context of a company or a product
• Identify gaps in the maarket and potential problems to solve.
• Uncover market trans that can help you develop your product definition
• Understand your company’s internal weaknesses anad externa threats and how to turn them into opportunities.