Source: WikipediaEvan Williams, founder of Twitter has an interesting take on the parameters one should keep in mind while evaluating a new product idea.Here are key parameters that Evan draws:
Tractability
How difficult will it be to launch a worthwhile version 1.0? More than the technical feasibility, what about timing ? competition? How advanced are the other solutions?
Obviousness
Why should consumers use your product? Is the benefit obvious to the user?
Deepness
What is the value you are delivering to your customer?
The most successful products give benefits quickly (both in the life of a product and a user’s relationship with it), but also lend themselves to continual development of and discovery of additional layers of benefit later on.
Wideness
How many people may ultimately use it? Do you try to offer the mass-market good or the niche one?
Discoverability
How will people learn about your product? WoM? Blog/Press entries? Ads?
Monetizability
How hard will it be to extract the money?
Personally Compelling
Do you really want it to exist in the world?
Great products almost always come from someone scratching their own itch. Create something you want to exist in the world.
What’s your take? What would you like to add?
[Evan's post here]
The most important thing after you create your product is to market it well. By this I do not mean, you need to spend millions on advertising. You just need to:
(i) Know who you’d made the product for (I’m assuming it’s not just you)
(ii) Know how to reach them
(iii) Know what’ll make them use the product
(iv) Know what’ll make them refer the product to others
As simple as that!