Checklist for New Products
At our startup, we’ve practiced a diversification strategy.
We’ve basically run an idea lab, where we’ve built around 7 different products. Now we’re getting ready to double down on one of these ideas.
The question is, which one?
Here’s a 10 question form that you can fill out for each of your products.
Product Checklist
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How many users/customers does the product have?
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What percentage of these users/customers would be disappointed if this product disappeared tomorrow?
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Explain the product in one sentence:
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Is the product good/honest? Yes
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What is the predicted customer acquisition cost? $
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What is the predicted average lifetime value per customer? $
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Which of the 7 deadly sins does the product appeal to? Lust Greed Sloth Gluttony Pride Envy Wrath
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What’s the go to market strategy in one sentence?
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What resources do you need to do this?
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What’s the total addressable market size? people $