Checklist for New Products

December 28, 2009 โ€” 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

  1. How many users/customers does the product have?
  2. What percentage of these users/customers would be disappointed if this product disappeared tomorrow?
  3. Explain the product in one sentence:
  4. Is the product good/honest? Yes
  5. What is the predicted customer acquisition cost? $
  6. What is the predicted average lifetime value per customer? $
  7. Which of the 7 deadly sins does the product appeal to? Lust Greed Sloth Gluttony Pride Envy Wrath
  8. What's the go to market strategy in one sentence?
  9. What resources do you need to do this?
  10. What's the total addressable market size? people $

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