If you’re like me, then you’ve got so many ideas it can be hard to know where to start when it comes to even analysing them. And if you’re like me, instead of properly analysing them, you’ve just started down multiple roads at once, going very slowly. If that sounds like you, marketing expert Alex Bashinsky over at VentureBeat has three steps you should follow.
Image via Shutterstock
Bashinsky breaks the process down into quantifying risk/reward between each option, analysing the markets available to each option, and then considering your capability to actually act on the idea. Perhaps some new skills would need to be learned, which is okay, but if you need to learn two or three, it’s time to delegate that to someone else. So how much staff would you be able to support?
Especially for creatives who cringe at the idea of getting involved in the business side of things, the analysis of potential markets is key. Game maker Matt Hall did that for his doodle games and horse games, which were a success long before Crossy Road ever hit the App Store. What fueled that success was analysing what was doing well in the market, and playing those games to a point where he understood all their tricks. Then, of course, making his better.
Plus, even artists have to analyse what the competition is like. According to him, you should be asking:
Does one of your ideas have weaker competitors than the others?
Is there a first mover advantage to acting on one idea right away and holding off on the others?
Could you begin with one idea and eventually expand your concept to include others as you grow?
And for every other idea, there’s a score of questions to ask before you put them up against each other, side-by-side. Check out the full list here.
Comments