In order to be successful in business, it’s essential to come up with new product ideas. But how can you do that when so many other businesses are doing the same thing? One great way is to use assumption mapping.
Assumption mapping is a method that helps businesses to come up with new product ideas by identifying and evaluating the potential assumptions that people might make about a new product. This process allows businesses to weed out the bad ideas and focus on the ones that have the most potential.
Assumption mapping allows company executives and entrepreneurs to make assumptions about any new product development based on three lenses: desirability, feasibility, and viability.
Desirability Assumption
When it comes to desirability, ask yourself the following questions:
- Is the product something that people would actually want to use?
- Is it something that solves a problem or meets a need?
- Is it unique or does it offer something new?
When making assumptions about desirability, it’s important to keep in mind what people want and need. The best products are those that solve a problem or meet a need, and are something that people will actually want to use. So, before you begin developing your product, make sure you do your research and understand what people want.
Feasibility Assumption
When it comes to feasibility, ask yourself the following questions:
- Is the product something that can be realistically created?
- Is it technically feasible?
- Is it feasible from a cost standpoint?
- Is it scalable?
When making assumptions about feasibility, it’s important to consider things like whether the product is technically feasible and whether it’s possible to produce at a reasonable cost. You also need to consider whether the product is scalable – in other words, can you produce more of them if demand increases? If the answer to any of these questions is no, then your product may not be feasible.
Viability Assumption
When it comes to viability, ask yourself the following questions:
- Can the product be profitable?
- Does the product have a market?
- Is there potential for long-term success?
- What are the risks associated with the product?
When making assumptions about viability, you need to consider things like whether the product is profitable and whether there’s a market for it. You also need to think about how long you expect the product to be successful. And finally, you need to weigh any potential risks associated with the product. If the risks are too high, then the product may not be viable.
Using assumption mapping is a great way for businesses to come up with new product ideas. This process allows businesses to weed out the bad ideas and focus on the ones that have the most potential. By asking yourself questions about desirability, feasibility, and viability, you can make assumptions about any new product development based on three lenses. So, before you begin developing your product, make sure you do your research and understand what people want.
