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PRODUCT.|PHILOSOPHY.|LIFE.

Pitching an Idea

We are always building products for customers. Always. It could be a handful of them, or thousands, or for the billions across the globe. Every product idea is first evaluated from the customer's perspective - will this make it faster? Cheaper? Easier? More stylish? Comfortable?

More often than not, the person or people who finally approve and allow for the implementation of the idea, the people who will eventually fund the product development, do not fall into the target audience that the product is built for. Sure, they might use it. But their expectations from the product (as a user) will rarely be aligned with those of real users who will end up paying money for it.

This brings up the question, 'What should a CEO look for before approving a product idea?'.

I think just two questions need to be answered favourably before approving a product idea.

What does this bring the company and when? (This could be profits, brand awareness, new user base, etc)
Does it make financial sense? (Sheer cost-benefit analysis)
Is this what a company like us would do? (How logical is extending the existing brand to the new product?)

While making a pitch for a product idea, I would simply focus on answering the three questions above and nothing else. The answers to those three questions form the crux of any business plan. 

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