No entrepreneur wants to waste their time developing a business idea that will only end up flopping. Here’s a simple test to determine whether your idea has a chance of becoming valuable and desirable, or you’re just wasting your time and resources.
The above drawing takes into account two factors, PR value and Needs value.
Bottom Left -If your idea falls into this quadrant, just stop. No one will ever buy your product, nor will the press care for the lack of a story.
Top Left – This quadrant can be described as the typical publicity stunt without the proper backing. The story is great. PR loves it. Mass exposure is achieved. But the immediate rise is short-lived after the public realizes your product is without value and doesn’t fill an actual need.
Bottom Right – A great idea without PR support is paved with a journey of an uphill push. Eventually the product will make it into the mass market, only after it’s passed the chasm.
Top Right – If you’re story or idea is newsworthy, it is the best free advertising anyone can get. If you’re story is really good, it will spread like wildfire through blogs, tweets and likes. A great idea coupled with immediate publicity equals a true winner.
Bottom line, as you come up with ideas, make sure people will buy it and there’s an interesting story behind it for the press to eat up.