1.) How is your software product benefiting your customers?
It all depends on how well we understand the customer and his need. A product can only become a great product when it brings value to the customer and is meeting their need
2.) Are there others in the market offering the same software solution as you?
Having a core understanding of the competition in the software product industry is highly crucial. There needs to be clear statistics and information to gauge if we are offering the same solution as someone else. It is important to gain an insight into whether our product is different and brings in value.
3.) Have you considered your level of industry expertise?
Building a software product is all about focus and how well you understand the target segment industry. You need to ask yourself questions like: have you been involved enough? Is your understanding and knowledge of the software industry strong enough to pull this off?
4.) Have you consulted experts in product-specific industry?
Having a multi dimensional view is very important. Know the experts or consultants in the particular market and have a chat with them. Take into account their opinions and views. There should be a continuous attempt to make the product better and this can only happy through imbibing valid inputs.
5.) Is your software solution centered on meeting the customer’s needs and relieving his pain points?
The ultimate goal is to meet the customer need. If you are developing your product, ensure that it is only because it is relieving some pain that the customer is facing. The focus of the product should always be zoned in on the customer pain point and its solution.
6.) Did you conduct pilot testing of your software product idea?
Test, test and test some more. Only through valid testing can you understand if the product is meeting the required needs. And you will also understand clearly if it needs more work and improvements.
At the end of the day, the question that trumps all these is:
7.) Are you confident that you are adding value and making a contribution to your customer through the use of your software product?
Once you thoroughly evaluate these points and are able to understand where you stand, you can be more confident about your decision to introduce a new product into the market.