Module 2: Idea Analysis and Validation

Module 2 - Covers the evaluation of ideas for viability and market readiness, as well as their potential financial impact.

• Comprehensive Idea Validation: Iteright's approach involves a rigorous assessment process for potential ideas. This process includes evaluating the market viability, customer need, and potential return on investment for each idea.

• Data-Driven Decision Making: Strong emphasize on the use of data to make informed decisions. This involves gathering and analyzing relevant market data, customer feedback, and competitive analysis.

• Avoiding Wrong Initiatives: Iteright's validation process is designed to help identify and discard ideas that are less likely to succeed, thus saving time and resources on unproductive ventures​

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All "Idea Validation" can be done in the IDEAS tab

Click NEW IDEA to enter your ideas into Iteright

1. Create a unique descriptive name for your idea so it can be labeled and recognized throughout your organization

2. Create your own description of the idea or use Iteright's AI to guide an in-depth description for your idea.

*The more detail given will help provide more data points for AI to create accurate and fitting descriptions that align with your idea

IDEA MANAGEMENT

Once an idea is created you will be able to manage all parts of the idea within the ANALYZE toggle

Ideas are broken down into 6 different variables that will give a full scope of the idea's value and potential to your organization

STRATEGY

Define the primary approach the idea will take to align with and achieve your business goals. Users can select a strategy that advances the company's main goals, detailing how it will contribute to desired results.

Select the best strategies that will align your idea to your business objectives

• Pilot to Annual Conversion | Account Engagement & Growth | Scaling New User Acquisition

PERSONAS

Users can ADD PERSONAS to create detailed profiles representing the different positions that can be linked to the initiative. This should include demographic details, behavioral characteristics, needs, and the value the initiative offers. The personas should guide the development of features and marketing strategies.

IDEA ANALYSIS

Idea Analysis allows users to critically evaluate the strengths and weaknesses of their idea, including market readiness, competitive positioning, and unique selling points. This comprehensive assessment should inform the likelihood of success and identify potential roadblocks.

Guiding Questions

• Idea - Can you describe this idea and explain what makes it unique, valuable, and outstanding?

• Alternatives - What are the existing solutions and how can our idea improve upon or offer a superior solution to these?

• Tech Strategy - What is our technological approach to implementing this idea, ensuring smooth execution, scalability, and long-term feasibility?

• Change Management - How does this idea fit within our current operations, and what changes in processes, roles, or culture might be necessary for its successful implementation?

• Positioning - How do we plan to launch and position our product to maximize its acceptance in the market?

• Launch - What is our strategy for a successful product launch that will set a positive tone for the product's performance?

• Growth - What is our growth strategy to ensure this idea can scale successfully and sustainably?

• Risks - What potential risks can affect the success of this initiative and how can we anticipate and mitigate these challenges?

EVIDENCE

Here users to present data and research that substantiate the idea's potential. This includes market studies, user test results, and any relevant data that can validate the idea's relevance and likelihood of success in the target market.

Enter and track tasks on your team's Discovery Task List to stay up to date on the progress of the initiative

Provide Evidence and documentation to support your initiative. Items such as: surveys, interviews, research, experiments, and other relevant data can be uploaded here for others to review

FINANCIAL

Project all financial Costs in this section. Make sure to consider all aspects through planning, development, launch, and operating the solution in the market.

Forecast the Financial Impact of the initiative and outline revenue streams or cost savings from this initiative over your defined timeline

INITIATIVES

Users can Create Initiatives to list out steps in a structured manner to ensure that each initiative is defined with clear objectives, timelines, and required resources for effective execution and alignment with strategic goals.

Once all information is inputted click the REPORT toggle to view.

The report feature serves as a tool for synthesizing key data points and analyses into a structured report format. When activated, Iteright compiles the information including financial forecasts, ROI potential, and strategic evaluations, into an organized document. This document can be shared with corporate leaders and stakeholders to present a clear and concise picture of the viability and potential impact of product ideas.

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