The list includes:
1. The Originality Factor
As soon as the idea is zeroed in, the possible permutations & combinations need to be considered. Brainstorming sessions and collective Googling sessions are great first steps. Get views from relevant people to analyze the pros and cons of implementing the idea. Collective Googling is a group of people performing extensive research on the Internet to find out if the new idea has been documented elsewhere.
2. The M Factor
The backbone of business is money. How quickly will the new cloud service or managed service generate dollars?
3. The Time Factor
In business, time is money. The time required to convert the idea in a cloud service or managed service is of at most importance. The idea might be very relevant in the current day’s scenario. But, if the development team is going to require two years to transform the idea into a revenue-generating service, then the idea might lose its relevance before it event launches. Thus, the realization time plays an important role in cashing the idea.
4. The Competitive Factor
Generating some hype and buzz can help you to generate initial sales. But be careful. You don't want to reveal too much information to the broad market -- and competitors -- before the cloud service or managed service debuts. Second, be careful not to over promise and under deliver -- which can damage your brand and your company.
5. The Longevity Factor
Each product has its own life cycle. Plus, the development team must deliver ongoing enhancements to make sure the cloud service or managed service remains relevant and sustainable.
6. The ROI Factor
How long will it take for your service to achieve break-even results? Before you earn any money, you'll be busy setting up physical and technical infrastructure, paying R&D staff, then spending even more money to promote the service. Analyze all the factors to see if the return on investment can become cash-flow positive quickly enough for your needs.
7. The Pricing Factor
This is a very challenging aspect of launching a new service. When the service debuts you need to fully understand how much value it will generate for customers. That value will give you clues on pricing -- or how much customers will be willing to pay for the IT service.
8. The Need Factor
Developing an IT service that a set of customers desperately needs has its own advantages. If you fulfill a hidden customer need, you'll quickly create a market for your service.
9. The Marketing factor
Marketing gives the IT service visibility. Proper marketing is just as important as your development efforts. Also, effective marketing paves the way for the next product upgrade cycle.
10. The Usability factor
Last but not the least, there should be a good reason to use the IT service, whether it's on premise or in the cloud. Experimenting with a new idea could be very exciting but it would be rewarding only if it has a purpose for the customer.
Pinpointing customer demands, and catering to those demands is an artform. Master that artform over and over again, and you'll generate bottom-line results. There are additional factors that impact the effective implementation of a product or service. But I hope the list above gets you started on the right path.
Sai Sundhar Padmanabhan is a marketing analyst at ManageEngine. Read ManageEngine’s well received book “How to Set Up a Managed Services Business.” Monthly guest blogs such as this one are part of MSPmentor’s annual platinum sponsorship.