Launching a new product involves significant risk, but with a thorough viability analysis, you can confidently assess market potential, competition, and financial feasibility. ChatGPT offers a streamlined, cost-effective method to conduct this essential analysis, saving time and resources.
In this tutorial, you will learn how to:
- Define your product concept with precision
- Analyze market demand and identify emerging trends
- Assess the competition and articulate your unique differentiation
- Estimate costs, potential revenues, and profitability
- Evaluate regulatory and compliance requirements
- Synthesize findings for an overall viability assessment
š” Tip: For demo purposes in this tutorial, we'll use an imaginary business, "Granny's Gadgets," that specializes in creating user-friendly tech gadgets for seniors. This example will help illustrate the process, but remember, the prompts provided are designed to be universally applicable for any product idea.
By the end of this tutorial, you'll have a structured, data-driven approach to determine if your product idea is worth pursuing.