Concept Testing Form Concept Test Step 1 of 3 33% Everyone’s got ideas. The next big thing? The difference between you and most people, is that you can now bring our idea to life! And rate it against your other ideas, so you can prioritise which one to act on first! Ok, let’s go? NicknameWhat’s a short catchy name? NickName Product ConceptGive your concept a descriptive project name. Project Name VisualInsert an image to help bring your idea to lifeAccepted file types: jpg, gif, png, Max. file size: 50 MB.Insight/ObservationWhat is the gap in the market, pain-point that exists or deep human need/want/desire?Why it will work?In a nutshell, why will your idea work?Critical Success FactorsWhat are the mission-critical elements, the CSFs that MUST be in place for this concept to work?"Ticket of entry"What are the things that MUST to be done 'play' in this space eg product performance specs, pricing at or below 'x', etcVariations to the conceptMany successes required a pivot from the original idea. Are there any slight variations to the idea that might also work?MarketDefine where you plan to play eg domestic/global, on-line/bricks-and-mortar…?PositioningHow will you be in the minds of consumers? Key Marketing ElementsProductDefine key elements of the product.DistributionWhat are the channels of distribution?PromotionHow will you promote the product?PriceWhat is the pricing strategy?Initial capital outlayHow much is needed, to launch? IncludesHow much is needed, to support on-going? Income paWhat is the projected income eg per annum & key assumptions? Net Income paWhat are the likely costs eg per annum & key assumptions? Net Income AssumptionsIncome - Expenses before tax, etc Cost AssumptionsKey cost assumptions for projections ROI %Gross Income / Initial Capital TimeframeHow long before you see a return? Key Risks/ContingenciesWhat are the key risks and how will you overcome them?Exit StrategySell, etc?RatingOut of 10CommentsAnything else?Next Steps:What, Who, When? 5945
