This can be a specific feature of the service or product, for example, that it is made of a more resistant or environmentally friendly material, that it uses a new distribution channel - for example, that it can be sold online and delivered door-to-door - or that it has an extraordinary after-sales service.

Who are your customers?

A good idea is not good for everyone. This fact should motivate you to clearly establish the segment of people who would find your product or service fantastic.

In other words, you must find the customers who would find your product or service of great value, and therefore would be willing to change their current consumer preferences to purchase what you offer.

You can also ask yourself the following questions:

Geographic location: Are your potential customers in urban or rural areas? Are they in intermediate cities or large capitals? Do they live in your own country or abroad?

Demographic characteristics: Is your product for children, youth, adults or senior citizens? Is it for women, men, or both? Does it work at any socioeconomic level? Do you think your product is more attractive to people with a certain level of education?

Behavioral characteristics: Does your product or service appeal to people with a certain lifestyle? What interests, hobbies or other habits do the people who might like your product have?

Who is your competition?

It is important to understand that your competition is not only goods or services with similar characteristics to yours, but also those that, although different, seek to satisfy a need similar to the one your product or service wants to address.

Think, for example, that if your idea is to launch a new type of refreshing flavored water, your competition is not only the other brands of flavored water on the market, but also the other products that serve to quench thirst, such as soft drinks, natural water and/or fruit juices.