Now that the
msgpad chat platform is stable and scalable I've had a chance to look at how I'm going to apply the system to future sites. I have lots of ideas, but unfortunately I'm time poor so I need to prioritize.
I threw an "idea reduction" system together a few days ago in an attempt to separate the good ideas from the bad ideas. I came up with a very basic three factor formula which I think will be handy for online entrepreneurs who need to prioritize ideas.
Total = developed + viral + profit
I rank each factor from one to three, then sum the factor score to derive a total score. Highest score wins, equal scores rank in priority of "developed", "viral", and "profit" with lowest importance.
I chose to give least weight to profit because I figure I don't know all the profitable scenarios, and I figure if the thing gets developed and people use it (developed, and viral), then opportunities will open up that aren't visible right now.
I defined the rating for each factor to make things a bit more black and white.
Developed
- I need to develop heaps to get this done.
- I only need to develop a bit because I can re-use a lot of stuff.
- Everything is developed, I just need to re-badge.
Viral
- One:one usage ratio.
- One:many, many:many but only to specific niches.
- One:many, many:many with mass appeal.
Profit
- Pushing up hill.
- Some solid revenue sources.
- People would throw at the slightest whiff.
I stuck all my ideas in a table and then filled it in, sorted by total, and then sorted by factor priority. The prioritized list definitely looked much more orderly than my original list.
Obviously this is a very broad stroke technique, but it seems to works well enough for me. Maybe it will help you or someone you know. I'm sure there would be ways to jazz it up a bit, I'd be interested in any input you may have.