Make Something Work. Then Make It Work Better.
When I was in college, I was apart of the New Media Institute at the University of Georgia. During my tenure at UGA, the director at the time (Scott Shamp) had a phrase that every student in the program lived by:
During this program, we didn't have the time to solve the world's problem with an app. We had to figure out the single problem our client was trying to solve (don't over think it) and get a prototype into production quickly. Then we iterated. And iterated. Had some coffee and iterated again.
Don't Be Afraid to Iterate.
Most of the time, the first idea sucks. It's not well thought out or it hasn't been based in feedback from potential users. That's OK. There's a reason that scope creep always happens during the lifecycle of a project. The further along a new product gets, the more it can (literally) be visualized. It's also easier to share amongst peers and potential clients which gets increasingly more feedback as time goes on.
This isn't a post about project management (but you should add in time to your estimates for scope creep - more on that later), but don't be afraid to make changes based on logical feedback. The project stakeholders will always have the final say in whether the product is good enough for the masses. However, your most critical feedback comes from the end users. Have them test the product and then go from there.
Think Simply. One Problem at a Time.
Before you get caught up in iterations on top of iterations, this new idea needs to have a simple objective that solves a problem. When I talk to business owners about a strategy to drive more customers to their doorstep or how to make the next "billion dollar idea", I hear a lot of hesitation when we start stripping down their dream business to its core components. A lot of people have been thinking "big picture" or "five years down the road" for too long that it's clouded their vision on solving one problem, right now.
Google started by allowing you to find websites. Now, they make life easier for businesses and consumers alike. Google now makes everything from phones, online storage and smart home devices (among many other things).
Fitbit started by creating a bluetooth pedometer. Now they have full-scale watches that sync to your phone, play your music, track your heart rate, remind you when you haven't moved in a while (#deskLife) and wake you up every morning.
To start off with, Apple created a new style of computer to compete with Windows. Later, they developed the first smartphone that completely changed how people across the world connect to each other.
There are many other stories we could enumerate; businesses that have started small but blew up in ways the world couldn’t even imagine. But these businesses didn't have a market strategy that entailed solving every problem for every demographic. They each solved a single problem and pivoted when a need arose.
Not Just for Products. Strategies Too.
The same methodology should be applied to strategies to get customers in the door for existing products and services as well. The strategy that worked in January - March may not work during October - December. Perhaps your business is seasonal or maybe it's just that during Christmas this year there was a new "must have" toy. The reasons could vary, but the same principle applies: You have to meet the need of your customers, wherever they might be.
Find out what your customers are thinking and doing. Are they buying the same product from a competing vendor - or are they not purchasing at all? Perhaps Facebook ads were working for a while but you are noticing a downward trend in sales over a few months. Take some budget from Facebook and move it to Google AdWords for a quick trial. If your business is meeting a customer need, and that niche still exists, then tweak your strategy till it works. Once you find the tweak that works, ramp it up and continually make it better.
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Whether you're building a new product or refining a strategy for an old one, it's rare that swinging for the fences works. Start small and solve a problem. Once you've solved one, you can solve a second one.