1. I identify the customer value derived from my product/idea.
2. Understand and identify market type: a) Existing market: People know about the product, the problem it is solving. b) New market: Even if there are other players out there, it's still not commonly understood by customer why it matters
3. How to position yourself. a) Existing market, you need a something different... this is what I ask myself: * Can I provide the same value for cheaper? * Can I provide more value for similar price? * Can I focus on a a subset of the market (e.g. niche), and adapt better to it?
b) New market: The challenge for new markets is not so much how 'good' the product is, but rather how good you are are explaning to customers why you matter. So I ask myself: * Can I make it simpler/more understandable? * Can I get better market adoption through my own techniques?
If I don't answer "yes" to any of those questions, I either rethink to idea so it fits one of those cases, or move on. Hope this helps :)