SCAMPER is an effective technique to identify the effectiveness of an idea before jumping on to implementation.
S - Substitute
C - Combine
A - Adjust/Adapt
M - Modify
P - Put to other use
E - Eliminate
R - Reverse
This technique can be applied to any idea to figure new possibilities. For example, if you have a product idea you can question
Is there are substitute product in the market?
Can you product be combined with other products to increase the effectiveness of the offering?
How can this product be adapted to a different purpose other than the primary purpose it is designed for?
What kind of modifications are possible to improve the product?
Can the product or its outcome be put to use in a different context or process or industry?
What aspects of the product can be eliminated to save costs or increase efficiency?
How can the product or process involved be reversed or reorganized to create a new product?