Posts by Categories
Small Business Internet Business Marketing Ideas Internet Marketing Franchise Business Ideas Boost Sales Startup Investment Low Cost Business Business Plan Home Business Loan Entrepreneurship Adsense Promotion Email Marketing Marketing Plan Real Estate Business Business Marketing Banking Oil and Gas Business
How to Generate Ideas for New Products
Every business needs to generate fresh ideas for their products and services to give them a competitive edge, keep their current customers interested, and attract the attention of potential customers.
New ideas can come in a serendipitous, random manner, or they can come as a product of consciously planned, systemic approaches.
Waiting around for a startup idea to come to us is okay and may work. However, in a fast-paced, ever changing world, we need to be able to induce the generation of new product ideas for marketing class which is a more proactive method.
LIST: Top 10 Fastest Growing Small Businesses In The World
These methods of forced (if you may) idea generation include; Getting feedback from customers, studying market trends and economic changes, holding brainstorming sessions with employees, sales, development and creative teams, studying your competition, taking a look at problems around your niche or area of operation, latching on product affordability, studying product ideas that failed, and finally, capitalizing on holidays and Significant Events.
Generating Ideas for New Product Development
1. Get Customer Feedback
Customers are a viable source of ideas for new products or services. Seek the opinion of your customers as regard what kind of products they would like to see you develop. While gathering customer feedback, suggestions, and opinions may be an uphill task, it is well worth the effort.
You could also check how customers use and sometimes modify your products and services as this could open your mind to simple innovative product ideas. Development products based on customer feedback ensures that the product is meeting customer needs, which in turn direct affects sales.
2. Study Market Trends
Market trends are constantly changing and your product innovation ideas should reflect and put into consideration these changes. Different factors-technological, social, economic, environmental, or political- may affect market trends.
For example, if you are a phone developer you will realize that selfie have become very popular among cell phone users. A good idea would be developing a phone that has a high resolution front camera to cater for this new trend.
This would be the selling point for your product design. Another innovation that capitalized on the selfie market trend was the selfie stick. People love taking selfies, so why not help them do that more easily?
A brainstorming session with your sales, development and creative department can generate fresh ideas for new product launch. The session should have a purpose and direction in order to reap maximum benefits.
It should also have an informal atmosphere. An idea can grow from the exchange and interplay among people. The different angles, opinions, and positions expressed by the participants could help birth a ground-breaking idea.
4. Study Your Competition
A look into what your competition is doing can give you fresh ideas for product development. Exhibitions, trade fairs, the internet, and others are ways to do this. A lot of great companies studied what their competition was doing and took the idea a step further to beat the competition and get ahead of the market.
Mobile phone developers are always striving to outdo each other in this aspect. Brand A brings out a new phone feature, brand B takes that feature and develops it into something that is better and more appealing to phone users.
5. Look at Problems
There is a saying that necessity is the mother of invention. Every problem presents an opportunity for the creation of a new product or service. Find out what problems your customers are facing.
What are the problems in your industry or niche that have been left unsolved, unattended to, or ignored? What are customers struggling with? Answering these questions could lead you to unique new product ideas for college students.
6. Product Affordability
In any region, country or location, the middle-class and low income earners will always be more than the wealthy. The current economic downturn has made consumers more conscious of their spending habits.
As a developer ask yourself if there is a way you can create more or same value for customers at a lower cost? Another way is to create a limited and lower cost product targeted at a specific class of people.
7. Study Product Failures
Sometimes a company comes up with a new product or idea that flops-does not catch on well with its target market and so it is dropped. The marketing mistakes of others can be used to your advantage.
Study and analyze what went wrong with the product development. Was it the marketing strategy, distribution, pricing, promotion, or wrong target audience? How can you improve on that?
8. Holidays and Significant Events
What are the holidays and significant events that happen in your country and internationally? Can you create a special, limited edition product that capitalizes on these holidays or events?
UPDATED: 7 Fast Growing Small Business Opportunities
You could also support an event by sponsoring it. This has the dual effect of giving your business firm a good public perception as well as advertising your business.