As a business, it is critical that you launch new products which suit the needs of your customers. And for that, you need new ideas.
Now, if you’ve been there, you know this is easier said than done. Coming up with a profitable idea that can be successfully implemented is not easy.
Below are few ways to generate new, innovative ideas for that new product which might turn your business around:
1. Use online tools
There are several ways in which you can use the internet. Like exploring the products offered by different businesses in your niche, or simply googling anything related to your niche and examining further.
2. Ask your customers
A great way to bring an upgrade for your product is gathering suggestions and feedback from your customers.
It really helps in providing the direction towards a better version of the existing product, or an altogether new product.
3. Examine the ongoing trends
The nature of customers changes with time. And it’s quite necessary that you facilitate those changes. And for that, you have to constantly monitor the changes occurring in the market.
Are people willing to pay for better products? Or do they want affordable products? Evaluate the market and exploit the available opportunities.
4. Do some basic research
You can perform a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis of your business. This gives you an idea of where you currently stand and what steps are required to improve your company.
This analysis helps in generating new ideas that can improve your overall business. The idea management process helps generate new products as it emphasizes on developing your strengths and using the opportunities to the maximum potential.
5. Visit trade shows
It doesn’t cost a lot, and it helps you generate ideas for new products. It’s important that you choose the right type of trade shows.
Because an ideal trade show will provide you with access to the right kind of people, the right kind of connections, and they’ll help you in developing ideas for new, better products.
6. Look at your competitions
Sometimes all you need to do is just examine your competitors; their services and products. After all, being second in a market doesn’t mean that you won’t have good revenues.
Let’s not forget the classic example of Amazon which started years after BookStacks (an online bookseller) and went on to become the world’s largest online retailer. Get inspired and try to innovate using the existing ideas, and you never know where your business might land.
7. Evaluate patent applications
Examining patent applications can help you tap sectors which are yet to be fully explored. Just observe the patents and their uses. You might get new ideas for products. You might find patents which haven’t inspired products in the current market – and you can exploit that.
8. Policy Changes
A single policy change by the government can close and create new sectors overnight. So, keep an eye on the news and look out for any new opportunity that might arise. For example, electronic signatures were made valid in the UK. A company developed an application that allows its users to sign documents using a stylus or finger and save it subsequently.
9. Use the Holidays
Keep a tab on the holidays and bring out products that are directly related that time. Bring on some special offers perhaps. Or a limited-edition New Year product. The opportunities are endless.
10. Study the failures
We’re always advised to study other’s successes, but it’s equally important for you to study the failures.
The products that didn’t work out. The services which fell flat. Look into them in detail. Learn why it failed?
Was it due to the distribution? Was it because of the timing? Was the market oversaturated?
Learn from them so that your products don’t meet the same fate.
You’ve got to take it slow. One step at a time. Focus and try different approaches.
Eventually, you’ll get a great idea leading towards some new product for your company. And I hope this article was helpful in guiding you to that idea of yours.