How to Develop a New Product Idea
Some sources that can inspire a new product idea
Welcome! This article is here to show you how to develop a new product idea by using some of the current sources that your current business is providing. There are many ways to get ideas for new products that can help to increase profits, customer base, and brand recognition. You will have probably used some of these tips already, but if just one of these sources can spark an idea, it will be well worth it!
Take a look at the following six sources that can help develop a new product idea!
- Customers - Your customers opinions and ideas can be your greatest asset when it comes to new product creation. Customers are the end users of your product, and they have a vital point of view that your company should be utilizing. Customers who like your company and brand will make requests for new products or features. Go through these requests and see if they can be developed. Another good place to get ideas is from customer complaints and compliments. Angry customers will give you the hard truth about how your product is being accepted in the market. Market surveys and focus groups are two other places that allow your customers to get involved in the creation of new products.
- Research and Engineering - If you want to put a new product planning system in place then it is essential to invest in technical research. It is one of the most important aspects. This includes research to determine the anticipated market demand over time, whether or not the item can be patented, any antitrust problems that could arise, manufacturing costs per unit at different volumes, and packaging. There are many, many more items to research before coming up with a new product idea.
- Competitors - Your competition can show you what types of products are needed in the market by their customers reaction to an existing product. Go to Amazon and read product reviews. Find out a product that has a great demand, but is missing something.
- Distribution Channels - Look at how your product gets from the production room to the end users hands. Try to think of ways to either change or bundle your product with something else, and sell it in a different way (e.g. A person who writes self help books, could write ebooks and add the Internet as a distribution channel.)
- Other Internal Sources - Internal sources are any people or ideas that come from within your company. This list includes employee suggestions, management, stockholders, sales team, and brainstorming group meetings.
- Other External Sources - These are sources that are outside of the company such as hiring a consultant, academic journals, periodicals and so forth.
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