How To Come Up With New Product Ideas will be described in this article. Are you looking for ways to generate product ideas? It’s not just you. Many people wish to launch an internet store and market their own goods. However, it’s not as straightforward as it sounds to come up with a product idea.
There is already the upcoming great thing. Just a little prodding could be all you need to locate it. We’re breaking down the top methods for finding product ideas for your company in this post.
Ready? Let’s get going:
Product research
Where do you find fresh product concepts? You might either identify a problem and then come up with a resolution in the form of a product. Or you might consider methods to improve a currently available product.
These are excellent starting points for your adventure.
Look for a problem with no solution
Every item was created to address a specific issue. So, if you’re seeking for product ideas, start by identifying a problem that you’d like to tackle.
Of course, there is more to it than that.
Any niche you choose to enter will require knowledge on your part. You should be determined to conduct your research, at the very least.
The concept for the product might jump out at you right immediately. Or it can take you days, weeks, or even months to locate the solution. Therefore, you’ll also need a little patience.
Even though it might seem unlikely, most successful products were developed this way.
Improve an existing product
Some companies have had success by making changes to an established product. That indicates that they were able to achieve something more effectively, more quickly, or less expensively. Compared to creating a product from scratch, this might be a superior option.
As an illustration, consider this self-heating butter knife. There have been butter knives for a very long time. But if you add the self-heating feature, it gets ten times better, right?
A lot of testing and research go into improving a product. Additionally, you might want to check to see if there are any patents that might limit you from making changes to a certain product. Avoid engaging in legal disputes with patent owners.
Just something to keep in mind: depending on the product category, you can wind up spending a lot on R&D.
Develop product add-ons
It’s sometimes preferable to develop add-ons for existing products. You do realize that not everyone can develop phones? But given the opportunity, the majority of people can sell phone cases.
Find a product and research any potential upgrades that users could require. And not simply for tangible goods either. Additionally common are add-ons for digital products and services.
Start developing add-ons for items that consumers are more likely to own. Using knives as an example. What choices are there for folks who want to travel with their knives? You may make and sell bags built expressly for carrying blades online.
Bring back n old product
An outdated product may be reintroduced and sold once again.
For instance:
If you’ve already sold online courses, you can change outdated references with newer ones. Then you may market online courses to a new clientele. The creation of online courses frequently involves this. Because of this, courses occasionally have several version numbers.
Since prior students would probably have access to the updated materials as well, updating a course can even be advantageous.
Look at some of your earlier products to see if you can find anything to resale to a different target market.
Combine product features
Combining two items or features might provide a brilliant concept. You only need to consider the Swiss Army knife. At the time, it would have looked impossible to combine several instruments into a small box, yet it was a complete success.
And there are plenty of items like that in history.
Consider two or more features or items that work nicely together. Check online to check whether a similar product already exists. If there aren’t any, you should investigate the product concept to see if it has any potential.
Even if a similar product already exists, you can see if you can make it even better.
Look at expiring patents
To learn more about patents that are due to expire, visit the website of the United States Patent and Trademark Office (USPTO). Only a few times can a patent be renewed before it enters the public domain. That implies that additional individuals can begin legally selling a good that was previously covered by the law.
Office for American Patents and Trademarks
Additionally, if a product catches your eye but the patent is still in effect, you could consider purchasing the rights, but this can get very pricey very quickly.
You might at the very least come across a patent that gives you some inspiration.
Read studies
Reading various studies can inspire brand-new product concepts that you had never even thought of. With the pace at which technology is developing, problems that formerly lacked solutions are now easily solved.
You can be inspired to innovate your products or services if you discover recent breakthroughs in your niche.
Competitor research
Examining what other businesses are doing is another technique to come up with product ideas.
To be clear, nobody is advising you to replicate what other companies are doing. But by observing what their clients enjoy and dislike, you can come up with your own ideas.
Take inspiration from what’s working and apply it to your own product ideas.
Look at industry influencers
If your field is competitive, find the key opinion leaders in it and pay attention to what they have to say.
For individuals who work in technology, this is especially true. It won’t be difficult to locate vloggers, reviewers, and fans who are willing to share their thoughts on the newest and best products. Additionally, if you pay close attention, they may slyly drop a few innovative product concepts that you may begin developing.
Who knows, though? Perhaps these decision-makers would be interested in collaborating on a project. When the development is ready to be sold, you will benefit from some visibility as a result.
Go to Marketplace
Yes, you can search several offline and online markets for goods that might be useful to you. But don’t limit yourself to shopping at stores like Walmart and Amazon.com. You should look at markets that are focused on the industry you wish to enter.
For instance:
Chewy is a marketplace for pet supplies, in case you didn’t know.
You can learn more about the needs of your target market by finding these specialty websites. After that, you might use that knowledge to develop your product idea to address the market gap.
Even knowing how much your potential buyers are willing to pay for specific things may help you when you visit marketplaces.
Visit competitor sites and social pages
You can go ahead and look at the leading firms in the market if you operate in that industry. Check out the hottest trends right now.
It makes no difference whether they are big or small firms. From their websites and social media networks, you can learn a lot. The current items will demonstrate the state of the market. But pay attention to the things they’re developing now because that will tell you where the market is going.
Companies frequently make their upcoming items public in their quarterly and annual reports.
You can carry out this kind of investigation more effectively with the aid of these competition analysis tools.
Visit B2B Wholesale marketplaces
For the typical consumer, there exist markets. Additionally, there are B2B wholesaler markets like Handshake, Tundra, and Faire.
Page for Faire
What makes a difference, then?
You can typically find out what buyers are seeking for on an internet marketplace. You can learn what the proprietors of e-commerce websites believe are worth selling from B2B wholesale marketplaces.
B2B marketplaces offer greater product inspiration. While not all of these items can be found on online retailers like Amazon, there are some hidden treasures here that might be worth looking into further.
You’ll at least be aware of the pricing ranges at which you can approach shops with your goods.
Customer research
Additionally, you can learn a lot from your customers that might inspire your next big concept. They know what other things they need to succeed even when you’re offering goods they already like.
This guidance is also useful for people who are just getting ready to begin their online store. You can check internet consumer reviews of your competitors’ items to see what kinds of products people are looking for.
Conduct a customer survey
Customer surveys are simple to do. To ask site visitors or paying customers to do a brief survey, there are many third-party apps available. Using one of these email automation solutions, you can also incorporate it into your email marketing campaign.
However, you can utilize any social media platform to interact with followers if you don’t have the funds for that. To make sure you regularly encourage suggestions from your audience, you may use a social media planner.
If your community is supportive, people will go above and above to respond to your survey. They’ll even be grateful for your efforts to create novel features and items.
A word of advice:
You may leave a box for clients to type suggestions in. The goods that inventive people come up with will amaze you.
Have a brainstorming session
A brainstorming session is necessary if you prefer to get your product ideas from people you know directly.
Additionally, brainstorming sessions have the advantage of being informal. It may be as simple as having guests over to your place so you can discuss business concepts while you enjoy food and beverages. Also check Build Strong Teams
What your friends may say can serve as inspiration—or it can serve no purpose. But fun will be had regardless of what happens. Thus, you just cannot lose. Worth a try, I say.
Go To forums
People use forums to exchange their views and knowledge. So you can try your luck there whether you’re trying to produce tangible or digital goods. Someone may have posted a fantastic product concept that will be lost until you take action.
Can’t discover any product ideas in the current discussions? Afterward, begin your own thread.
You can inquire about potential strategies for your niche. Additionally, you can ask other people for their opinions if you already have a general concept of what you want to achieve. You might even come across individuals that are eager to collaborate with you on the project.
Read YouTube comments
If you don’t know where to search, finding fantastic product ideas on YouTube is a bit of a long shot.
Here is a screenshot that was taken from a video on educational apps. Some commenters listed a few apps they prefer along with their justifications. You might succeed with your product if someone like you could somehow develop an app that caters to everything they want.
Visit local communities
If you watch product introduction or commercial videos on YouTube, one of the comments may spark an original thought. Even if a remark is made in jest, those who pay attention can still discover what prospective buyers want from a product.
Travel to other countries
Sometimes it’s necessary to drive to nearby communities to locate goods you might not even be aware were there. Discover new locations in and around your city. Visit neighborhood mom-and-pop stores to see what’s on sale.
After a few journeys, you might discover a product concept that is worthwhile to pursue.
travel to foreign nations
Many business entrepreneurs visited foreign nations in search of new goods to sell. And they don’t even consciously look for them. Most people simply happen to discover new things through interacting with locals or visiting various stores.
It goes beyond simply locating new goods. A novel method of producing a product might be found through going to new locations. Or you might discover an underutilized resource that you can use to create a brand-new item.
If one of the proprietors hadn’t visited Thailand and met the artisans who make each hammock they sell, Yellow Leaf Hammocks would not have come to be.
Homepage for Yellow Leaf Hammocks
Market research
Why not consider what the market is saying if competitors or customers can’t come up with new product ideas? By observing the patterns in your niche, you may research industry trends.
Here are just a few methods you can use to accomplish that.
Attend product conventions
Product conventions are excellent places to uncover new product ideas as well as network. By observing the advancements that the competition is emphasizing, you might generate fresh product possibilities to consider.
Convention attendance can also assist you in formulating the appropriate inquiries that will ultimately result in a product idea.
On the convention floor, you can run into someone whose words encourage you to develop a novel product. You’ll be in the company of others who share your enthusiasm for the same industry. Because of this, conventions are a fantastic place to find product inspiration.
Look at social media
There are many people with fresh product ideas in social media communities. This is especially true for organizations that cater to hobbyists.
For instance, you’ll encounter folks who are looking for specific products that might not yet exist in the photography and filmmaking market. You have individuals searching for cages for a new camera system. For their setup, some people desire more affordable mobile lighting options. Also check video production company
Additionally, other hobby organizations experience the same thing. Therefore, it’s worthwhile to join these communities only to hear what others are saying.
Perform keyword research
You may find out what terms people are entering into Google Search if you have access to a keyword research tool like SE Ranking or KWFinder. Even if some of the terms and phrases they employ might not be as helpful, you might come across some keywords that inspire fresh thinking.
How to validate product ideas
Inventing a new product is one thing. Trying to predict whether or not everyone would like your new product is a whole different game.
Consequently, how does one verify a product idea?
Here are some methods you may use to test a product idea and determine whether it has any possibility of being a success.
Crowdfunding Platforms
Platforms for crowdsourcing are excellent since they support product launches while also validating product concepts.
People will support a project if they like the product. If you succeed in reaching your objective, it merely proves that there is a market for what you have to offer.
Currently, Kickstarter is likely the most well-known crowdfunding site, although there are others, including Indiegogo and GoFundMe.
The Kickstarter website
Even failing campaigns can serve as an inspiration or a cautionary tale.
Preselling
If you already have a customer base, you can test the market for your new product by preselling it. To give it the best chance of selling, you can promote the release a few weeks or months in advance.
Pre-selling also allows you to predict the volume of orders that will be placed for the product. This enables you to make the product in the quantity you require and save money.
Let’s say you were selling water bottles and only 1,000 people placed pre-orders. There is no need to order 5,000 bottles after that.
Prototypes
Making a working prototype is what you should do if you’re unsure of whether the product will function or not.
The functions of prototypes are numerous. They aid in creating a mental image of the finished result. They examine the product’s functionality as well. You’ll be able to see what modifications are required.
Additionally, if you’re seeking for investors for your small firm, you’ll need a functional prototype.
Focus Groups
Businesses require focus groups because they utilize them to determine if a product is effective or not.
But focus groups do more than just serve a purpose. As long as their comments are pertinent to the product, they can discuss pretty much anything. If you got the name right and they like it, they’ll tell you how it makes them feel and if the product color is incorrect.
Even if you may hear focus groups berate something you’ve worked so hard on, it’s best to identify its problems before it is made available to the general public.
In addition, the opposite is also true. You would feel validated if the focus group ended up enjoying your product.
Beta testing
Beta testing resembles a digital product’s soft launch. Prior to releasing your product to everyone else, you can make it temporarily available to a select group of users. Finding and resolving every technical issue in a more controlled setting is the aim.
The beta version of a product is frequently only accessible to those who have registered. It’s a good indication that there is interest in and demand for your product if you notice that many individuals are attempting to access the beta version.
Product validation questions
When validating a product, you should consider the following questions.
When the time comes, it will be simpler for you to market and sell your product if you have the answers to these questions.
- This product is for whom?
- What issues does it address?
- Can the item be produced?
- Can the product be purchased for a fair price?
- Will it be usable by people?
- Exists a market for the product?
- Where will the product be sold?
- Who are your principal rivals?
- Where will the production happen?
- Is it okay to manufacture and sell the product?
- Have you got the means to make the product?
- How will the production be scaled?
- How many workers are required to produce and market the product?
Conclusion
Researching potential new product concepts involves a lot of work. But the entire process may be made much simpler with the appropriate mindset and tenacity. In the end, you might even find that you like looking for business ideas.
Setting your expectations before you go on your adventure is crucial.
It can take some time to find new product concepts. There is no obtaining around the fact that you will need to conduct extensive research. But the ultimate result is satisfying, particularly if you manage to make a fortune from your new offering.
But if you’re still undecided, get some more ideas from our data-driven guide to the greatest things to sell online.
Wishing you luck as you look for fresh product ideas!
Be sure to read our entries on e-commerce platforms, print-on-demand websites, and platforms to sell digital goods if you’re interested in the technology you’ll need to sell your goods.