New Product Ideas: Tips for Inspiration and Development

new product ideasWe live in a consumer driven society. Whether visiting a store, flipping through television channels, or surfing the net, it is impossible to avoid the overabundance of products being hurled in every direction. At this very moment, intelligent entrepreneurs are brainstorming and searching for the next big idea to captivate consumers. Truth be told, there are millions of great ideas out there. However, it takes effort, research, and business savvy to take a product or business idea and bring it to fruition.

In today’s day and age, developing and launching a product seems more attainable than ever. The amount of information that is readily available (and free) is invaluable to an entrepreneur who is beginning to brainstorm and research an idea.  Check out this course for more information on how to launch a profitable product.

The first step toward generating a great product or concept is to identify a market need. Is there a problem or inconvenience that you could remedy? Could something be created that would make your life easier? What types of concerns or difficulties do friends and family face on a daily basis? With the growing number of social networks and countless modes of communication, it is easier than ever to stay connected with people. What topics are being discussed on Twitter and what questions are posed on Facebook posts? Use social media to conduct a brief survey to discover what your friends have on their minds, and what issues they are struggling with.  Pinterest also is a great source because it allows you to view trends and popular product interests. In Pinterest, you can browse various topics/categories to learn about the products people are gravitating towards and the types of solutions they are seeking.

It is essential to choose a product for which you are passionate. Developing and marketing a product takes an immense amount of time and energy. If you are going to put in the capital and legwork, it is important to believe in your idea whole heartedly. If you are struggling to come up with an idea for a product, you might want to consider one of the following categories or product trends.

Product Trends

Socially Conscious Products

People are concerned with social issues and what is happening in the world around them. A product that supports a social cause will evoke strong emotions from consumers making them likely to choose your product over a competitor. Products that are handmade, fair trade, and give back remain popular among both  for-profit and non-profit businesses. Products that promote green living are popular whether they are made from eco-friendly materials or directly contribute to improving the environment.

Healthy and Easy Fixes

Many people are concerned with health, fitness, and overall longevity. Think of how many types of diets, exercise programs, and dietary supplements have rotated through the marketplace is the past year. There is a reason why so much programming and products are health related: There is a need. People are looking for a way to improve their health and most of the time are in search of an easy or simple way to achieve their goals.

Apps: We Can’t Get Enough

The commercials speak the truth: there most certainly is an app for that (and if there isn’t there is potential to create one). New apps are being developed every day and it seems like the need for apps will only continue to grow. Find a need and build on it. There are endless categories and uses when it comes to what people want to access on their phones whether it be for information, convenience, or entertainment. To watch how to build an app from start to finish, check out this course.

Personalization

Many people are accustomed to having things tailored to them. Personalization could pertain to monograms and color choices when it comes to clothing production or even be reflect to the food industry. Specific foods and hygienic care products can be personalized to contain specific ingredients tailored to personal tastes or needs. A product that seems to be made for the consumer is often hard to resist.

Achieving Balance

Life is fast paced and seemingly busier than ever. Many individuals find it challenging to achieve a healthy or even manageable balance among work, family and social activities. Products that help to organize or manage these areas are appealing to consumers.

Begin Market Research

After deciding on a product, it is essential to gain an understanding of who your customer is. When beginning your market research, it is easy for feel overloaded with information. A great place to start would be simple keyword searches through search engines. Pay close attention to similar products that are on the market.By identifying your demographic, you can study the individual needs of your customer which will be important throughout the processes of development and marketing.

After settling on an idea, ask yourself the following questions:

1)     How is my product benefiting the consumer?

2)    Does my product have the potential to last?

3)     Who is my competition? What makes my product better than what is on the market already?

Develop Product

Now you are ready to begin. After extensive research, you need to develop a prototype, file a patent, market, start to produce, and ultimately sell. Before getting started, be sure to complete a patent search to ensure that your product does not already exist or someone does not have your idea patented.  For information on how to write and file your own patent, see this course. 

While developing your idea, keep an inventor’s journal. This will be handy when going through the patent process. Make sure the pages are numbered consecutively. Also, the journal needs to be signed by a witness. Keeping a journal will help you to achieve a patent and will be a great tool during the planning and production process.

Test, Market, and Launch

Before launching your product, you will want to make sure to test it. During testing, gather a diverse range of people from your target audience to provide feedback on your product. Being able to hear possible concerns will give you the opportunity to make positive adjustments before releasing your product to the public. This will lead to an even better, more successful product. To learn  how to develop a successful product in 7 easy steps, click here.

Many entrepreneurs start their own company after developing a product. Others will try to license their product to an existing corporation. Some will use a crowdsourcing company. In addition, if your product is handmade, selling on Etsy is a great option at a low cost. Using social media sites to sell and promote your product is essential and extremely beneficial is today’s day and ago. For information on social media marketing for startups, view this course. Remember, every successful product starts as a single idea. Where you take that idea is up to you.