5 Ways to Generate Ideas for New Products

5 Ways to Generate Ideas for New Products

Coming up with unique ideas for new products can be a challenging endeavor. While businesses strive to introduce new products that grab the attention of potential customers and helps them gain competitive edge, a lot of effort, time and resources go into developing ideas for these new products. Studying your competitors, carrying out market surveys and knowing your customers’ needs and expectations are traditional ways of idea generation for new products. Brainstorming with your product development team and involving other departments can help you in diversifying, refining and modifying a new product idea. Here are some insightful ways to develop ideas for a new product!

Study the Changing Market Trends

Market trends keep on changing and in order to give your customers a product that suits their particular needs, keep pace with market trends. There might be economic or technological changes that are likely to impact the buying decisions of your customer base. Studying what is new and trending is important for businesses in idea generation for new products/service. For instance, if you are a company that sells electronic items, conducting a market survey would give you a thorough insight on whether customers are willing to pay for new technology or just want affordable electronic items. Based on this you can modify your new product idea and come up with something that will instantly grab the attention of your potential buyers.

Brainstorm with Your Development and Sales Team

Brainstorming sessions with your product development and sales team can help you in coming up with creative and unique product ideas. Creative, interesting and original ideas should be considered even if they require a lot of hard work. After the brainstorming session, analyze the ideas generated and plan further on the ones that are workable. The ideas that match the goals of your business should be given priority.

Get the Opinion of Your Customers

Another smart way of generating ideas for new products is to take opinion from your customers. Gathering customer feedback and suggestions can be a difficult task. You can use live chat and other interactive communication platforms where you can have ‘one on one’ conversations with customers. Live chat support can be used for short online customer surveys and can give you useful information regarding the needs of your customers and how they want a new product/service to be. You can generate new product ideas based on the feedback collected. Developing a new product according to the suggestions of your customers is more likely to make it a success.

Involve Creative University Students

You can involve students from different universities in your idea-generation activity. There are many creative students with great ideas which can be used for product development. Look out for such creative thinkers who can contribute towards improving and modifying your new product plan. Moreover, you can ask these students to critically evaluate the already developed plan so that you can spot loopholes. This will help you modify and further improve your plan.

Modify Unused Ideas from the Past

There will be product development ideas that you saved up for future use. You can start working on these ideas and modify them. By looking at details of these unused ideas you can think of the possibilities of utilizing them. You can conduct more research and pick up the ones that look most refined and workable. There are a lot of creative product ideas that remain underdeveloped, such ideas can be modified or materialized once you have the resources.

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