Developing New Product Ideas

People often assume that new product ideas automatically translate into great products. Be it minor modifications to an existing product or entirely new product ideas. Basically, a product requires to be sold well in order for it to succeed well. Here are some of the basics that can assist you sell a new product idea.

Developing New Product Ideas

Planning and Approach

#1: Checking the idea for originality

First and foremost, it is ideal that you check your product for originality. Patent searches and market research are handy tools for this kind of research. Determining the profitability of the product Idea is also ideal. This is because you may be having a great idea but you should ensure that you translate it into a profitable venture for the prospective clients.

#2:Protecting the Idea

Protect your product idea by ensuring that you patent it. Generally, it will not only make the idea attractive to the prospective buyers, but it’ll also safeguard the idea from being copied. Make a working prototype that will asisst you protect your business idea. Make a working prototype of the product idea so that you can give the prospective buyers a complete feel for your product.

#3: Finding the Right People

Find the right individuals to whom you can hassle free sell your product and then present your new product ideas well to the society. You can achieve this through marketing it via forms such as advertising, offering good consumer services etc.

#4: Avoiding Limitation

Do not limit yourself to one prospective buyer only. Typically, approaching several buyers will enable you to get the best price for the idea.

Finding the Right Buyers

Here are some of the tips that can assist you find the right prospective consumers

#5: Knowing the Product’s Market

Know the product’s market and ensure that you approach buyers in that particular sector. After achieving this, try to find the right buyers. Find the prospective buyers via industry association, trade shows, advertisements as well as databases.

#6: Building a Website

Build your own website and make a page that is dedicated to the product idea. However, you must make sure that you do not reveal too much detail about your product idea. Basically, the website should not only be approachable but also easy to navigate. Ensure that you do not forget to include your contact information. This will asisst you contact invention companies easily. Contact different invention product companies to assist you in finding the right prospective buyers.

#7: Investigating the Prospective Buyers

Investigate the different prospective buyers so that you can determine their product development capabilities and financial credibility. Present your new product idea after investigating the prospective buyers. It is important that you treat your presentation lie a business plan. Therefore, it’s essential that you take your prospective buyers through each and every stage of developing the new idea onto a product. Make a complete working prototype that has got a sample package design. Generally, most of the buyers normally prefer having a complete feel for a commodity before they can invest in it.

#8: Enhancing the Product Idea Credibility

Use accurate manufacturing cost estimations, market research reports, sales projections and distribution avenues to enhance the product idea’s credibility.

#9: Showing the Profit Potential of the Product

Show the buyers the profit potential of your new product. Basically, no matter how good your product may be, most firms will be only interested if you will show them a profit- making product.

Generating a New Product Idea

Generating a new product idea is usually a must for any serious business. A new product is what keeps an established business profitable and allows the start- up businesses to boom. Currently, there are a number of ways that can assist you generate a new product idea. Most consultants charge a hefty fee so that they can brainstorm a product idea for businesses. But be aware that any person can generate a product idea for free by being creative and observant and simply asking for it. Here are the tips that can assist you generate a product idea.

Tip#1: Observing the Environment

Observe keenly what has been done before and what is around you. Think of the different products that you often use on a daily basis and then try to observe what can be improved. If there is a specific product which you find to be important to your day, try to analyze its basic components.by filling in questions like what does the product lack?’ can really boost you in your attempt to generate a product idea.

Tip#2: Thinking about the Pre- existing Products

Think creative about the pre- existing products. For instance, combining three pre- existing products can help you produce a wealth of new product ideas. Typically, for this idea to work you should consider purchasing a stapler and a paper- clip. A stapler works as a feeding mechanism which pushes staples forward. Also, you should consider buying another mechanism which uses pressure to press staplers through the paper.

Note that these product ideas do not have to be limited to office and business environment. By combining genres (most especially those which seem inimical to each other) you can be in a great position to develop a product idea.

Tip#3: Asking for New Product Ideas from the Consumers

Use your consumers to know about the other product ideas that can help you. If you are an already established business person you probably know that maintaining a correspondence with a customer is an ideal business practice. This makes your customer feel valued and it can increase the chances of him or her to use your product or service again and again.

Most businesses normally give their consumers the chance of communicating with passive statements such as Tell us how we are doing’ or ‘Send any concerns or comments here’. However, it is essential that you are specific about the very input you want.

It is also important that you invite several consumers to give you new ideas about what types of products they would like you to provide, or the improvements they would like to be made to your existing products.

By adhering to the afore- mentioned tips, you can develop a new product idea, which can really boost your venture.

 bnr19

 

 

Mark Silver
Mark is the Lead Author & Editor of Spectechular Blog. Mark established the Spectechular blog to create a source for news and discussion about some of the issues, challenges, news, and ideas relating to Product Management.
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