Methods to Come Up with New Product Concepts (That Do not Suck)

Methods to Come Up with New Product Concepts (That Do not Suck)
Methods to Come Up with New Product Concepts (That Do not Suck)

So that you need to discover a new product concept to promote on-line? Properly, likelihood is you typed one thing like “new product concepts” or “good product concepts” into Google, hoping you’d discover the reply.

Nothing unsuitable with that.

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Nevertheless, the issue is you’re looking (and discovering) the very same factor as everybody else. These “new” concepts actually grow to be what everybody’s already doing and promoting.

We’re not going to listing out a bunch of product concepts right here—that’d defeat the aim of you discovering what your buyer wants.

As a substitute, we’re going to point out you provide you with new product concepts (that don’t suck) you’ll be able to promote on-line. Your brand-new concepts could be impressed by merchandise that exist, however you’ll be empowered with creativity and freedom to make them your individual.

Bear in mind good ol’ Henry Ford? There’s a quote attributed to him that goes like this: “If I had requested individuals what they wished, they’d have mentioned quicker horses.”

This text will allow you to give your prospects what they want as an alternative of simply quicker horses.

What Makes a Product Thought “Good”?

First, let’s assist differentiate the nice product concepts from the unhealthy ones. Right here’s a couple of tell-tale indicators of every:

Indicators of a Good Product Thought

  1. Addresses a Want: Good product concepts remedy issues. These may be enormous issues (like Elon Musk battling local weather change) or minor issues (like assuaging somebody’s physique odor). Don’t got down to discover a product. First, discover the issue. Subsequent, discover (or construct) the proper product to unravel it.
  2. Gives Stable USP: Your product wants a distinctive promoting proposition (USP) that makes it higher than every other product available on the market. That USP might be associated to options, pricing, scalability, and even pace of supply. A superb product might be precisely what’s available on the market, however possibly your manufacturing is extra scalable, so you’ll be able to drive down costs for patrons? That’s a brand new product concept.
  3. Has Revenue Potential: One of the best concept is only a notion until you may make a plan to (1) create it and (2) make it worthwhile. Meaning you’ll want to think about bills, pricing, provide and demand, the dimensions of your addressable market, and present competitors.
    Can Be Simply Communicated: You’ll doubtless must safe funding from lenders or buyers. In case your concept’s too advanced, you’ll wrestle to get financing. Plus, your prospects will face a barrier to entry.
  4. Makes You Blissful: Don’t begin promoting a product you don’t care about—that’s a recipe for a sleazy MLM. Try to be ready (and excited) to connect your title and picture subsequent to your product. That’s an indication you’re happy with it.
  5. Is Value Paying for: There are many merchandise on the market that make you assume, “Oh, cool!” Nevertheless, you don’t need to simply impress passing-by prospects—you need them to open their wallets. Guarantee your product is price paying for and never only a enjoyable idea.

Purple Flags of a Dangerous Product Thought

  • Affords No Identifiable USP: Your prospects ought to be capable of establish your USP. If they’ll’t determine what makes your product completely different from the remainder, then it’s doubtless insufficient.
  • Confuses Prospects: If it’s important to persuade prospects it’s a very good product, it’s in all probability not. Your product ought to be capable of market itself with out a 60-minute infomercial.
  • There’s No Demand: Some issues aren’t price fixing. You’ll must validate your product concept to make sure your goal market doesn’t simply assume it’s a good suggestion, however they’re prepared to spend their hard-earned cash to purchase it.
  • It Already Exists: Do your analysis. There are various entrepreneurs on the market, so guarantee your new product concept doesn’t exist already. If it does (or did), study extra about it. How’s it doing? Why did it fail (or succeed)? How will you do it higher?

Write these concepts down, and share them with somebody you belief. Should you provide you with a product concept you’re in love with, you’ll doubtless see all the nice and not one of the unhealthy. It’s pure. Nevertheless, for those who give your concept an goal look-through, you could possibly uncover deadly flaws earlier than it’s too late.

Don’t Skip: Ecommerce Enterprise Concepts That Yield Highly effective Outcomes

Methods to Discover Your New Product Thought

Now that you understand what you’re searching for, it’s time to begin looking. If inspiration comes from mountain meditation or lengthy hikes within the wilderness, go get after it. But when these product-finding strategies allow you to down, listed below are some locations to begin:

1. Ask Your Prospects

This method goes towards Henry Ford’s well-known quote, however your prospects nearly (nearly) all the time know finest. Begin there.

In case you have prospects, ship out surveys or conduct interviews to determine their issues. Should you don’t have prospects but, establish your goal market and begin there.

You might even discover a subreddit you’re concerned with and open up conversations there. For instance, for those who’re into mountaineering and need to discover a product concept that solves hikers’ wants, you may be part of the r/Mountain climbing, r/Backpacking, or r/Ultralight subreddits. Browse the conversations there, probe into complaints, or simply flat out ask individuals what they need.

You might begin by asking what’s difficult them or what they want mounted. Dig deeper and ask what they assume may remedy it. They may not all the time know the reply to the second query, and that’s OK—that’s in the end your job to determine.

When you establish an issue, begin figuring out your prospects’ willingness to pay to repair it. If it’s nothing (or not loads), it’s in all probability not a problem price fixing.

If the issue is price fixing, begin considering of a product. Don’t fear about perfecting the design and all of the parts simply but. Upon getting a prototype or a draft, ask your prospects if they’d be concerned with one thing like this. If the reply is “sure,” then you understand you’re heading in the right direction.

2. Spot What’s Sizzling

Search for what’s trending on ecommerce websites or social media platforms. What’s doing effectively? Why? Are you able to replicate it and make one thing higher?

For instance, if everyone seems to be raving about on-line studying, is there a course you’ll be able to create to unravel a necessity? If a course already exists, are you able to make one which’s higher or extra inexpensive?

Bear in mind, fads come and go. Should you leap right into a pattern early, you’ll be able to capitalize on the second and get out earlier than it cools off. Should you be part of too late, you may find yourself investing in a product with shortly diminishing demand.

A technique to make sure you keep on monitor is recognizing wants throughout the tendencies. For some time, air fryers had been a sizzling subject throughout the information and social media feeds. Nevertheless, they didn’t remedy any determined wants—they simply gave individuals new healthy-ish methods to cook dinner meals. After some time, the hype petered out, and now there’s a bunch sitting unused in client’s closets.

3. Don’t Be Afraid to Steal

“Good designers copy, nice designers steal.” These well-known phrases spoken by painter Pablo Picasso apply to far more than design. You don’t want a wholly unique concept—you simply want to repeat, steal, and iterate to make the subsequent smartest thing.

Even smarty-pants Elon Musk didn’t do something exceptionally revolutionary—he simply took a preferred mannequin of vehicles (which have been round for over a century) and made them electrical, highly effective, horny, and unique. OK, he did greater than that, however you get the thought.

Or check out Jibbitz. Jibbitz capitalized on Croc’s recognition (nonetheless don’t perceive why individuals put on these sneakers) by creating charms to let wearers personalize their footwear. Jibbitz primarily piggybacked on one other model’s success to hit it massive, and Crocs ended up shopping for the tiny startup for $10 million.

You might additionally take into consideration all of right now’s social media apps. Bear in mind when Instagram stole Snapchat’s mannequin and added Tales to their platform? After which each different social media platform did the identical factor?

Or bear in mind when Chook and Lime began littering each metropolis within the US with electrical scooters? A few months later, Uber, Lyft, and several other different manufacturers had been already on the scene.

You don’t must provide you with one thing brand-new. Borrow, steal, and Frankenstein your individual product concept—simply be certain it has a USP that beats out the competitors.

4. Consider Upsells and Cross-Sells

Should you’re already promoting items, you don’t essentially want an out-of-the-box product. A intently associated product has the potential to succeed, and it additionally may increase your current merchandise gross sales.

For instance, for those who promote sneakers, you could possibly develop into shoelaces or socks. Should you promote on-line programs, you could possibly develop into e-books or in-person courses.

When you’re desirous about it, take a look at methods you could possibly enhance your current product. Are there easier, cheaper or extra sturdy, expensive variations you could possibly present? For instance, you could find about 3 completely different fashions of each new soccer footwear: budget-friendly, middle-of-the-road, and premium.

Are you able to do the identical factor along with your merchandise? Should you promote a web-based course, you could possibly have a condensed cheaper model or a extra complete costly model.

5. Discover Your Personal Issues

You (sure, you) are a client, too. What issues do you have got? Is there a day-to-day challenge you would like you could possibly remedy? There’s a very good probability your private persona belongs in a distinct segment market—if you could find an issue you need to remedy, there could be different people (hopefully a number of them) with the identical challenge.

Don’t fear—we’ll get into validating your concept later to make sure it has legs to face on. However don’t low cost your issues. This technique doesn’t take lengthy processes or intensive analysis. Simply take into consideration what actually bothers you and the way you would like you could possibly remedy it.

Take Airbnb, for instance. Founders Joe Gebbia and Brian Chesky struggled to pay lease, so that they determined to lease out airbeds on their living-room ground to convention attendees in San Francisco. The following day, the pair created a web site—6 days later, that they had 3 tenants sleeping on their ground.

Codeacademy began as a Columbia College programming membership. Co-founder Zach Sim struggled to study new coding expertise on his personal, so programming native (and cofounder) Ryan Bubinski used Sims as a guinea pig to create a self-paced studying expertise that turned Codeacademy.

Don’t overlook your individual issues. Create an answer that’s price paying for, and also you’ll doubtless discover different prospects identical to you.

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Validate. Validate. Validate.

Have an concept for a product? Improbable! Don’t do something with it but.

Hear us out.

Earlier than you go off to the races or begin digging down deep into rabbit holes, validate your product concept. You don’t need to dedicate any time or cash (or worse—get personally hooked up) to an concept that’s going to crash and burn.

Whereas we are able to preserve asking theoretical questions and taking part in with concepts, sustainable companies are solely constructed when cash modifications arms. If it’s going to achieve the long-term, it must cross a stress take a look at. Right here’s do it:

Smoke Check With a Touchdown Web page

Construct a touchdown web page that highlights the advantages (and pricing) of your product. Drive site visitors to the web page with natural (social media and e mail) and paid (PPC adverts) methods, after which see what your prospects do.

Do they click on the “buy now” button, or do they go away with out taking motion? Set a click-through fee objective for what you need the web page to attain. If it hits that objective, then you’ll be able to really feel assured in really creating and scaling the product. If not, then you definately may need to rethink your concept.

This smoke take a look at helps you discover out if persons are actually prepared to purchase your product. Associates, households, and colleagues may say your concept is nice, however an actual viewers with actual cash provides you with the chilly, laborious fact.

The entire course of in your smoke testing touchdown web page ought to solely take a couple of days. Don’t spend an excessive amount of time making a flowery touchdown web page—preserve it minimal with the fundamentals.

At foundr, we’ve launched a variety of on-line programs, and we make it a observe to validate each one earlier than we put within the money and time to make it a actuality.

Flesh Out Your Total Technique

GTM. Manufacturing. Delivery. Financing. All of it. Work out the logistics of how your new product concept goes to come back to fruition. Do all of this analysis earlier than you begin constructing prototypes and web sites.

You may discover a logistical part that shuts down the entire product concept, so do your due diligence:

  • Sourcing Your Product: How are you going to construct or purchase your product? Do you find the money for and assets? If it’s one thing like a web-based course or e-book, do you have got the talents and bandwidth to deliver it to fruition? If not, are you able to rent somebody?
  • Go-to-Market (GTM) Plan: How do you propose to launch and market your product? What value does it have to be to beat out rivals, attract prospects, and allow you to earn a revenue? What channels will that you must use to succeed in your viewers?
  • Delivery: How will you get your bodily or digital product from you to your prospects? Will or not it’s by means of e mail or the publish workplace? Will they want a login, or will or not it’s a downloadable product?
  • Financing: The place are you going to seek out the cash to make this occur? Do you have got a wealthy uncle, or will that you must ask a financial institution for a mortgage?

It’s loads to consider. We all know. But it’s important you concentrate on all of these items earlier than pursuing a brand new product.

One of the best concept may examine all of your packing containers, however for those who don’t have the cash, time, or means to make it occur, it’s not going to be a good suggestion.

Maintain Studying: What Can I Promote On-line to Make Cash?

New Product Concepts FAQs

What components ought to I contemplate when evaluating a brand new product concept?

In the beginning, your product should remedy a necessity. The following step is framing the product for a selected buyer group. That is referred to as a novel promoting place. You additionally want to judge if prospects can pay in your product at a worthwhile price. Lastly, guarantee your product aligns with your enterprise’s mission, imaginative and prescient, and model.

How can I defend my new product concept from being copied by rivals?

This may be tough. Getting a patent on an concept is the simplest strategy to defend your product. You can even trademark the title of the product and imagery. Sadly, these protections are costly. So do not spend an excessive amount of time worrying about individuals stealing your concept. As a substitute, make investments your capital in making a product that solves a novel downside in comparison with rivals in your area.

How a lot does it price to provide you with a brand new product concept?

Nothing. Concepts are free. And for those who do sufficient analysis or can establish issues, you are one step forward of the competitors. However for those who’re trying to implement an concept, the price can vary anyplace from $2K to $20K, relying on the product or business.

Make Your New Product Thought Come to Life

New product concepts are nice and all, however they solely reside in your mind and on the again of a used serviette till you launch them to the world.

Sound intimidating? It may be. Properly, with out the fitting mentors and processes, that’s.

Allow us to assist stroll you thru the complete product growth course of. Sourcing specialist, Kian Golzari, will share his confirmed blueprint that may take you from “questioning what to promote”, to having your individual distinctive product manufactured, shipped, and making gross sales quicker whereas avoiding expensive errors.

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