Tips to Generate New Ideas

When you come up with a great idea for a product, not only can you manufacture something that will sell great on the global market, but also transform people’s lives for the better. But coming up with a great idea is not easy and requires a lot of dedication to produce the necessary criteria that will aid you in deciding which ideas are worth pursuing. Here are five tips that can help you think up new ideas for your next product development project.

Free Your Mind

Regardless of how hard coming up with great ideas is, for many people, the biggest hindrance is their own mentality. It starts off with thinking they are not that creative; a thought that creates a mental roadblock and prevents any idea from passing through and reaching its full potential. Here is the truth: idea generation is not a skill that is only available to the select few; it is something that is available to everyone, as long as they can dissuade themselves from the thought that they are not creative.

Brainstorm Ideas

Start by looking into your target consumers – what problems they are currently facing – and think about what products can help them solve their problems. Sit down (alone or with your team) and make a broad list of ideas without worrying about the minute details (you will flesh these out later on). After you come up with these product ideas, narrow it down to the ones you think will make great products.

Look at Existing Products

No idea is 100 per cent unique and everyone needs some inspiration. That is why it is a good idea to look at the current products that are meeting the needs of your target consumers and learn from them. You should not copy another company’s product but look at what makes it good, how it benefits the other company and how what you have learned could benefit your business. After that, you can aim to create a unique product based on the information you have uncovered.

Talk to People

If you want to come up with a great product that will help people, one of the best ways to go about it is to just go ask the people. Listen to their experiences and take down noteworthy stuff that you can reflect upon in your next brainstorming session.

Take Your Time

If the idea generation session is not yielding any fruits that day, do not force it. Sometimes, great ideas do not just come at once, but take some time to marinate in the brain. You might even be surprised that during the next session, ideas are just flowing with ease. So do not be discouraged if you come out of a session with nothing to show for it. Rather, always be prepared to take advantage of ideas when they do come, especially if they come in waves. Even if the idea seems dumb at the time, write it down; do not focus too much on wanting to come up with a great idea.

Following the above-mentioned tips will get you closer to coming up with a great idea. Idea generation is the first step when it comes to new product development, and taking it seriously is the best way to ensure success on the local, national and global markets.

Tips to Analyse Competition

When it comes to new product development, researching the competition is a great way to get ahead and stay ahead in the local, national and global markets. On top of that, conducting a competitive analysis is also a good strategy for scaling your business without having to fear the competition. This is why doing it right is crucial to the growth of your business. Here are five tips that can you help when performing a competitive analysis.

Know Who Your Competitors Are

Every company has competition – businesses who sell the same products or services as them and take their potential customers – whether on local, national or international markets. That is why it is a good idea to come up with a list of competitors so you know who you are dealing with. Sometimes there may be a hundred companies that you need to deal with, but a much practical approach would be to list down your top ten competitors and focus on them instead.

Become Their Customer

When you become your competitor’s customer, you can gain insights into your own business or the product you are developing depending on the good and bad things you learn from them. This goes beyond merely just buying from them, but actually interacting with them to see what type of service they provide to customers. Since you are researching your competition, do not be afraid to bombard them with questions and take note of important insights.

Look Them Up on the Internet

This is where your investigative skills come in handy. This means going on the internet and looking at their website and social media pages, as well as seeing what people are saying about them on business review websites. The internet is also full of useful tools, such as Google Alerts, that enable you to keep tabs on your competitors.

Attend One of Their Conferences

When your competitor is hosting a conference or trade show, attending it is a great way to see what they are offering and get a glimpse of their overall strategy for the market. At these events, your competition will be boasting about their greatest products and services, giving you an opportunity to gather some first-hand knowledge you can use to your advantage.

Be On the Lookout for New Players

When you are in or planning to enter an emerging market, there is a high chance that new players can come in and steal your potential or current customers. So always be on the lookout for new businesses. Also, do not just restrict your definition of new players to startups only because even old companies that were previously selling their products and services in other markets can shift gears and enter yours, becoming the new players in this scenario.

Conducting a competitive analysis is a great way to develop a product that outshines the competition or reveal opportunities as they present themselves on the local, national and global markets. Any business that wants to get ahead, stay ahead and expand should seriously consider scoping out the competition by performing a competitive analysis.

Why Competitive Analysis

When you launch a product or service on the global market, getting an edge over the competition is key to your ultimate survival. Researching your competition or conducting a competitive analysis is one of the most crucial aspects of product development that should not be overlooked.

What is a Competitive Analysis

People usually think that once they know what their competition is offering, they know all they need to know about their competitors, but it goes much deeper than that. Conducting a competitive analysis is about truly getting to know your competitors; their offerings, strategies, strengths and weaknesses. Once you research the competition, you will know what they do, how they do it and why they do it in that particular way.

3 Reasons Why to Perform a Competitive Analysis

As mentioned earlier, the main reason for conducting a competitive analysis is to get a competitive edge over your competition. This means that you can use the information you have gained from the research to make your own product or service outshine the competition.

1. You Get to Know Your Target Consumers

Researching your competition is a great way to learn about your target niche. In fact, it can actually enhance your very own market research, which is another important aspect of product development. Based on what you have uncovered about your competitors, you might find that some of the information can actually be of use to you as well. For example, your competition might use a specific supplier that provides high-quality and affordable standard components, and you can also benefit a lot from using that same supplier.

2. You Learn From Your Competitors Mistakes

The internet has a lot of information about your competitors that you can use to learn what mistakes they have made and how to avoid them. Not only will you be able to avoid their mistakes, but you can also leverage them to push your product ahead of theirs. For example, if customers keep complaining that your competitor’s product does not perform a particular crucial function they need, all you have to do to get ahead is provide them with that functionality and they will prefer your offering instead.

3. You Know What Works

When you know what works for your competition, you can try to do something similar. This does not mean copying what your competition is doing step by step, as this would be plagiarising their approach, which is wrong. Just copy the idea behind what they are doing and give it your own spin. For example, if your competitor is offering a free ebook with their purchase that will help customers make the most of their product, perhaps you can try offering free video tutorials on the same.

Now that you know the importance of carrying out a competitive analysis, you will not skip this important step when developing a new product or service. Doing this will give you insights that will help you make a product or service that has the potential to outsell and outlast the competition. In fact, after the competitive analysis is complete, there is a high chance that the competition will not frighten you anymore.