How can you find new product ideas?

Finding new product ideas is a crucial skill for any product innovator. Whether you want to create something new, improve an existing product, or solve a problem, you need to generate and validate ideas that meet customer needs and market opportunities. In this article, we will share some tips and techniques to help you find new product ideas using different sources, methods, and tools.

1 Customer feedback

One of the best sources of new product ideas is your existing or potential customers. By listening to their feedback, you can discover their pain points, needs, preferences, and expectations. You can use various methods to collect customer feedback, such as surveys, interviews, reviews, ratings, social media, or online forums. You can also use tools like UserVoice, SurveyMonkey, or Typeform to create and analyze feedback forms. The key is to ask open-ended questions, listen actively, and empathize with your customers.

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2 Competitor analysis

Another source of new product ideas is your competitors. By analyzing their products, you can identify their strengths, weaknesses, opportunities, and threats. You can use tools like SWOT analysis, Porter's five forces, or value proposition canvas to compare and contrast your product with your competitors'. You can also use tools like SimilarWeb, App Annie, or Alexa to track and measure their online performance. The goal is to find gaps, trends, and niches in the market that you can fill or exploit with your product.

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Gijsbertus J.J. van Wulfen

Innovation keynote speaker, Number One Thought Leader Design Thinking 2024, LinkedIn Top Voice helping you and your organisation, to become amazing innovators with keynotes, workshops, and a proven innovation method.
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DO A SOAR INSTEAD OF A SWOT A SOAR analysis takes a more positive approach than a SWOT. SOAR stands for Strengths, Opportunities, Aspirations, and Results. Here's how the SOAR framework works: 1. Strengths: Identify and leverage your organization's existing strengths and capabilities. Focus on what your company does well. 2. Opportunities: Identify external factors or trends that could create opportunities for your organization's growth or success. 3. Aspirations: Clearly define your organization's vision and goals. What do you want to achieve? Use this as a guide to steer your strategic decisions. 4. Results: Determine the specific outcomes or results you want to achieve. Think about the measurable impact and the desired end state.

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3 Industry trends

A third source of new product ideas is the industry trends. By following the latest developments, innovations, and changes in your industry, you can spot emerging opportunities, challenges, and demands. You can use tools like Google Trends, Trend Hunter, or Feedly to monitor and analyze the industry trends. You can also use tools like Scopus, Google Scholar, or ResearchGate to access and review the academic research and publications in your field. The aim is to anticipate and adapt to the changing needs and expectations of your customers and the market.

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Mathew S Paramban

Senior Associate Consultant @ Bosch | PGDM in Marketing
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Speculative design can be a very effective way to come up with new ideas. Let's assume genetic modification is making strides and becoming available to the public. In this case, people can choose their appearances like skin colour, hair colour, height etc. Appearance-related discrimination would disappear in a socio-political angle. Now taking it further, governments would have to track the appearance of the individuals and make restrictions. Blockchain technology will have to take a centre stage due to security concerns. Governments would be looking to develop their blockchain based infrastructure. You can ideate into this domain. *Keep in mind, this example is to demonstrate speculative designing process and is a hypothetical situation

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4 Brainstorming sessions

A fourth source of new product ideas is the brainstorming sessions. By gathering a diverse and creative team of people, you can generate and explore many possible ideas in a short time. You can use methods like mind mapping, SCAMPER, or six thinking hats to facilitate and structure the brainstorming sessions. You can also use tools like Miro, Stormboard, or Ideaboardz to create and share digital boards for brainstorming. The idea is to encourage and support divergent and convergent thinking among your team members.

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5 Prototyping and testing

A fifth source of new product ideas is the prototyping and testing. By creating and experimenting with low-fidelity prototypes of your ideas, you can validate and improve them before investing too much time and money. You can use methods like lean startup, design thinking, or agile development to guide and iterate your prototyping and testing process. You can also use tools like InVision, Figma, or Marvel to create and test interactive prototypes of your product. The objective is to learn and refine your ideas based on user feedback and data.

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6 Inspiration sources

A sixth source of new product ideas is the inspiration sources. By looking beyond your industry, product, or market, you can find new perspectives, insights, and connections that can spark your creativity. You can use sources like books, podcasts, blogs, magazines, documentaries, or TED talks to inspire and educate yourself. You can also use sources like nature, art, culture, history, or personal experiences to stimulate and challenge yourself. The purpose is to expose and enrich yourself with different ideas, stories, and knowledge that can fuel your innovation.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Product Innovation

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How can you find new product ideas?

1

2

3

4

5

6

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1 Customer feedback

2 Competitor analysis

3 Industry trends

4 Brainstorming sessions

5 Prototyping and testing

6 Inspiration sources

7 Here’s what else to consider

Product Innovation

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How can you find new product ideas?

1

2

3

4

5

6

7

1 Customer feedback

2 Competitor analysis

3 Industry trends

4 Brainstorming sessions

5 Prototyping and testing

6 Inspiration sources

7 Here’s what else to consider

Product Innovation

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