3 Ways to Generate Ideas for a New Product

January 8, 2019 2:00 pm Published by Leave your thoughts

Let’s face it, as a seller, you can’t keep selling the same products again and again. If you want to get ahead of your competition and get customers to keep buying from your store, you’ll need to periodically offer newer and fresher products.

But after a few cycles and seasons, it can get pretty tiresome. You might find yourself staring at a blank page, wondering what else to sell next or how to find the spark for a yet another unique product offering.

Don’t worry, you’re not alone! It’s the same problem that every online seller faces from time to time. Take a step back and read our tips on how to generate ideas for a new product:

 

  1. Be your own customer

A lot of great products were actually born from an entrepreneur’s own needs. They had a problem to solve and it became a spark to the birth of a solution in the form of a product or service.

Take a look at your own habits, needs, and preferences. Is there a particular product that you wish was better or served an alternative function?

For example, if you’re selling make-up and beauty accessories like mascaras, a new product line could come in the form of castor oil that’s sold in mascara tubes and helps to strengthen your eyelashes and keep them healthier.

 

  1. Study your competitors

You can learn a lot from your competitors, but don’t just limit to only looking at competitors. Go regional and see what they’re doing.

They might’ve thought about a product angle that could work for your local market. Depending on the area, there are some overlaps in demographic and lifestyle between different regional markets.

If you’re selling an Islamic or halal-friendly product, you’ll be able to draw inspiration from competitors that are doing well in other similar markets like Indonesia and Singapore.

 

  1. Dive deeper into the current market trends

The better you understand the latest trends, the easier it will be to come up with product ideas that are more relevant.

Trends don’t have to be product-specific. You can also leverage cultural or social trends and turn them into products. For example, Fornite has become one of the biggest rising trends this year. To leverage that popular social trend, you can create t-shirts or other merchandise and target gamers and Fornite fans.

 

As an online seller, it’s part of your job to constantly find new products to refresh your inventory. It’s a good idea to make it a habit to always be in the search for the next “in-thing.” After a while, you’ll find that coming up with new product ideas will be second nature to you. And that will definitely help you stay ahead of your competition.

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This post was written by Nina