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Wednesday, May 18, 2022

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

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

Nothing improper with that.

Nonetheless, the issue is you’re looking (and discovering) the very same factor as everybody else. These “new” concepts actually develop into 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 the right way to give you new product concepts (that don’t suck) you’ll be able to promote on-line. Your brand-new concepts may 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 needed, they’d have stated quicker horses.”

This text will assist you to give your clients 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 dangerous ones. Right here’s a number of tell-tale indicators of every:

Indicators of a Good Product Thought

  1. Addresses a Want: Good product concepts resolve issues. These will be large 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 right product to unravel it.
  2. Offers Strong USP: Your product wants a singular promoting proposition (USP) that makes it higher than some other product in the marketplace. That USP may very well be associated to options, pricing, scalability, and even velocity of supply. A great product may very well be precisely what’s in the marketplace, however perhaps 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: The perfect concept is only a notion except 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 scale of your addressable market, and present competitors.
    Can Be Simply Communicated: You’ll probably have to safe funding from lenders or buyers. In case your concept’s too complicated, you’ll wrestle to get financing. Plus, your clients will face a barrier to entry.
  4. Makes You Completely happy: Don’t begin promoting a product you don’t care about—that’s a recipe for a sleazy MLM. You need 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 suppose, “Oh, cool!” Nonetheless, you don’t wish to simply impress passing-by clients—you need them to open their wallets. Guarantee your product is price paying for and never only a enjoyable idea.

Pink Flags of a Unhealthy Product Thought

  • Affords No Identifiable USP: Your clients ought to be capable to establish your USP. If they’ll’t determine what makes your product completely different from the remaining, then it’s probably insufficient.
  • Confuses Clients: If it’s a must to persuade clients it’s a great product, it’s most likely not. Your product ought to be capable to market itself with out a 60-minute infomercial.
  • There’s No Demand: Some issues aren’t price fixing. You’ll have to validate your product concept to make sure your goal market doesn’t simply suppose 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 lots of entrepreneurs on the market, so guarantee your new product concept doesn’t exist already. If it does (or did), be taught 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. For those who give you a product concept you’re in love with, you’ll probably see all the nice and not one of the dangerous. It’s pure. Nonetheless, when you give your concept an goal look-through, you might uncover deadly flaws earlier than it’s too late.

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 here are some locations to begin:

1. Ask Your Clients

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

You probably have clients, ship out surveys or conduct interviews to determine their issues. For those who don’t have clients but, establish your goal market and begin there.

You can even discover a subreddit you’re considering and open up conversations there. For instance, when you’re into mountain climbing and wish 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 can begin by asking what’s difficult them or what they want mounted. Dig deeper and ask what they suppose may resolve it. They won’t 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 clients’ willingness to pay to repair it. If it’s nothing (or not loads), it’s most likely 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. After you have a prototype or a draft, ask your clients if they’d be considering 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. For those who leap right into a pattern early, you’ll be able to capitalize on the second and get out earlier than it cools off. For those who be part of too late, you may find yourself investing in a product with shortly diminishing demand.

A method to make sure you keep on observe is recognizing wants throughout the developments. For some time, air fryers have been a sizzling matter throughout the information and social media feeds. Nonetheless, they didn’t resolve any determined wants—they simply gave individuals new healthy-ish methods to prepare 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 way more than design. You don’t want a completely authentic concept—you simply want to repeat, steal, and iterate to make the following neatest thing.

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

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

You can additionally take into consideration all of as we speak’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 keep 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 have been already on the scene.

You don’t have to give you one thing brand-new. Borrow, steal, and Frankenstein your individual product concept—simply ensure that it has a USP that beats out the competitors.

4. Consider Upsells and Cross-Sells

For those who’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, when you promote footwear, you might increase into shoelaces or socks. For those who promote on-line programs, you might increase into e-books or in-person lessons.

When you’re fascinated with it, take a look at methods you might enhance your current product. Are there less complicated, cheaper or extra sturdy, expensive variations you might present? For instance, you’ll 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 together with your merchandise? For those who promote a web-based course, you might 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 want you might resolve? There’s a great probability your private persona belongs in a distinct segment market—if you’ll find an issue you wish to resolve, there may be different people (hopefully numerous 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 methodology doesn’t take lengthy processes or intensive analysis. Simply take into consideration what actually bothers you and the way you want you might resolve it.

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

Codeacademy began as a Columbia University programming club. Cofounder Zach Sim struggled to be taught 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 probably discover different clients identical to you.

Validate. Validate. Validate.

Have an concept for a product? Unbelievable! 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 wish to dedicate any time or cash (or worse—get personally hooked up) to an concept that’s going to crash and burn.

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

Smoke Take a look at With a Touchdown Web page

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

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

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

The entire course of on your smoke testing touchdown web page ought to solely take a number 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 loads 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. Be taught the step-by-step course of we use to validate every course concept (with out spending a cent).

Flesh Out Your Whole Technique

GTM. Manufacturing. Transport. Financing. All of it. Determine the logistics of how your new product concept goes to return to fruition. Do all of this analysis earlier than you begin constructing prototypes and web sites.

You may discover a logistical element 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 come up with the money for and sources? If it’s one thing like a web-based course or e-book, do you have got the talents and bandwidth to carry it to fruition? If not, are you able to rent somebody?
  • Go-to-Market (GTM) Plan: How do you intend to launch and market your product? What worth does it should be to beat out rivals, attract clients, and assist you to earn a revenue? What channels will it is advisable use to succeed in your viewers?
  • Transport: How will you get your bodily or digital product from you to your clients? Will it’s by way of electronic mail or the submit workplace? Will they want a login, or will it’s a downloadable product?
  • Financing: The place are you going to search out the cash to make this occur? Do you have got a wealthy uncle, or will it is advisable 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.

The perfect concept may examine all of your bins, however when you don’t have the cash, time, or means to make it occur, it’s not going to be a good suggestion.

Make Your New Product Thought Come to Life

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

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

Allow us to assist speed up your new product concept and launch a worthwhile on-line retailer in 12 weeks (or much less). Join our free masterclass to be taught the 5-step course of for bringing your large concept to life.

The category is taught by Gretta Rose Van Riel, an entrepreneur with 4 multi-million greenback ecommerce manufacturers underneath her belt. It’s secure to say she is aware of a factor or 2 about profitable product concepts and launches. Learn the way she did it and (extra importantly) how one can, too.

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