Skip to content

How to Effectively Generate New, Innovative Products or Ideas for Your Business

Perhaps your business has reached the maturity stage, meaning sales growth has started to slow, and it’s time to improve the products you already have on the market. Or, maybe you’re just starting out as a fresh-faced entrepreneur. Regardless, both scenarios would benefit from a little innovative thinking, including a new approach to the offerings.

Let Your Own Wonder Guide You

Inventive products are often perceived as unconventional at first, but don’t let this hinder your creativity. Just think about it; when camera drones and virtual reality games were first introduced to the masses, they were considered outlandish, but now they are commonplace and are even quite popular. For something to be genuinely innovative, it must be something that has never been done before. So, let your own curiosity drive you as you brainstorm products that fall outside of the present market.

Don’t Be a Copycat

It can be tempting to research the types of products your target audience currently uses and slightly enhance one of them, so that your new product is in direct competition with it. However, your success will be short-lived as this isn’t an effective, long-term solution nor does this express true originality. Just ask Jeremy Delk, CEO of Delk Enterprises, an investment company with portfolio companies like 23andMe and CelebrityMD. “Looking how it’s been done or copying your competitions’ homework may give you some small improvements, but you won’t put any real distance between yourself and the competition,” said Delk. In other words, the more distance you place between you and your competition, the greater the chances of disrupting the industry and garnering higher profits.

Utilize Design Thinking

Using design thinking while in the creative stage is another beneficial way to develop a unique product. Invented by IDEO, a design consultancy firm, it’s a term that essentially means to problem solve in a creative manner. To be more specific, the IDEO blog further elaborates on this concept.

When you sit down to create a solution for a business need, the first question should always be: “What’s the human need behind it?” In employing design thinking, you’re pulling together what’s desirable from a human point of view with what is technologically feasible and economically viable.

Basically, you’ll want to keep your target audience at the center of your thinking. Begin by creating prototypes of your product and gathering feedback. The idea is to create a compelling product based off your audience’s needs and wants.