New products often decide about company’s future. The improvement of current products and services can support or build sales anew. However only new products and services can completely change your company or the whole branch. We don’t even realize what challenges we must face to make our product successful. We need to question branch standards and beaten tracks many times, so as to make products and services, which will delight our consumers.
Options of creating new products
Every company or startup can add new products to their offer, buying them or creating them themselves. They can purchase these products, buying other companies or just buying patents from them, different licences or franchise. For example: Swiss giant – Nestle increased its presence in North America, taking over such brands like: Carnation, Hills Brothers, Stouffer’s, Ralston Purina, Dreyer’s Ice Cream, Chef America and many others. Let’s have a look then at options of making new products:
- Takeovers – if you don’t have ideas, and especially resources and experiences, it’s a good option. However remember that it can’t be an only solution. One day your startup will need organic growth as well – that is making new products in the company.
- Licences / patents – you can base your products on other companies licences or patents. However remember that you also need a good marketing strategy, because without that the product can be lost among many similiar solutions.
- Design thinking – it’s a good method, but only at the first stage of creating a product. When you choose a particular idea it’s worth looking at business aspects and thinking up a business model. Remember only about one important issue – relying only on Design Thinking in your company is pointless, although it’s worth using the tool itself as a completion of other actions.
- Brainstorming – it’s a good solution. However you must remember here about choosing suitable workers for such a session. I also suggest choosing such a moderator for these meetings who knows what’s what.
- A box with ideas – you can also make ‘a box’ with ideas, where workers will put sheets of paper with their ideas. However to make it work you must look through the ideas regularly and evaluate them fairly. To encourage workers to put their ideas in the box you can offer a bonus or any other reward for the idea, which will go to the next stage.
- A day or time for innovations – when we carry out everyday tasks we don’t have time and we don’t feel like thinking up new things. Appointing a day or some time for innovations and experiments is a good solution in many cases. You must decide if you spend this time on improving present products or creating prototypes and consultations with customers.
- Researches / development works – as a company you can found your own research laboratories and work there on new products or sign agreements with independent research and development centres, which will work out new products or technologies for you. Such centres can also make a deeper analysis or assessment to your order.
- Copy the ideas of other people – it’s also a method for launching a new product in your offer. You can copy the ideas of other people, but do it better – in a more interesting way. iPhone wasn’t the first smartphone, the same as Brand24 wasn’t the first network monitoring tool. However these tools turned up on the market and they manage quite well.
Remember that every branch and every company are different and not every solution will work in your company. It’s the best to test some solutions, draw conclusions and choose this solution, which will generate the best ideas. The path to new products and services isn’t ‘a bed of roses’, so be prepared to work hard.
Maybe you in your company use any other ways of creating new products? Write them in comments 🙂