Home Entrepreneurship How to Find New Product Ideas for the Next Generation

How to Find New Product Ideas for the Next Generation

by Olufisayo
new product ideas

Have you ever wondered how the great minds came upon the ideas for their great inventions? How did Alexander Graham Bell come up with the telephone anyway?

While many inventions and discoveries changed the way of life for humanity, some small-scale products also helped improve the lives of many. Even something as simple as a bed can improve sleep quality and even the back pain of many people.

Don’t let the big inventions intimidate you into thinking we don’t need new products anymore. On the contrary, we need more new product ideas to keep humanity going.

But how do you come up with one when everyone else already created the best inventions? Keep on reading to know how you can do it.

1. Find out the New Needs of the Generation

Back then, people had trouble communicating over long distances, which led to the invention of telephones and such. Still, people yearned for 24/7 connection, which then led to the internet. Now that that problem is no more, are there other things we can still improve?

       

Look around you and see the still existing problems or new problems we’re facing. As they say, necessity is the mother of invention. What do you think a new generation needs at this day and age?

You can also look at your own life. What challenges are you facing?

Do you want a product that can solve your current problems? Then, solve it yourself.

In this scenario, the story of the inventor of the GameKlip comes to mind. The inventor found it a challenge to play games on the phone. He took it upon himself to invent a device that will make it easier.

After conceptualizing the idea, he made a prototype, and that’s when he realized he can turn this into a business.

       

2. Create a Demand for Your Product

Sometimes, however, the product itself creates demand. People have to buy your product because you made a gap in the market.

Why do your customers need your new product and why do they need it now?

Apple is notorious in this practice. When they introduced the iPhone 7, it came with no 3.5 mm headphone jack. This means people can’t connect the typical earphones or speakers.

It was that time they introduced the AirPods, which connect to the phones using Bluetooth. This caused a huge spike in demand for Bluetooth earbuds.

Not only that, but they also created a demand for Lightning to 3.5 mm jack adapters and split adapters. The elimination of the lightning jack meant that the iPhone users can’t use their Lightning earphones and charger at the same time. Split adapters allowed them to do so and the jack adapters allowed them to use their existing earphones.

       

We can’t say it’s ethical. We still advocate for doing thorough research on the needs of the customers rather than creating demands for profits. Still, this is the best example of creating a gap.

3. Lure Customers In with New Features Instead

New product ideas don’t always have to be groundbreaking, out of this world, or never discovered before.

For instance, the iPhone is not the first phone ever made. It wasn’t even the first device characterized as a smartphone. But it was the first that introduced the smartphone features we know today.

You can take an existing product and think of ways to improve it. However, that improvement must be something that people will benefit from.

Many “inventions” today push out features no one needs for the sake of “innovation.” Remember the Juicero fiasco? The one wherein all the $400 machine does is squeeze juice out of pre-made packets?

       

It was a new product, yes, but it doesn’t solve a problem. Not to mention that people were aghast at the $400 price tag, which doesn’t include the overpriced packets of fruits, too.

You can also focus on the packaging to make things interesting. Learn more about that in this article by Smashbrand.

4. Make a Prototype of Your New Product Ideas

To make sure your idea gets somewhere, make a prototype of it as soon as you can. The implementation itself is one of the best killers of good ideas because the inventor often never gets around to making them into reality.

Making a prototype also allows you to assess whether it’s a good idea or not. Sometimes, it only looks good on paper.

If you don’t have the resources to create a prototype, try looking for companies that can do this for you. Some businesses offer to bring ideas to life, but it comes at a cost, of course. Depending on the materials you need and the scope of the project, it can cost you a few hundred dollars or more.

       

Still, that’s a better solution than sourcing the materials yourself, especially if they’re hard to come by.

5. Be Open to Changes to Your Ideas

Once you launch your prototype, you or other people will be able to judge if it functions like you think it will. Does it solve the problem you wanted to solve?

You’ll also be able to see if it has flaws that need addressing before it goes to production. In some cases, you’ll find out it’s not good for production after all.

In all cases, be open to all the possibilities and make suitable changes to make your product work. If you’re too obsessed with your first idea, you might not be able to see the other opportunities ahead of you.

Testing doesn’t end in the pre-production phase, though. You need to continuously review how your product is doing.

       

You might find out it’s not doing well in the frozen section. Will you be able to adapt it to make it suitable on the shelves? If that’s where your product is likely to take off, you should be open to starting all over again.

Don’t Give Up on Your Product Ideas

Never dismiss any of your new product ideas to be not worth the time. You may be onto something, but take the time to conceptualize it and make a prototype of it to see any faults and other things you might notice that will pose a problem. Above all, don’t lose sight of what problem you’re aiming to solve.

If you need more help, don’t hesitate to check out our other blogs for more tips.

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