The best ideas are often the answer to a problem. For an innovator, a problem needs to be significant enough for the market to embrace its solution. Thus, innovation is a new value addition to your business which fills an untapped market need.
New product ideas stem out of keen observation of consumer sentiment, behaviour and market environment.
Startup Story Media has a few tips to share!
Step 1: Come up with an idea
Think like an entrepreneur. Brainstorming is the key here. Take a look around you – what do you see? Is there a task you can make easier or a product that fits a new consumer demand. You can also make an existing product which isn’t easily accessible, accessible!
Step 2: Choose your customers
You can dabble into a novel consumer segment with an existing product or you can have an existing product made better for the consumers. You can also create a new product altogether in response to a market gap. Conducting consumer surveys and market research can help you in deciding which way to go.
Step 3: Make it relevant
Make sure that your idea serves a purpose in order to sell. A product should bring satisfaction to the customers, they need to be better off with your product.
It is said that necessity is the mother of all inventions, so keep your eyes, ears and mind open. The next million-dollar idea might be just around the corner!