Finding Ideas for New Products

Today I thought I would give a couple of my best tips for finding ideas for new products.

If you find that you are running out of inspiration for new products, a good way is to always look at products that are currently popular, selling well and hot and trending.

But the goal is not to just jump on the bandwagon but instead turn it into a new opportunity.

So here are two examples where this can work for new product ideas.

Give a Current Trend a New Twist

For example, monogram jewelry has been a hot seller for the last few years.

Therefore, instead of doing the same round disc-style, hand stamped monogram necklaces that everyone is doing, retailer Anthropologie (who is always a trend setter) came out with an oversized initial letter necklace with the letter turned on its side (as you can see on the right).

It was a brilliant way to give this popular item a new look and feel.

Borrow a Trend That Has Been Popular with Another Product

Sometimes you will see a popular trend in a product category that is completely different from yours, but is it something that would work for what you sell?

I am sure you have seen quotes and cute sayings on everything from t-shirts to pillows to tote bags, so why not swimsuits, like this one from Bando.

Again, it is another way to capitalize on a hot Instagram-worthy trend just in time for summer.

Exploit the Flaws in Top Selling Products

I have mentioned before how valuable it is to read reviews on Amazon. Nothing beats customer feedback, even if it is not your own customers.

So go over to Amazon and check out their top-selling products in your product category. Then read the one and two-star reviews. Take note of what people said the product lacked and/or didn’t do or they just didn’t like. This opens up opportunities for you to add these elements into your own products.

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