Product Idea Generation: The very first step
At the very start of your journey you have to go through product idea generation. Sure it’s nice to know more about the entire process while you are working on your ideas, but it’s much better to choose an example product for this process.
And if you are already on this site, chances are that you already have an idea in your head. It could be an improvement to an existing product, or a concept for something totally new.
Either way, this is the product idea you should run with initially – there’s no better way to learn the product business than by running through the process with an actual project.
The major points to think about are:
- Brainstorming and product idea generation
- Who is the target market? Why do they need it? What problem does it solve?
- Are you interested enough in this product to pour yourself over all of the details? This is what makes the difference between a good product and a great product.
- Is your product a want or a need? (hint: wants are more profitable)
- Bonus points if your product helps the customer earn more or save more money, improve looks, get in better shape, save time, improve relationships, or add a nice touch of luxury to their life
- Is your product new or an improvement on an existing product?
- If your product category sells mostly on price – try to determine functional improvements to add. Selling on price is a sure sign of a commodity and is not an enjoyable or profitable market to be in.
- Can you define your product in terms of functions not features?
- You will have more than one idea – narrow down to the most promising idea for now and devote 100% effort into it. Splitting your efforts across many projects will take you a lot longer to get off the ground
- What types of materials do you envision it using? Will you attempt domestic of offshore manufacturing?
When you have a product idea, think about it in terms of the above questions. Maybe it will help you to better define your idea, or maybe it will generate a whole new, world-changing idea on it’s own.