I need help for coming up with an idea of a new product or service in an existing company or brand.
How about different companies (including banks) letting us know instantly when fraudulent use of our accounts, credit cards, etc., shows up?
This is how all those new flavors are invented in Blue Bell ice cream. Somebody has an idea. Most of them stink, but a few stick around, as in my favorite Cherry, or Mint chocolate.
I am fairly certain you can think of new variations on old products.
Coming up with a new product or service idea for an existing company or brand requires a creative and strategic approach. Here are some steps to help you generate ideas:
1. Research and analyze your target market: Understand the needs, preferences, and pain points of your current customers or potential target audience. Look for gaps or areas that could be improved within the market.
2. Assess the company's strengths and capabilities: Evaluate the existing resources, expertise, and core competencies of the company or brand. Consider how these strengths can be leveraged to create a new product or service.
3. Identify trends and innovations: Stay updated on industry trends, emerging technologies, and innovations. Look for opportunities to incorporate these into your idea, adapting them to fit your company's unique offering.
4. Brainstorm with a diverse team: Gather a diverse group of people from different departments or backgrounds, such as marketing, sales, design, and research. Encourage open and creative discussions to generate a wide range of ideas.
5. Conduct market research: Validate your potential ideas by conducting market research. This can involve surveys, focus groups, interviews, or analyzing customer feedback to gain insights and identify potential demand.
6. Consider customer feedback and pain points: Review customer feedback, reviews, and complaints to identify common pain points or unmet needs. Designing a product or service that addresses these pain points can give you a competitive advantage.
7. Evaluate feasibility and profitability: Assess the feasibility of your idea in terms of production, distribution, cost, and resources required. Analyze the potential profitability and return on investment it could generate.
8. Develop a prototype or minimum viable product (MVP): Create a prototype or MVP to present and test your idea. This will help you gather feedback, identify improvements, and validate the market demand before full-scale development.
Remember, the most successful ideas often stem from understanding customer needs, leveraging the company's core strengths, and identifying opportunities in the market. Encourage continuous innovation and collaboration to refine and implement your ideas effectively.