New product development often seems like a daunting and complicated process that is relegated to big companies with giant R&D departments and budgets. Great ideas are not just created in a lab – they are realized by experiences. More often than not, great products come from small companies with no budget or R&D department at all.
Small companies are great innovators because you have to be. Because you don’t know boundaries, because you don’t make decisions by committee, because you don’t need to write memos to others to ask for permission, you don’t know you shouldn’t. Should I go on?
So if you are a small company – where do you start – why ideas of course. BIG. WILD. IMPOSSIBLE IDEAS.
New product development is a process of determining what you have, how you can make it better and if a consumer may need or want your idea. All the focus groups in the world will not tell you what the next great idea is – because consumers don’t know to ask for what they don’t know exists. Think about that. Even though and iPod dramatically changed how we listened to music – we could not have told Walkman to make an iPod.
So how do you make new products. I’ll say it again – because I want you to remember. BIG. WILD. IMPOSSIBLE IDEAS.
The first step to every new product development is to get ideas on paper. In the beginning stages don’t be concerned with the details. How are we going to do this, afford it, engineer it, etc. can come later. You have smart people and they will figure it out. You can also hire people to help you figure it out. Did I mention we’re for hire? In the beginning be smarter and get the good ideas out.
Where do good ideas come from? You can look at trends, you can have experiences, observe what others are doing in different spaces and think about how those ideas can be translated to your products. Think about how you would like your products to work better for you or make your life easier. You know your products better than anyone.
Someone figure out that kale could be baked and made into chips – super hot and totally on trend, and now going mainstream.
Someone figured out how to put applesauce in a squeeze container to eat on the go – clearly a win.
Cashew Milk is the new Almond Milk.
Rice Crispy cereal has always been gluten free – as have potatoes but now we make it say so and we sell more. Protein is hot because paleo is cool.
New product development yields growth in your organization. It shows your buyers you are innovative and willing to push the limits. It also gives you a reason to sit in front of those buyers and talk about the business. The same conversation about the same products every time gets old when nothing is new. Failure to show something new creates an opportunity for a competitor to show something different. Coke, Procter & Gamble, Kraft and others innovate not because every product will be a winner – but out of necessity – to stay ahead of the competition. When a small startup makes progress in their category with a new item – they buy them. Remember Vitamin Water?
Let us help you take your ideation process to the next level. We have successfully helped companies identify new value-added opportunities to create new products and expand existing product lines. Drop us an email and see how we can help you.
Written by Melinda Goodman
Full Tilt Marketing Managing Partner
Melinda@FullTiltMarketing.net
