Developing new products and services

Product that cannot be touched, such as a spa day experience or having a haircut.

  • Once a ground-breaking product VCRs are now deep in a decline stage from which it seems unlikely they will ever recover.
  • If you can, develop a prototype as quickly and cheaply as possible.
  • It’s the process of finding an existing product or manufacturer, then packaging and branding the products they already produce.
  • If you don’t already have a product in mind, choosing one that’s not already popular or competitive can be difficult.

For example, if people are struggling to find a vegan alternative for a specific type of food or a lip product that complements certain skin tones. If you’re struggling to finance your new product ideas, you could consider venture capital or crowdfunding. It’s also worth checking if you’re eligible for a small business grant.

Identifying a new idea, product or service

Product businesses are great for people who have some financial security behind them and are in the business for the long run. Once you have a product or service in mind that you’re interested in selling, you need to work out its market potential. There are several compelling reasons to strengthen collaboration between business and product people. First of all, business context and market dynamics evolve quickly, so even though it might seem ideal to stick to quarterly planning and roadmaps, this isn’t always possible. New product development is certainly a challenge, particularly on top of the day-to-day running of your business. So if you have the budget, you might want to consider getting a product development company to help you as they’re able to manage every step of the process, from prototyping to production.

It’s great when you get that ‘light bulb’ moment and are inspired to create a new product or service. Unfortunately, inspiration doesn’t always strike when you need it – like when you want to invigorate your business with a new idea. To come up with something new that solves a need for a specific market, you have to know where to look.

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It takes Jennifer some time to make each Cumberbunny, but the real-time investment was to sculpt the mould, develop the techniques and work out which chocolate works best. Finding that gap in the market and the right product for your brand is instrumental to your business’s success. What you choose to sell will determine a lot about your company, from how you conduct marketing to who you need to be marketing to. Having a proper plan in place to find that missing opportunity gives you the best start to launching a successful marketplace. It’s been said many times by many people that ‘there are no bad ideas.’ While that might not be an airtight philosophy, the reasoning behind it is sound.