Want To Find a New Product For A Business? Here's How.

Creating A New Business Idea

How do you identify market needs? How do people come up with ideas that people don’t know they need until they see them?

The simple truth is the need is there and the job the new product will perform is one that needs to be done and may be getting done but not very efficiently.

So is there an exercise that can identify jobs that need to be done more efficiently or begin being done?
Here is a process that works. Go through this example and see if it helps you develop a new product or business.

Let’s pick an ordinary person that is going on a business trip. Here is a list of things that will need to be done:
Prepare for meetings
Make reservations for hotels, cars, restaurants, air travel, etc
Travel to and from destination
Pack clothing etc. for trip

Now break down any one of these categories to activities. Let’s pick Pack Clothing for trip:
Get suitcase
Lay out clothes for each day/activity
Layout toiletries and personal items for each day
Fold clothes to fit suitcase
Pack suitcase with clothing and personal items.
Unpack at destination
Keep soiled clothing separate from clean clothing
Repack for return trip.
Unpack at home
Rehang fresh clothing
Launder soiled clothing

Now let’s pick an activity that might lead to an innovative product.

Let’s pick “Fold clothes to fit Suitcase”
There are numerous devices that are designed to help keep clothes neat in a suitcase. Mostly they don’t work. So let’s say we’ll create a device that will allow someone to fit clothes in a suitcase and keep them neat during travel.

First we might describe the worst outcomes of people trying to fit clothes into a suitcase;

Suitcase is flexible and therefore will not hold clothing’s form
Clothing is not uniform and won’t fit evenly into a suitcase
Clothing get’s wrinkled and must be pressed
Device to keep clothes neat actually creates unwanted creases or wrinkles
If suitcase is damaged or gets wet there is high probability clothing will be affected

Now let’s create the new product by addressing the possible bad outcomes.

We could create separate packaging to put clothing in before putting them in a suitcase.
We could develop packaging that fits together in uniform fashion like building blocks to keep clothes in place during travel. One type of container for shirts, one for slacks etc.
This packaging could allow clothing to be fitted on forms to hold clothing’s shape and prevent wrinkles.
This packaging would be water tight and durable to protect clothing even if suitcase is damaged.

This particular example was created in about 30 minutes. With a group it might take longer because there will be more innovative thinking and more solutions that are better.

This process can be used for any activity and it can be used for businesses in any industry. 


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