Innovative Product Ideas Guide for Business Growth

As you explore your company’s potential growth, you should consider listing down innovative product ideas.

Look no further because this article will guide you in the process of brainstorming groundbreaking inventions. You will learn the factors to consider. 

However, it would help if you first understood the definition of innovative product ideas and their importance.

The Definition of Innovative Products

Innovative products have unique features and characteristics and are ahead of their time. These may vary and carries a lot of potential for your company’s growth. 

They mostly come from bold, smart ideas transformed into actual revolutionary discoveries. In the broader sense, these ideas can also become groundbreaking inventions that improve daily human life.

Example:

Websites like Google made library search more accessible for people worldwide. About a century ago, you may have to go to the nearest library to research George Washington. 

However, due to the rise of Google, you can now access information regarding a specific individual in the blink of an eye.

Google is considered an innovative product because of its quintessential contributions to all human life fields. 

Innovations culminate in humanity’s ability to create helpful and valuable concepts.

Now that you know what innovative products are, let’s discuss their importance to your brand’s growth.

The Importance of Innovative Products

Whether you’re a startup entrepreneur or an already established business tycoon, you should understand the vitality of innovation in your brand’s growth.

Good companies will always do their best to innovate for their customers. 

Hence, they are always ready to try their best to create something new. Imagine your company’s success if you took the time to innovate. 

Innovation allows you to use your entrepreneurial capabilities to make a change. It also gives your business the opportunity to grow exponentially. 

Steps on Brainstorming Innovative Product Ideas

Developing your new product requires a lot of effort. Innovating requires seeking help, researching, prototyping, practicing your elevator pitch, and examining and patenting your product.

Use these steps below to ensure a smooth innovation process for your brand.

Seek Help

Brainstorming new product concepts can take many steps. It can be pretty overwhelming to take care of everything by yourself.

You should make use of professional assistance when creating product ideas. Doing so ensures that certain aspects of the process will rest in capable, experienced hands.

Seeking help also helps you learn about great ideas from random people.

Research

A product requires much initial investigation, patience, and resilience. 

Be prepared to spend some time researching your new product, so you can plan which directions to take. This step ensures that your product can reach your marketing goals as well.

You can also use the power of research as an advantage over your competitors.

The research process can be much more rewarding with a good mindset and patience.

Additionally, you should look at what’s out there to size up your competition: research your competitors, your target customer’s preferences, and other valuable information.

However, you should keep in mind to refer to reliable sources only.

In this process, you need to be smart by deeply understanding the pros and cons of your new product.

Example

You should be able to provide reliable information on how to build your newly invented mobile device properly. Additionally, you should identify what sets it aside from other phones.

You can also study phone preferences around the world. Do your target clients prefer user-friendly devices? Will they like or dislike your gadget’s unique features?

Researching can bring a lot of significant information you can use to further improve your invention.

Create a Prototype

Once you have found your target clients and established a clear path, it’s time to create a prototype. At this point, you will have to decide if you want your product manufactured or licensed. 

Your product will become available on your own (this includes paying a third party to manufacture it). If you sell your rights, you’ll sell them to another company in exchange for a license fee and royalty payments.

Example

Picture this: You invented a home appliance that can both sweep and mop the floor all at the same time. 

Before releasing it to the market, you should ensure that your newly made home appliance can withstand particular conditions. How much space does it need to operate properly? Can it also clean food stains on a wool carpet?

Proceed to your Elevator Pitch

Before selling your finished product, talk to your friends and professional contacts about it. You can use an elevator pitch strategy that requires the following elements:

  • Hook– the attention-grabbing sentence or paragraph of the speech.
  • Value Statement– the statement of the company’s mission, vision, and advocacy.
  • Statistics– reliable information about your discovery.
  • Data (i.e., unique features)- presentation of various information about your new product; and
  • Call to action-persuasion.

Example

You can use an elevator pitch to introduce your potential clients to the operating system (OS) you invented. Through the speech, you can discuss the unique characteristics of your OS, which distinguishes it from others.

An elevator pitch aims to promote your brand to convert leads into sales.

Examine Your Product

Entrepreneurs should remember that their products will not be perfect in their first iterations. The best way to determine the need to apply changes is by constantly testing your product with real consumers.

You should receive honest feedback from test groups to validate your idea. Use the comments and suggestions of your customers to improve your product.

Regular validation is crucial. If you are trying to do something and the people tell you something else, you might be headed in the wrong direction.

Example

Some of the factors you can ask your clients to review may include the design and versatility of your new product. Also, you can inquire about the product’s big contribution to their lives.

You should mainly base your product improvement on your clients’ reviews. Treat consumers as an essential support system in further developing your new invention.

Patent Your Innovation

Even after you leave the business world, patents protect your idea and its manufacturing process. Entrepreneurs should patent their innovations because it is the best way to protect their valuable intellectual property.

To keep it simple, patenting your invention saves you from the stress of dealing with credit-grabbers. One of the problems you can face for neglecting to patent your invention is the incapability to sue individuals usurping your concept.

Isn’t it cool to call your invention legally “yours?”

However, you should remember to renew your patent every year. Some entrepreneurs forget to do so, which may cause legal complications for a brand.

Example

Say you invented a fast charger that can charge smartphones within a minute. However, a nearby electronics startup near your place got their hands on your blueprint and made the same model.

If you have already patented your fast charger, you can file a legal case against them for stealing your intellectual property.

How to Know If Your Innovation Is Successful?

Alas! You finally know the easy steps to brainstorming innovations.

Day by day, you should assess if your campaign has been beneficial for your brand. That way, you will know what you need to add, remove, or improve from your newly invented item. 

It could be an eco-friendly bag that can turn rain from water into wine. On the other hand, it can be simply a recycled waste jewelry line. Regardless, you should be aware if it’s giving better results for your brand.

Now, it’s time for you to determine if your innovation is successful.

Positive Financial Impacts

A good way to determine if your innovation campaign has yielded great results is by shedding light on its financial impacts.

It’s essential for you to know if your invention has benefited your brand.

Example

If you designed an eco-friendly car powered by coconut fuel, the revenue should double your invested capital. 

However, if the financial implications turn out to be costing you a lot more than what you’re earning, you need to reassess your product.

You need to work on balancing your production costs and sales when innovating. Consequently, you may also want to use ways to publicize your product to attract your target consumers effectively.

Popularity

Another factor you should think about is the popularity of your new product. 

You can use different approaches to ensure the fame of your invention. It can help you run a successful product or service launch.

Your target customers will like to know more about your product before they buy it. That’s the reason why you should work on building your promotion strategies. 

Example

To promote an all-in-one household tool, you should ensure that the world knows about it. Popularity helps you gain good sales opportunities from target leads. 

User Feedback

User feedback is an easier way to gather your clients’ experiences about your invention. 

Example

Say you’re into technology, inventing a telescope made of recycled waste. You should determine if the materials don’t interfere with detecting small planets.

Feedback, comments, suggestions, and recommendations shed light upon your client’s insights about the invention. Especially in the field of technology, phone brands around the world frequently ask for consumer feedback about current operating system (OS) updates.

If you invented a plant-based water bottle for your grocery, you should ask the purchaser to send feedback about it after seven days. Also, if you invented a new food recipe, you should give free tastes while listing down the typical comments of your customers.

Final Thoughts

In summary, brainstorming revolutionary and groundbreaking brand concepts requires a lot of effort to accomplish your goals. 

However, if you follow the steps and tips listed above, your perseverance will positively affect your brand’s expansion. Regardless of what you come up with, you should maximize your entrepreneurial capabilities to provide the best services to your clients.

Innovative product ideas enable you to make the most out of never-before-heard concepts and turn them into life-changing inventions.

Innovative Product Ideas Guide for Business Growth

Abir is a data analyst and researcher. Among her interests are artificial intelligence, machine learning, and natural language processing. As a humanitarian and educator, she actively supports women in tech and promotes diversity.

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