Did you know that only 40% of developed products ever actually go on sale? Even rose, only 60% of these products earn revenue.
Part of the reason that new product development fails is that it doesn’t solve a pain point. Other times, business owners fall into the trap of following trends without making a product that stands out.
Thankfully, it’s possible to avoid these common mistakes, even if you’re a beginner. So no matter what stage your product is at, following a few important tips can spell the difference between success and failure.
Ready to get unstuck and create the product of your dreams? Below are our top product development tips for small businesses!
Examine Your Target Customer’s Pain Points
One of the essential ways to grow your business is to get clear on your target customer’s pain points.
What are they struggling with? What are they looking for? What are they paying too much for? What do they waste time on?
There are a number of ways to figure out your customers’ pain points. You can conduct surveys, interviews, or focus groups. You can also look at your customer data to see what problems they’re struggling with.
Create Add-Ons to Existing Products
One of the best ways to launch new products is to look at your current bestselling products. Can you create add-ons or variations of them?
For example, let’s say you own a makeup company and sell popular eyeshadow palettes. You could create a line of makeup brushes to complement the palettes and help customers create a variety of looks.
Another way to create add-ons is to make a product line. This means grouping your products together based on a common theme or feature. For example, you might create a line of products that are all focused on eco-friendly living.
Look to Trends
Following trends can let you tap into new markets and make it easier to brainstorm product creation. Trends are especially useful if your business is in the fashion, beauty, or technology niche.
If you want to develop a product that’s on-trend, look to the latest trends for inspiration. What are people talking about? What are they buying? What are they using?
When you know what’s popular, you can develop products that tap into those trends. You can also create spin-offs of popular products or come up with new ideas that are inspired by current trends.
Add a Unique Twist
New products face the challenge of having to stand out from the competition while still being useful to the target customer.
So how do you come up with unique product ideas? One way is to look at your competitors and see what they’re doing. What are they selling that you can improve on? Can you offer a different spin on a popular product?
Another way to create a unique twist is to sell custom products (view options here).
New Product Development Made Simple
Coming up with new product ideas can seem daunting, but it doesn’t have to be.
At the end of the day, new product development is all about solving a problem and a pain point. Keep this in mind during every step of the product creation process and you should be well on your way to creating your next big hit!
And if you enjoyed this article, be sure to check out more posts from our business category!