Sparking New Product Ideas - 6 Key Questions To Assess New Markets
Inspiration for new product or service ideas can come from many sources, not just internal teams or customer feedback programmes. Depending upon the industry and sector, overseas markets are likely to be at different stages of maturity and can also represent useful reference points. Our experience shows that monitoring activity at international exhibitions, in the media and in trade data provides an opportunity to assess local market activity, which can give rise to new ideas. If a concept has worked well in one country, then there may be an opportunity to adapt it to reflect local culture and attitude.
Sometimes these opportunities may not be immediately apparent and could lie outside a company’s traditional sectors and even their usual ‘information radar’. Tuning in to a broad range of industry events (cross-sector) can act as a creative catalyst for new ideas and it may just be possible to adapt an existing product or service to move into a completely new area.
We have already seen this during the coronavirus pandemic, with manufacturers and distributors selling directly online to consumers, or diversifying by producing different products with existing plant and facilities.
Of course all new ideas need to be commercially viable, supported with solid facts and figures on future market prospects. Below are some key areas that our clients consider when assessing potential. At a time when the UK is seeking to overcome the challenges presented by Brexit, identifying potential gaps in overseas demand for your existing products, could provide a lifeline.