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How to get ideas for new products and/or services

It doesn't matter what you're selling today - tomorrow it may be outdated. Many companies with good services or products ends up in a very nasty trap when demand falls and they have no plan for a successor, a complementary product or something that has other values ​​than ones that the customers want to pay for. You always have to think ahead about what you can do to satisfy the market. Here are 7 tips on what you should think about in order to get a new product or service that the customers want.

1. Solve a problem
There are lots of problems to solve for your customers. Listen to them. Interview them about what problems they want solved and see where you can come in with an idea to help them.

2. Jump on the trend bandwagon
What's happening in your industry right now that you can latch on to? What do they say in the papers, on TV and online? Look for trends and try to hook up the stuff you're selling with the hottest thing on the market right now.

3. Improve something that already exists
Ask customers what it is about your product that isn't good. Ask what you can do to improve.

4. Create a new niche for one of your products/services
It's not always the product you are buying in a world where many things are similar. One can “purchase” the delivery time, the way that it's delivered on (a course set in Spain instead of in a boring conference room).

5. Add something to a product/service that already exists
You sell one thing, maybe the customers would appreciate receiving anything that is related to your product/service when they buy from you.

6. Bring an old, dead product back to life
The market may have changed and new needs have arisen.

7. Look for a new audience for your old product/service
Your leadership training for businesses might have changed a little and would be perfect for school leaders.

About the author

Stefan Ekberg has worked in marketing for small business for 20 years and has written around 30 books on how small business owners can market themselves with limited resources. . In 2012 Stefan was nominated as Entrepreneur of the Year in Stockholm.

230 000 prescribes to his free newsletter "The 5 minute marketer"
Every week some 230,000 prescribers gets his free newsletter about 5 minute marketing.

"The 5 minute marketer" - the book
You run a small business and you want to get ahead of the competition, but how can you give resources to marketing when you're short on time and the budget is tight? The solution is here! The 5-Minute Marketer is packed with 395 tried-and-tested ways to market your business in 5 minutes or less.