Marketing 6 Great Sources of Idea Generation for New Product Development

Published on July 1st, 2015 | by Mehedi Khan

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6 Great Sources of Idea Generation for New Product Development




From the very beginning Apple shows the creativity and customer driven innovation. Apple surprised its customer with so many innovations. Their latest surprise with their new product is Apple Watch. It hits the market some months ago and got the immense response from the consumers. Same way they are bringing the latest version of Mac, iPhone each year. The new iPhone 6 has basically two models one iPhone 6 (4.7″ Display) and another is iPhone 6 Plus (5.5″ Display). The way how Apple keep their customers engaged is its innovation through their new product.   
 
New products are the lifeblood of every business. If any business doesn’t develop it’s new product continuously it will die soon. For developing new products there have some stages and generating ideas is the first step of new product development process. It is important to have a great idea first and then the company can start the new product development process. For getting great ideas there have 6 great sources. Basically the sources can be divided into two types- one is internal sources and another one is external sources. All the sources are discussing below:
  • Internal Sources:

Internal sources are the great way to find new ideas. Internal sources can be divided into two parts. They are as follows-
  1. R & D (Research and Development):   It is the formal department of any organization to generate new ideas. R&D department research according to the company’s future plan and then come up with the new ideas which complete its journey with the commercialization of the idea (product). One recent survey showed that traditional R&D only contribute less than 15% of the ideas of the organization. However the importance of R&D in the organization is not only depends on the idea generation, they also do some other important things.
  1. Employees:  Companies can use the brain of their employees. If customers are the Oxygen of any company then employees are the heart of that company. All level of employees from executive to top management can be the great source of ideas. One recent research showed that almost 45% of the ideas comes from the employees. Many companies now use web technology to get the ideas from their internal employees. In that web form employees can share their ideas about new product. However picking up the great idea from it and rewarding the employees can encourage your employees to be more creative and contribute more in future.
  • External Sources:

Companies can also gain good new product development ideas from external sources. External sources are those which is affiliated with the company externally. Some important external sources for idea generation is discussing below.
  1. Customers:   Most probably customers are the most important sources to get new product development ideas. Customer knows best what they need and what they are looking for. It is the most important thing to deliver satisfaction by providing exactly what your customers want. For instances, when you know that your customer need a specific product or a special feature on any particular product then it will be easier to make that exactly what your customer need and then you will get satisfied customers. Thus way you can build long term relationship.
  1. Distributors and Suppliers:  Distributors works very closely with the market and they know consumer problems and their need. Distributors can give the ideas for new product possibilities. Suppliers can also help with the information of the market like new concept, technique or materials which can be used for developing new products.
  1. Competitors:  Competitors are another important source. One can analyze their competitors and can find many things which can be used for idea generation. Researching competitors can give you the idea that which thing you are missing or which thing they are missing, you can decide then what things you need to include in your new product. Remember your competitors are not your enemy, they are your strength.
  1. Others:  Other idea sources includes outside Consultancies, Design Firms and Online Communities, Trade Magazines, Shows and Seminars, Government agencies, Advertising agencies, Marketing research firms, Universities, Commercial laboratories, Inventories and so on.

Is there anything else which might be a good source for idea generation? Share your thoughts in comment.



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12 Responses to 6 Great Sources of Idea Generation for New Product Development

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