It is important to offer a product which is able to sell in the market place with minimum efforts. If you offer an existing product, then you face lot of competition. On the other hand, it is becoming difficult to get new product ideas. Very few innovations are taking place that can be termed as ‘new to the world’ products. Here are few tips for new products –
1. Bundling – you may try bundling two existing products and calling it a new one. For example, you may add a calculator or similar such office item to the telephone instrument
2. New target markets – find new target markets for your existing customers. For example, you may start selling designer pens to families while you had corporate segment as your target market.
3. Revive an old product – if you are in touch with ‘in’ things in the market place, you may be able to find an old product that can be offered to existing market. For example, vintage telephones with touch button dialing were a product brought back to market.
4. Improvement – look for the problems faced by the users with an existing product, improve that product and market it. For example, preparing noodles at home was a real pain. Instant noodles changed that thoroughly.
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