Your next product is only as good as you next idea. Considering that only 20 percent of new product ideas will succeed, there is a lot riding on that good idea. How can you come up with better product ideas? Check out these tips and tricks!

Don’t just generate one idea

The more ideas you have, the better. Don’t assume your first idea is the best one. Try to think of the issue or problem from multiple angles and tweak your idea accordingly. Talk to shoppers and see what is on their minds. Learn as much as you possibly can about consumer wants and needs and take a multifaceted approach to understanding those wants and needs. Remember, your first approach to a problem might not necessarily be the best one.

Look for new niches

If you’re looking to break into an industry, carefully evaluate the big players in the industry. Examine what they offer, as well as what they don’t. The key is to try to fill in gaps in your target industry and come up with ideas that will allow you to enter a new niche. You might also try to identify markets that have stagnated or markets where there hasn’t been any recent innovation. There are often gaping holes in the offerings of big companies, making it easier for smaller, less established players to step in.

Develop a cheaper version of an already existing product

Sometimes the best ideas aren’t about totally reinventing the wheel. Many tremendously successful companies actually got their start by taking an existing product and figuring out how to make it cheaper. Consider Warby Parker. This tremendously successful eyeglasses company, which was launched in 2010 by four business school friends, sells prescription glasses at half the price of other businesses.

Pivot International is a product design, development, and manufacturing firm with strengths in software development, electrical engineering, mechanical engineering, and industrial design. If you are interested in engineering a new product or updating an existing product, contact us at 1-877-206-5001 or request your free consultation today.