I use the same strategy over and over again to
develop new product ideas for different
industries -- including industries that
are largely unfamiliar to me. Yes, it is important to develop expertise, but I
think most entrepreneurs fail to realize how quickly they can gain the
knowledge they need to begin inventing simple improvements to existing
products. In fact, I’ve discovered that when I’m too close to a subject, it
actually becomes harder for me to analyze it creatively and think outside the
box. Knowing too much can limit you by what you think is possible and
impossible.
In reality, becoming an expert is as simple as
studying the past and present, and asking, “What’s been done before? What’s
being done now?” Tracing the evolution of a specific product has inspired me to
come up with new ideas many times. Discovering the thought processes behind
other new ideas in the marketplace is also a useful exercise. Consider checking
out resources like some organization’s Innovation section where they ask and
answer, “Who made that?” about different products.
Do the same kind of research to empower yourself
to start coming up with more ideas. You don’t need to take weeks or even days
to become an expert. This knowledge can be effectively gained in a few hours --
an hour even. When we think of all we don’t know, we become overwhelmed and
defeated. Don’t let that happen to you. Know that you can become an expert in a
short time if you concentrate your efforts. I have been doing it for years now.
Let’s use the lonely, common coat hanger as example
throughout this article.
First, ask, how have coat hangers evolved? Use
the Internet, and start Googling. What did coat hangers look like in the past?
What materials were they made out of? Amazon, eBay and Wikipedia are all great
sources for this kind of research. You could also Google prominent coat hanger
manufacturers and read their histories. Go back as far as twenty or thirty
years. Who were the patents assigned to? How often have new patents about coat
hangers been awarded? Try to understand the thought process behind the changes.
Study today’s coat hangers. Do a Google product
image search. Observe differences in shape, size and material. Are there any
new features? What are the benefits of different coat hangers? What are the
different price points? Hopefully, you’ll be able to trace the development of
coat hangers from past to present. This knowledge is going to be extremely
helpful to you when you begin to exercise your creativity to come up with new
ideas. Just a few years ago, someone designed the “Z” hangar, a hangar that is
crafted in such a way that it doesn’t stretch out the collars of shirts and
sweaters. Genius.
Learn about manufacturing to give yourself an
idea of your constraints. An understanding of manufacturing can make or break
your idea. YouTube is a good source for manufacturing knowledge.
Stay current with industry trends by reading
trade magazines and checking out trade associations. What are people talking
about? When I searched for “coat hangers,” I discovered complaints about how
environmentally unfriendly plastic coat hangers shipped from China are -- many
of them winding up in landfills. So maybe there’s a market for a more
eco-friendly yet affordable coat hanger. I wouldn’t have known that’s what
consumers are thinking about unless I had joined in on the conversation.
You’d be amazed at how much you can learn from
the comfort of your home, in your office chair. If you’re not an expert now,
you can become one.
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