Does your business want to create innovative products that are both successful as well as helpful to your consumers? Check out these secrets to product development so you know what to consider in your design.
If you’ve seen any articles about product innovation or “quick tips” to propel your business, you know that 99% of it is empty.
It’s recycled, optimistic nonsense.
In fact, they contradict the exact reasons why most businesses fail before they’re ever founded.
Read this quote from a business advice article by Arnold du Toit, founder of RolleyGolf:
“I’m lucky to be part of a generation that sees the world beyond what it is on the surface. We no longer live in a world built on money, but one that desires to be around for as long as possible. Mother Nature isn’t our landlord, but a friend. We’re a conscious, caring bunch, and I wanted to ensure RolleyGolf plays a large part in this.”
The reality is, Arnold, our world isn’t a caring bunch. We’re mindless, money-crazed monkeys.
But how do you escape the cycle of recklessness?
This is the particular problem we’ve studied for years. You could say we have a Ph.D. in careful invention.
In this article, we’re going to let you in on our effective secrets to changing the world with your innovative products.
1. Abandon Your Ego-Fueled Desires
Money drives everything.
Spoiler: If you revolve ’round the dollar signs, heart, and soul set on growing your wealth, you will not be successful.
When delusions of grandeur motivate your plan to a fill a market need, you have already failed.
We’re not just speaking from experience. This is an established statistical fact.
Studies have shown that insightful innovation begets a 30% increase in employee productivity.
Those genuinely motivated businesses are growing 8x faster than the global GDP.
You should do all you can to be and present yourself as ethical and wholesome since as of 2017 the majority of millennials believe they cannot trust businesses to be good for society.
Don’t contribute to the growing distrust of businesses, especially if your target audience is young people.
2. You’re Your Attitude (and a Little Bit of Luck)
Speaking of wholesomeness, wholeheartedly is how you should devote yourself to your innovation.
Pick a niche and go hard in the paint trying to understand why it’s a thing.
What drives its existence? Who does it affect? What are the eminent perspectives surrounding this topic?
If you know what everybody else is already thinking about a problem, it’ll be easier for you to come up with a novel solution.
In all parts of the process, retain a positive attitude that says you can and will be the market wizard.
After all, why do anything if you do not love it?
Be one with your niche. If you can’t help but go through the motions, it’s not for you.
3. Understanding What the People Want is Key to Successful Products
Maybe you’re ready to engage head-on, but you’re not sure what to create.
The old golden rule of how to think of a product idea is to make sure you’re directly answering a need that the market has.
Instead of chasing the first dream that comes to mind, literally go into the world and develop relationships with people.
Don’t just answer the call, fill the need.
The Internet is jam-packed with an overwhelming wealth of data about what people want to see in the world.
Y’know that cliche quote by Gandhi about being the change you want to see in the world?
Yeah. Do that. Like, for real.
This technique not only fuels ideas but also maintains interest in your new product.
After all, outstanding customer service is the way to go.
Not only is consumer acquisition 5-25% more costly than retention, but people will also break their bank for good customer service.
4. More Data Doesn’t Spell Victory
Look, I’m not anti-data. There’s a lot of exciting research going on in machine learning and data analytics.
Despite all the pressures and constraints of trend science, it’s impossible to ignore the benefits.
Chances are your company will benefit by looking into demographics, whereabouts, and conversion rates for the foreseeable future.
Here’s the thing, though: it depends on what you do with that data.
Entrepreneurs often go astray into setting data as the masthead of their marketing strategy.
They trade their innate human creativity and boldness for nervously calculated moves.
Be a risk-taker. Let your relationship with the market guide your journey, and the data will do all the footwork.
5. Early Trial and Error is Good
This feeds off our last point. Try, try again.
Then, when it still doesn’t work, try again. Then, if it’s still broken just give up and cry.
Just kidding. If you’re leading your business in previously unheard of directions, then you’re more likely to succeed.
But you’re also more likely to fail.
In Phillip Kapleau’s Three Pillars of Zen, an American ex-businessman recalls this encounter with a Zen master:
“This is what perplexes me to no end: Why haven’t I attained [enlightenment] after three years of backbreaking effort when others who have labored neither as long nor as hard have got it?”
The Zen master replied, “Your experience is not easy, but its rewards are in proportion to its difficulties.”
The most successful businesses can attest that it’s certainly not easy to get to the top, but you will fail a thousand times.
Approaching everything with an open mind and collaborative judgment, be sure to learn from your mistakes earlier on so you do not make them when you are winning.
6. Innovative Products are Nothing Without Precision or Efficacy
Once you’ve got a solid plan for your product, you need to ensure you do all things with utmost care.
Any physical products you create must consist of superb materials. It’s worth looking into dependable, affordable resources ahead of time (view here).
Carry out your plan with respect. Present it cleanly and simply.
If your customers find that your product has a feeble structure, you’ll lose all your reputation overnight.
7. Branding, Branding, Branding
Your product should arouse a feeling of excitement and passion in customers.
An excellent way to do this is to blend the world of art and your technology.
From designing a logo to search engine optimization, propagating a reputable name is essential.
That comes with aesthetically pleasing packaging, physical designs, interfaces, etc.
The Thick of It
Entrepreneurs (French: entreprendre, to undertake) are named so because they take on the risk of embarking on something new.
If you’re not prepared for your life to become that something, what are you doing?
Overall, as a businessperson, your roles in life are to be a lifelong learner and lover.
If you’re not learning, you won’t know what’s up in your niche, and you’ll be left in the dust by the guys that got there first.
If you’re not loving, your customers are as good as currency in your eyes.
Love people. Love what you do. Only this way will you stumble upon a new path.
Not sure where to start? Need some advice from the gurus of innovative products? Don’t be afraid to contact our team of business and technology experts.