Finding Product Ideas

Let’s talk about some ways that you can generate your product ideas.

Some of you are looking for the overall idea for a new business. Others are looking for idea after idea as to what products to sell on a platform like eBay. And as I mentioned in my last post, you should really consider choosing your market before a product. With all of these strategies in mind, there are so many ways to keep your eyes open and start to come up with ideas. Once you have an idea, you will need to perform market and competitor research, but that’s another post . . .

When I started looking for my first eCommerce idea, I looked within my own hobbies and interests. However, as you know, I ended up going with a product idea that was completely outside of my own hobbies which has worked out great.

One must-read book in my library has helped me a great deal on this topic. It is What to Sell on eBay and Where to Get It. It has some terrific idea generation techniques and the section on “where to get it” is invaluable. One of the habits that I have formed after reading this book is to keep a notebook with me at all time for ideas. I’ve expanded into a “business journal” will all ideas regarding products, marketing, business management – you name it. But for the purpose of this discussion, it is important to have something with you at all times to remember your ideas.

Product ideas are all around you.

Most importantly, you want to keep your eyes and ears open to market trends and consumer desires. Kick off the process with newspapers, magazines, trade journals and newsletters. If you are targeting a specific market, pick up the consumer magazines targeted to that market – there are a flood of ideas based on what both the content AND the advertisements. Trade Journals show you what the manufacturers and distributors are doing which is golden as well.

Something to consider if you have chosen a specific niche or market is to attend trade shows relating to your market or niche. These events, like the trade journals, will give you a mountain of information and ideas as to what is hot in that particular market place. Once you have chosen your market and product line, trade shows are a must to build relationships and stay informed.

Trend Watching

There are several websites, as well, that focus on trends, such as www.trendwatching.com. Keeping an eye on what is hot overall or in the target market you have chosen will keep you on the right path.

I have only scratched the surface on places to find product ideas. You get the idea – hang where your market hangs; Understand their needs, desires and problems. The important outcome of the activity is to generate many ideas. Once we have these ideas, we will research their viability using market and competitor research tools and techniques we will describe in another post.