Every business should periodically take stock of their current products (or services) to make sure that what they offer is meeting their customers’ needs. But it’s not just the needs of your existing customers you want to meet. It’s the needs of the customers you don’t yet have.
That means you have to be on the lookout for the next product that existing and new customers may want to buy. The most innovative businesses are always adapting to their customers wants and needs, creating new products, or improving old products.
In today’s economy, this is essential for businesses to stay alive. To stop innovating is to stagnate. To stagnate means you’re leaving it to your competitors to fill the needs of the customers you want. And that means you’re losing customers, rather than gaining.
Keyword Research: Goldmine of Product Ideas
There are a lot of avenues in which to research new product ideas, but one often overlooked resource is keyword research tools. Most keyword research tools will let you search by concept. Which means you type in a product idea, a problem, or a solution and you’ll be fed dozens, if not hundreds of related phrases that are actively being used by searchers. This is a goldmine of new product research information.
Keyword research can show you what features customers are looking for within the product set you already offer, and give you other ideas on what types of products your customers want, but don’t have.
Let’s say you sell duffel bags. Do a search for that term and you’ll find other related products such as laptop bags, overnight bags, backpacks, etc. Maybe you already offer these products along with your duffel bag inventory. Or maybe the idea of selling a laptop bag is new for you.
Does it matter that other people already sell laptop bags? Maybe not. Maybe this is a product your existing customers would be happy to buy from you rather than somewhere else.
Now let’s say your research comes up with specific features that customers want. Such as a duffel bag with a built in device charging battery. Well, now you have a new product to sell, meeting the needs of a new set of customers.
30 Minutes of Work, Dozens of Ideas
When it comes time to expanding your reach, start with keyword research. If it’s being searched that means there is a demand. I’m willing to bet that a quick thirty minutes of keyword research can net you dozens of new product ideas. Don’t let your competition beat you to them!