Are you inspired by programmes such as Dragon’s Den?

Business growth expert, Roderic Michelson from Aralex Consulting, suggests that there are eight areas of questioning you can ask yourself that will enable you to generate new product ideas - quickly.

Neglected Niches
In any industry there will be several niches that for some reason have been unattractive to bigger players or perhaps aren’t served at all. How can you serve these customers at a profit? What product or service do they need?

Baby Boomer Profits
It’s widely known that the so-called Baby Boom generation is the largest in history.. What can you sell them? Change brings opportunity and changes in demographics are noticeable years before they become market reality. What changes do you notice? How can you profit from these?

Policy Changes
A change in government policy can create a new market overnight. For example; solar technology is still expensive but due to government subsidies in Germany many homes have solar panels. This in turn supports the local solar cell industry - Germany is now ranked within the top three in the world. Look out for new opportunities by watching and deciphering the news. Ask yourself: How would this government decision help me make money?

A New Approach
Is it possible to deliver the same product/service but in a different way that is more convenient and saves time? Can you bring your product to where your customers are instead of them coming to you?

Look At The Calendar
What are the significant holidays through the year? Can you capitalise on them with a special offer? Can you come up with a special limited edition of your product, tied to the holiday? For example; a Swedish brewery came up with a Christmas version of their popular cider which was spiced with cinnamon and vanilla and could be consumed both cold and warmed up as mulled wine.

Crisis-Driven Affordability
Have you looked at some product but refrained from buying because of its price? There are millions of people like you in every conceivable industry. Is there a way to come up with a product at an affordable price now that consumers are feeling the pressure of the economic downturn? Note, don’t go down the price-sensitive mass market. It’s impossible to win this game. Create a mid-market product instead.

Look For Problems And Needs
There is a plethora of information available to us today - use it to find out what your customers need and what problems they are struggling with.

Learn From The Mistakes Of Others
Study product flops. More often than not there were clever, professional people behind the product launch. They worked diligently; they looked at different scenarios, the market and customers. Where did it go wrong? Was it distribution, the way the product was positioned, pricing or the angle of the promotion effort? Can you improve on that?