A question I've been asked many times by young entrepreneurs and product managers is where do ideas for new features, or even products, come from?
Ideas for products and features can come from a variety of sources. These include customer feedback, market research, industry trends, and personal experiences.
One common source of ideas for products and features is customer feedback. Companies often solicit feedback from their customers through surveys, focus groups, and social media. This allows them to get a sense of what their customers want and need, and can provide valuable insights into what products and features they should develop.
A good example I use often is Yotvata's Chocolate Milk with no sugar.
Product managers at Yotvata were very well aware of the negative trend in the academy and the public against added sugar as one of the causes of diabetes, heart diseases, obesity and especially in young kids. So taking this "lemon" and turning it into "Lemonade" was done by removing sugar from the product (making it cheaper to manufacture....) and giving the control of how sweet the product should be to the consumer.
Market research is another important source of ideas for products and features. Companies conduct market research to understand the needs and preferences of their target market. This can involve analyzing data on consumer behavior, as well as conducting focus groups and surveys to get a more in-depth understanding of customer needs.
Industry trends are also a source of inspiration for product and feature ideas. Companies may look to emerging technologies, new business models, and other innovations in their industry to come up with ideas for products and features that will appeal to their customers.
Finally, personal experiences can be a source of inspiration for product and feature ideas. Many entrepreneurs and innovators come up with ideas for products and features based on their own experiences and frustrations with existing products and services. They may see an opportunity to create a better solution to a problem that they have faced, or to fill a gap in the market with a new product or feature.
Looking at the competitive landscape is also a source of ideas, especially when it comes from your sales team, stating that without this feature or product, they won't be able to win deals.
We all want to be "Data Driven". however, we need to remember, data can only indicate of a problem or an opportunity, but it will never tell what is that you need to do. This will come from the creativity of your mind or your team's mind.
Overall, ideas for products and features can come from a wide range of sources. By staying attuned to the needs and preferences of their customers, as well as staying up-to-date on industry trends and innovations, companies can come up with ideas for products and features that will appeal to their target market and help them stand out in the competitive landscape.
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