9. Developing Product Concepts

There is no set formula you can learn for the development of new product concepts. Successful product concepts seldom originate from a single person. They are typically a product of collective consciousness and experience.

Methods

The prime task in developing a new product concept is to find ways in which you can collect, analyse and amalgamate ideas from multiple sources into one or more differentiated product concepts.

A thorough understanding of market needs, opportunities and problems helps to create a requirements platform for a new product concept. Various devices can assist in this process and include: bright ideas books; market need analysis; user requirements research; distribution channel research; brain storming exercises. The methods employed are not as important as the variety of perspectives obtained in arriving at the under pinning requirements for a new product concept. These of themselves seldom fully define a viable product or service.

Challenging Conventional Wisdom

It is important to unlearn the folklore that surrounds an existing product. Existing product requirements may no longer be relevant under different market assumptions. Challenging that folklore is therefore an important step in the process and can in itself lead to radical changes in product concept.

One way to view this is to recognise that learning (about a product concept) along one particular vector will lead eventually to a local learning maxima. The assumptions behind the concept will prevent you from improving beyond this point. To sophisticate the concept beyond this point will require you to make a mental leap to develop a new base set of assumptions.