Here are 18 suggestions for planning new products

No product is made to last forever. Products and services must be adapted to the needs of the target group. New products can also awaken new needs. In order to know and cover customer needs, the development cycle of the customer groups should be known.

Companies only think about how they can make their products more interesting under pressure from the market. Some updated suggestions:

Have personal conversations

1. Get suggestions from employees
Ask your employees to make suggestions for improvements to your products and services. Additionally, you can use AI-powered tools to capture and analyze employee feedback in real-time.

2. Conduct customer conversations
Your customers know your products best. Encourage them to give you suggestions for improvement. Also use social listening tools to collect customer feedback from social media and online reviews.

3. Conduct discussions with partners and suppliers
Partners and suppliers also have direct contact with the customer. Ask them for feedback and ideas for product innovations. Additionally, incorporate feedback from external experts and industry analysis into your product development strategy.

4. Target trade fair visitors
Trade fairs offer an ideal platform to talk to customers and collect valuable feedback. Also use virtual trade fairs and online events to reach a wider audience and collect customer feedback.

5. Market Watch - What's New
Stay up to date on industry trends and innovations by reading trade magazines, attending industry conferences and conducting trend analysis.

Use electronic instruments

6. Product development with AI
New products can also be developed with AI. For example, an AI created the new hummus-apricot-mint chocolate variety for Ritter Sport. [1] Chili Cheese Shake and Onion Ring Donut were generated by an AI for Burger King. [2]

7. Web controlling
Use advanced web analysis tools to understand the behavior of your website visitors and gain relevant insights for product development. Also integrate predictive analytics to forecast future trends and demand.

8. Blogs and social media
Monitor forums, opinion portals and online reviews to gain insight into customer opinions and experiences. Also use tools like Google News Alerts to stay informed about industry-relevant news and developments.

9. What is reported?
Look in forums to see what is being discussed about your products or provide your customers with your own forum. Also pay attention to opinion and rating portals. You can easily monitor the latest news about your competitors' products using the free Google News Alerts service.

Systematic methods of searching for ideas

10. Agile product development
In rapidly changing market dynamics, it is important to respond flexibly and agilely to customer feedback and market trends. Agile product development methods such as Scrum and Design Thinking can help accelerate the development process and strengthen customer focus.

11. Brainstorming
Organize regular brainstorming sessions with your team to generate creative ideas and solutions. Also use virtual brainstorming tools to engage remote teams and brainstorm ideas.

12. Mind Mapping
Use mind mapping techniques to visualize complex problems and structure ideas. Also use collaborative mind mapping software to develop and organize ideas together.

Consideration of internal influences

13. Company experience, technical know-how
Evaluate your company's existing resources and competencies to determine whether external experts or partnerships are required to develop and bring new products to market.

14. Financing options
Review financing options for product development and production, including internal budgets, external investments and government funding programs for innovation.

15. Human resources and leadership skills
Ensure that you have sufficient qualified personnel to manage and implement product development projects. Also invest in training and development to strengthen your employees' leadership skills and prepare them for the challenges of product development.

Consideration of external influences

The influence of external influences in particular should not be underestimated. Companies must also take current trends and developments in their industry and social environment into account in order to survive successfully in the market. This also includes integrating sustainability principles and ethical standards into product development as well as adapting to changing legal frameworks and customer requirements.

16. Privacy and Data Security
With growing concerns about privacy and data security, companies should ensure that they adhere to strict data protection policies and respect the privacy of their customers. Integrating data protection principles into product development and communicating transparently about them can increase consumer trust.

17. Sustainability and environmental awareness
Given consumers' growing environmental awareness, companies should also focus on the sustainability of their products and production processes. The integration of environmentally friendly materials, resource-saving manufacturing processes and the reduction of the ecological footprint can lead to a competitive advantage.

18. Digital Transformation
Increasing digitalization opens up new opportunities for product innovations. Companies should use the potential of technologies such as artificial intelligence, Internet of Things (IoT), augmented reality (AR) and virtual reality (VR) to develop innovative products.

With increasing globalization, companies must also consider the needs and preferences of different international markets. Localization of products and marketing strategies as well as cultural adaptation are crucial to achieve global success.

By taking these current aspects into account, companies can effectively advance their product development and develop innovative solutions that meet customer needs and expectations.

Sources:

[1] Nancy Riegel: Listening tip: AI develops extraordinary chocolate for Ritter Sport. - turi2. June 6, 2023
https://www.turi2.de/aktuell/hoer-tipp-ki-develop-aussergewoehnliche-schokolade-fuer-ritter-sport/

[2] Thomas Thieme: AI in marketing at Burger King. - Sales economy. July 14, 2023
https://www.absatzwirtschaft.de/ki-im-marketing-bei-burger-king-249233/


Further reading

Klaus J. Aumayr (May 23, 2024): Successful product management. – Act 6 U. exp. Edition, ISBN 978-3658436360, Springer Gabler.

Lothar Keite (2022): Product management in the digital age: Guide to efficient control of products and services throughout the entire product life cycle. – 420 pages, ISBN 978-3648147931, Haufe.