Now that you have positioned your new product idea & business in a market and gaining traction, concentrate on ways in which your next product can make the category bigger or be the next big thing that better serves your audience. Think of Joseph Joseph, they were not the first company to do kitchenware products when they launched with a simple functional glass cutting board that displayed a picture but now and over 10 years later…they have strategically stayed in their market and gained growth because they consistently looked for ways in which their next product could better serve people preparing food in the kitchen. This constant search ‘for better’ is what also makes them innovative.
Think of ways long-term that you can eventually own the category so that you are the first company to come to mind for that area or problem space. Ownership is built on repeat success and recognition – not one-hit wonders. Look at Apple owning computers, Dyson owning Hoovers, McDonald's owning fast food, Google owning internet searching. In addition to thinking about how to 'better serve' their audience, they also pushed to expand and modify what they were becoming known for and built multiple successful products around one core offering. (Also, making all their products instantly accessible to their audience and making everyone aware of them through clear strong marketing greatly helped).
When creating your next product, don’t jump into your competitor’s race or journey. It is important to recognise that your first product is unlikely to be your best, and neither will your second or potentially your third, so get as much feedback as possible from your customers purchasing your initial products and leverage on this data to drive new ideas forward. You don’t have to re-invent the wheel every single time and aim to shock the industry! Lots of small tweaks that better serve the audience long term will get you in a good place. Also, when selecting your next product idea, ask yourself:
"Can I deliver this product idea without overburdening myself or the existing resources/relationships that I have built?"
Leverage is key. The idea situation is that you would re-use your resources to produce the next new product. Why not, having done the first one, you are now familiar with how everything works (including the people). However, if for whatever reason those business relationships have already broken down, or showing signs of this – then I would suggest to actively find a new one.
So email me if you are looking to expand your product offering with a new product idea, I may be able to help! Or watch the case study video: www.mdzdesign.com/video.
...in the meantime, happy to hear your additional thoughts on this too. :-)