How to Create Innovative Products

These days, the fastest growing companies are not the ones who have cornered a market and charge people as much as they can bear, but are those who come up with new ways of doing things that fundamentally change our lives for the better.

If you are about to found a startup, you likely identify with this philosophy. While you have a well-formed idea for what you want to bring into this world, you’ll need to keep coming up with innovations to set yourself apart from the competition once they figure out what you are doing.

From crowdsource software to outside the box thinking, there are many ways you can improve your innovation processes.

Below, we’ll talk about strategies that can make your business a wellspring of fresh ideas.

1) Make use of crowdsourcing software

Gone are the days when an entire company’s staff was all under one roof. These days, a business will have staff at various field offices across the country and around the world, along with a host of freelance contributors.

So, how does innovation occur when all your creative staff is spread across the globe? Thanks to the latest crowdsourcing software, there are numerous ways your best talent can submit their input on a variety of topics in the product creation process.

From helping out with prototyping to running an internal Shark Tank, there are various ways these software packages can revolutionize your brainstorming efforts.

2) How will it add value to the lives of your customers?

Whenever you are creating any product or service, the first question you should ask yourself is this: how will this add value to the lives of our target customers?

When you are bringing something to market, it shouldn’t be with the intention of extracting the maximum amount of money from consumers, it should be to improve their lives in some measurable way.

If you create a line of golf clubs that increases drive distances by 30% over the market leader, you have a product that will improve the lives of avid golfers.

If you craft a car charger that can bring electric car batteries to full in the same amount of time it takes to fill a gas tank, you’ll have a product that could change the face of transportation.

What effect will your product have on the world?

3) Build it so it is fun and exciting

You could have a revolutionary concept on your hands, but if its marketing and appearance makes it feel boring, you will be hard pressed to sell it.

When you set out to create your product or service, it should thrill people. Take Virgin Atlantic for example: the success of this airline is based on its dedication to service from economy class and up.

Those who spend time in their clubhouse lounge will know that it stands out markedly from the staid lounges of their competitors.

Because they have hip chairs, a classy bar filled with the finest top-shelf alcohols, and on-site spas, they often garner bookings on this basis alone.