Where to Find Product Ideas
Every retailer faces the same question “What do I sell?” The answer to that question can come to you very easily or seem near impossible to find. The answer itself is different for everyone and is as varied as the people asking it. Some answers are quit clear. Don’t sell what everyone else is selling. DVDs, electronics, designer clothing can be found every where you go online and off. These markets are saturated. It’d be very difficult to compete. And don’t just sell what you know. You may know a lot about the product but unless there is good demand for it you won’t make any money. What you want to sell is something everyone is using, but you don’t see every time you turn around.
To help answer this question check out idea hotspots. Lisa Suttora of WhatDoISell.com coined the term “idea hotspot” to refer to anything or any place that “provides you with an unending source of new product ideas, of market trends, of developing niches, and product line education. It is a fertile ground for product ideas.” These hotspots help keep you in touch with what people are looking for, what they are buying, what’s hot, and what’s not.
If all of your ideas come from one or two places you are limiting yourself. Keep your eyes, ears, and mot importantly your mind open. Always, be watchful for new ideas whether you are at home or out-and-about with family or friends. Here are just a few idea hotspots you can check out.
Home or office – We buy things for our home or office all the time. We want our space to be more inviting, cheerful, or carefree. We decorate for the holidays or entertain our friends regularly. A good idea may be sitting on the corner of your end table.
Newspapers – You can get ideas check out the lifestyle section, business section, and sports sections of local and national newspapers. Check out what the big stores are advertising.
Magazines – There are hundreds of magazines available that cover niche products, hobbies, and markets. These can be a great source of ideas for niche products.
Malls and local retailers – Keep your eyes and ears open when you go out shopping. Look around the stores and see what they are selling, what are the specials, and discounted items. See what the other shoppers are buying and what are they talking about. The local mall can be a hot bed of ideas.
Trend spotting websites – Check out trend tracking web sites like pulse.ebay.com, www.trendwatching.com, www.influxinsights.com, and www.trendhunter.com.
Upcoming movies – TV and movies drive product trends. If you know what the upcoming shows are you can stock up on related products before they become scarce. Imdb.com maintains a list of movies that is going to be released in the coming year.
Carry a notebook of some kind with you, whether a PDA or spiral notepad, and write down your ideas as they hit you. If you’re like me you forget stuff all the time. I’ll come up with 10 idea then forget 9 of them before I have a chance to invetigate any of them. Write down your ideas so you don’t forget them.
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