How is B2B Marketing Done ? – Process of Business to Business Marketing
Business marketing refers to the sale and purchase of goods and services between two businesses. Let us understand the complete process of Business to Business Marketing No client would like to invest in your brand unless and until it stands apart from the rest. Your products and services must stand apart from the rest to […]
Electronic Relationship
Introduction The rise of the internet and electronic commerce has changed the way in which customer and company interact with each other. The electronic commerce brings together more consumer and supplier, but it eliminates any form of direct and face to face interactions. For this specific reason electronic relationship are considered a formidable challenge for […]
Corporate Social Responsibility – Meaning, Need and its Evolution
The practice of CSR or Corporate Social Responsibility as a paradigm for firms and businesses to follow has evolved from its early days as a slogan that was considered trendy by some firms following it to the present day realities of the 21st century where it is no longer just fashionable but a business requirement […]
How to End the Culture of Business As Usual After Instances of Corporate Scandals
The Worrying Decline of Corporate Governance Standards Worldwide Of late, there has been a worrying decline in corporate governance standards leading to the exits of many high profile CEOs (Chief Executive Officers) as well as Directors of Boards from such firms, as well as a breakdown in the compact between the corporates and their stakeholders. […]
Orientation of Customers
Orientation of customer means how the customer’s preferences are possessed or in what areas of business the customers are conscious. A customer can be cost oriented, value oriented or technology oriented as discussed below: Cost Oriented Customers- A cost-oriented customer focuses on least costs products and is ready to compromise on efficacy, performance and quality. […]
New product development refers to introducing a new product and launching the same in the market keeping in minds customers’ needs and expectations from respective organizations. Bringing a new product in the market and ensuring the same is accepted by end-users is extremely challenging and requires brainstorming which eventually leads to generation of unique and innovative ideas.
Generating new ideas is no rocket science but requires out of the box thinking and the passion to do things differently. Blindly following competitors is seriously not recommended if you want to survive in the long run.
The first and the foremost tip to generate new ideas is to sit with team members/colleagues and jot down what actually needs to be done. Each one of us reading the article is capable of thinking differently but the problem is that we do not share our ideas and also fear implementing the same.
An idea, no matter how wonderful it is, goes waste if not discussed and executed in the right way. As a mature professional, one should not enter the conference or meeting room without a pen and notepad, especially when you are asked to share your inputs about a new product or service to be launched in the market.
One should do his/her homework carefully. Know what type of product or service, if introduced will not only outshine competitors but also take everyone by surprise. SWOT Analysis would help you in this. Understand your target market and also study market trends.
Let us understand the same with the help of an example:
University A wanted to introduce a new course in the market in the field of graphic and web designing. In such a case, management invited each of their employees on a common platform to understand what they think about introducing a new course in graphics and how such a course will earn revenues for their organization and ensure better brand name. Each new idea was written neatly on a piece of paper for future reference. Once all thoughts were jotted down, they sat for a brainstorming session.
Brainstorming does not mean fighting or arguing but evaluating the pros and cons of various options and deciding on the best alternative. You can get ideas anytime but always write them down.
An individual’s past experiences, situations, circumstances, overall exposure, culture all play an important role in idea generation. Ask questions among yourselves. Always take your colleagues seriously. You may not agree to someone’s views but that certainly does not mean his/her idea is irrelevant. Even a vague thought, if nurtured carefully can lead to an excellent idea. Discussions are important and lead to generation of new ideas.
In the above example certain questions can be raised which further leads to new ideas:
Remember, one idea leads to another. Surveys and market research also play an important role in idea generation for new product development. Go out, meet potential customers and understand what new product or service would actually make their lives easier and would be an instant hit among them.
If you are an organization, dealing in electrical appliances, trust me, think about something which would not only be pocket friendly but also offer additional benefits such as power saving, lucrative deals and so on. Put on your creative caps and think big. Trust me, people who do not dare to dream always complain of not getting ideas.
Never hesitate to speak. No one will hang you till death if your idea is not practical. You never know how sometimes even your irrelevant idea can actually lead to series of discussions giving birth to new and innovative ideas.
Your surroundings also play an important role in new idea generation. Sit in noise free area where you are able to concentrate and think. Soft music also acts as a catalyst in idea generation. Take breaks and do not take unnecessary pressure.
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