Brainstorming New Products & Services
A manager can make the company more valuable by coming up with new products or services that are wholly viable. Ideas might include new software, a web-based supply chain solution, or new customer relationship management solutions. Having come up with some potential ideas, you should perform a SWOT (strengths, weaknesses, opportunities, and threats) Analysis on them.
The results should have you question:
- Does your company have the capital to undertake this concept? “Yes” would be considered a strength, “no” would mean inadequate resources, and the weakness within your analysis.
- Can your company round up the human capital necessary to bring this concept to reality? This would include your IT people, your marketing team, and sales representatives who would be responsible for closing deals.
- Have you thought about how this new product could be executed in the development stage and then distributed when successfully completed? If “yes”, you have a strength, while a “no” would be your weakness.
- How does your target market perceive your new concept? “Well” or “respected” would be a strength, while “poorly,” “disrespected,” or “unknown” would in all likelihood be weaknesses.
- Do you have the patent or trade secret advantage over other competitors? “Yes” is clearly a strength, “no” could be taken as a weakness or a threat depending upon whether or not the other company has trade secrets over you. Do you have the latest and hottest necessary technology, systems, and processes to harness in order to make this concept a reality? Again, “Yes” would be a strength, while “no” would be a weakness.
- Do you, as manager, have the resources to be at the helm of the development of the concept? Do you have someone you can assign to that task? Once again, “yes” is a strength while “no” would be a weakness.
- How is your success rate in implementing new concepts? “Strong” or “excellent” would be strengths, while “poor” or “abysmal” would be obvious weaknesses.
- How thinly stretched is your department? We have the time and personnel to perform this service or produce this product – “strength.” Anything else would be a weakness.