Finding Holes in the Market
By Melissa Cohen
As an inventor, do you ever sit down with a cup of coffee with the intention to come up with your next BIG idea? How many times have you been successful in doing that? As we go through our everyday life, sometimes the best products are the simplest ideas that pop into our brains when we least expect it.
I think that one of the best ways to discovery is to look for where there is a need. Sometimes it may not be seen easily. Where are there inconveniences in people’s lives? How can you make an experience better? In order to come up with something original you must look at what is NOT there. This is what we call a “hole” in the market—a need that can be filled with your idea. There are holes in every market and at every age. A hole can be as large as a market that does not yet exist.
We like to talk to others that have different interests than us. Maybe it is your friend that has 3 dogs—what would help them to take care of their pets? Or a family member that has a newborn child—what would have made their pregnancy better? Their answers could be the hole you’re looking for.
We find that brainstorms are the best way to throw-out and mix up everyone’s thoughts, create ideas then further develop them. Bouncing ideas that are phenomenal, good, strong, weak, silly, or crazy are all thoughts that can turn and twist into a stronger and more powerful idea. No words in a brainstorm are wasted or ridiculous. There are no bad ideas or boundaries. Don’t be intimidated to share your thoughts that may get bounced around and become a larger idea or fall by the wayside.
When a client hires us to find holes in their product mix—we find a new category of business, develop a brand or product line to grow and strengthen their assortment. If they are in the puzzle business, what can we do to widen their market? How do we go about creating ideas that don’t exist? We start by thinking of one or more of the below:
1. New Materials
2. New Function
3. New Play Pattern
4. Wacky Idea That Has Never Been Done Before
5. Trendy or Classic Toy?
6. Shelf Presence It always helps to look at things from various perspectives.
A team with many different sets of eyes is beyond beneficial. Our clients always say they need an outside perspective; they invite us in to be a part of their team but appreciate a fresh outlook. As we say here at MAJic Creative, it is important to look at things from “A Kid’s Frame of Mind”. Children may have little shoes to fill but our jobs as toy consultants are to feed the biggest and best ideas that help kid’s dreams come true.
Our Slogan at MAJic Creative, Inc.
A Kid’s Frame of Mind = Empathy = Putting Yourself in Someone Else’s Shoes or Mindset