How To Spot A Hole In The Market Place
When thinking about a new product, it is wise to figure out if there is a real NEED prior to spending a lot of time and money developing this latest fab idea. If you do your research, and really dig around, you'll quickly find through the internet and by looking in stores if your product will be in demand, or just get shelf space for a week before it goes on sale.
Another option is to reinvent something you already do well, and make a "new" or "knockoff" version of your cash cow. If you look at some of the classic brands over the years, you will see how they have morphed and changed to evolve and produce a new version of their "it" item to keep up with the times and keep the cash machine cha-chinging.
One example I really like is the classic Converse shoe. It was originally a high top, then was reinvented as a low top, years later cool colors were introduced and now it is available as a slip-on lace-less version. Converse is really good at jumping on trends (even dishing out animal prints for the sassiest of girls) and keeping up with the evolving times. I also love how other companies like Ed Hardy took the classic shoe to the edge with their tattoo printed canvas style shoes.
Another big designer – non other than Louis Vuitton – is reinventing his classic Noe bag….aka the bucket bag we all know so well from the '80's. The cool part is that this bag was originally designed for a Champagne Vintner in 1932. The original leather bucket bag was pretty big and held 5 bottles of champagne. LV is debuting this newly styled smaller bag this May in chic hot colors like yellow and purple, and of course a ton of others as well. Oo la la.
Love to know if this idea gets some of your creative juices flowing and if you can reinvent one of your "it" items and turn it into a new hero.