It’s pretty challenging to see any new potential in your existing products and services, but when companies do re-examine their offerings, it can lead to untapped markets and new revenue. Consider pharmaceutical company Allergan: its medicated eye drops for glaucoma were repackaged as Latisse, the cosmetic that stimulates growth in eyelashes and eyebrows. And in its first three months on the market, the product generated $12M in sales.
ReThink is a mindset exercise that helps you see beyond “what is” and imagine “what could be.” It enables you and your team to think differently about how to reinvent a product or service or squeeze more value out of existing intellectual property.
Start by dividing your group into teams of three to four people. Then, distribute one everyday office object like a paper clip, Post-It, or a pair of scissors to each team. Inform the room that each team will be re-imagining their object. As in, forget everything they already know about it and create an entirely new name and backstory for it.
To illustrate, let’s try this yellow-plastic coated item.
So, it’s a piece of metal that’s been coated and shaped into a design. Some questions designed to jumpstart your thinking are:
- What is it called?
- What does it do?
- Who uses it?
- Why is it different from anything else on the market?
- How will you market it?