New Product and Feature Ideas

by Dominic Gadoury

As a Product Manager, how are you finding and discovering new product and feature ideas? It could be with the intention of improving your offering – extending it – or finding opportunities for new things altogether different. Of course there are the traditional methods – i.e. product use trend analysis, direct client feedback, speaking with providers, feedback from sales and service, etc.

This week I find myself at a trade conference of buyers with expertise in hedge funds and real estate that are new and exciting to me. When I first learned about the workings of real estate many years ago, I became familiar with MLS and the very closed availability of information about buildings and property availability, cost, etc.

Now with the advent of companies like Red Fin, that model has completely changed and made for a more fluid way for real estate brokers, firms, and property buyers to interact with not just the traditionally secret sauce data, but a ton of new alternative data sources that paint a clear picture about the property. For instance, now consumers looking to buy a home can get insights into the crime rate of their potential new block.

At the same time commercial real estate brokers looking for the ideal locations for their clients can pinpoint all the critical pieces important to them. It’s no longer just about does this property have a kitchen or ability to put in gas, water, electric easily (if the buyer is a new restaurant). It’s also about who are the people that will work in this restaurant? How far will they have to travel to work each day. How competitive will it be to hire those folks? How much will we have to pay them to remain competitive?

With these new questions, come the opportunity for providing some exciting answers. And this week I am excited about the future of my products to come help solve for them.

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