How To Brainstorm Business Ideas?
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Looking for ways to improve your business and drive your sales?
Successful businesses have one thing in common; they’re agile.
Being flexible and keeping abreast of the latest trends allows you to adjust your strategy to ever-changing consumer needs and stay relevant in a crowded and competitive world.
Also, being agile enables your business to produce higher quality results and improve your ROI.
But that’s only if you know how to come up with the right business ideas.
So, here are three business ideas to help inspire and power your next brainstorming session.
Add New Products Or Services To Your Offering
Perhaps your business has been doing so well that your customers are asking for more iterations of your products. Or perhaps sales have slowed down, and you want to spice things up by introducing new products or services?
Coming up with new product or service ideas requires creativity and focus.
Here are three ways you can brainstorm product ideas:
- Visit fundraising sites like Kickstarter: this kind of platform is a wellspring of ideas and can help spark new concepts.
- Scour social media platforms using relevant hashtags to see what others are doing: however, keep your search broad as some creative elements in a completely different industry could apply to your offer too. For example, that’s what happened with the new ‘’beautrition’’ beauty trend that saw companies incorporating raw food ingredients into beauty products on the back of the clean eating trend that has been taking the food space by storm over the last few years.
- Ask your existing customers what they want: this is by far the best way to avoid guessing your customers’ needs and provide them precisely with what they want.
After spending some time browsing, head to the drawing board or whiteboard to brainstorm some ideas you can use in your own business.
Provide Added Value
Even though developing a new product is fun, it can also be costly.
The good news is that you don’t necessarily need to expand your existing offer and invest a lot of money in product development to drive your sales.
You can simply provide added value to your customers.
Offering things such as free local delivery or technical support can go a long way in making your customers feel valued and increase your customer loyalty, retention and referrals.
However, here again, the best way to know what customers value the most is to ask them.
Consider New Ways To Sell
The world of sales and marketing is constantly evolving. New platforms, software and tools launch all the time, and if you keep doing the same thing over and over again, you might be giving the edge to your competition. And this will ultimately lead to a decline in your engagement and sales.
Because your customers will be jumping on these new platforms and expecting you to do the same. So, one thing you could explore during your upcoming brainstorming sessions is how to develop new and improved ways to sell your products or services.
For instance, for a few years, businesses - especially small businesses - were reluctant to promote their products on TikTok. They believed that the demographic on the app was too young and therefore wasn’t relevant to them. Yet, fast forward to 2022, and 32% of users are between 25 and 34 years old, and 16.8% are in their 40’s!
This means that if you didn’t start on TikTok a couple of years back, you would have lost a great opportunity to reach your target market on the now most downloaded app in the world. If you did miss the bus, don't worry, it's never too late to get started on any platform!
No Need To Brainstorm Business Insurance
We hope that these ideas will inspire you and help fuel your brainstorming sessions.
As a small business owner, you need to protect your business and financial assets, and that’s why business insurance is critical. At upcover, we’ve designed an easy-to-use instant quote generator where small business owners like you can get an estimate on market-leading insurance in seconds. Simply enter your occupation and expected revenue to get started.