Biz Tips: 5 techniques to generating new business ideas.

Biz Tips: 5 techniques to generating new business ideas.

GROWTH:

5 techniques to generating new business ideas.

Out of fuel, and need the next big idea for your company or boss. Use the following techniques.

The trick to it is, identify great ideas through patterns and observations. In many cases great ideas are right in front of us. The best approach is to start by cross-pollinating two or more ideas or insights. Take these combinations and see if they lead you toward a great new idea. In simple terms think of it like playing Tetris.

The ideation process isn’t just for startup companies but large organizations and governments. Use the following techniques to help you with generating new business ideas.

  1. ZOOM-OUT: Import Proven Trends — observe what others are doing, or in the process of doing and ask if that can be applied in a different way or place.
  2. ZOOM-IN: New Needs and Niches — think about what needs are not being addressed or, needs that are not well covered and are lucrative.
  3. MOVE ACROSS: Market entry levels — identify which low, medium or high-end markets are not covered and how to tap into them where others are not.
  4. CONNECT THE DOTS: Market level crossover — identify ways to effectively address multiple market opportunities by leveraging your existing market level position.
  5. ZOOM-OUT EVEN MORE: Macro changes — identify changes and see how they are going to impact others and how you can leverage those shifts.

Monitoring what is happening around you, and other places is vital to introducing new potential ideas. Turn this into a habit not a one off exercise. Get everyone at all levels doing this. Compare notes, and drive intensive idea generation sessions to bring all this together.

Beyond that, leverage crossovers, combinations, additions, and reductions as principal drivers of new innovative ideas. Ideas are the birth of success; change and societal improvements so give it the value, time and effort it requires.

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5 techniques to generating new business ideas. was originally published in Marketing And Growth Hacking on Medium, where people are continuing the conversation by highlighting and responding to this story.

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