Idea Generation for startups and new business

Idea generation is nothing but brainstorming the challenges the society, industry, or any other agency of the society is facing, and providing solutions to these challenges through developing viable business ideas which if commercialized provide us returns in terms of money.

If we are consuming any products or any services we always find that, there is a better way we can get it, we think about the improvements in the product or service, as per our view.In another way, new business ideas are nothing but the scope for improvements in already existing products, and concepts resulting from comparing two or more products or services and identifying the best features from all the products and services. After comparison we expect that all the best features should be in one product, this leads to the formation of a new product or new service which is totally different from an existing one.

Ideas may be very raw or maybe only words but they are very much important for creativity and innovation which leads to the formation of new products or services or any technology for the use of humankind.

Unique ideas can be constructed only through idea generation techniques like concept collections, continuous research work, development work, and testing of already available products through different social and technical modes which we can see in the following discussion.A New Business or formation of a start-up is possible when we have a bunch of ideas and after screening the most feasible and viable idea can be selected.

Idea generation for startups/ new business

If someone wants to start a new business or startup, the very first step is to get the most feasible, viable idea to start a new business, this process is a little time taking but in end, this will create a unique business to start.

Following are the different ways of generating ideas for starting a new business or unique startup-

1. Find out the expectations or needs of the customer.

2. Find out the problems of the society which still need to be solved, not getting any feasible solution.

3. Find out the most challenging problems the nearby industries are facing.

4. Start talking with the people, about what they want, what their expectations are, and which products or services give them comfort.

5. Many startups fail because they try to create the need for their products in the market, which most of the time doesn’t work, instead of that; we must provide the problem solution to the problem to the market or society.

6. One can plan the idea generation meet, or any equivalent programs to collect the ideas from the customers.

7. Taking telephonic interviews, virtual meets, and asking the customers their needs and wants.

Sources of Idea Generation from existing start-ups or company

Existing businesses or startups also need ideas for diversification or development of the products and services-

1) Customers:

• Customer needs and wants are the base of any marketing activity; new ideas can be collected through various tools and techniques

• We can plan a VIP sale, where customers can avail of the exclusive benefits if they feel the suggestion form.

• Sending happy emails along with feedback links to customers on occasions of different events, and festivals and asking them to fill in the feedback about products and services.
  

• Sending automated greeting cards, on a special day, sending automated birthday cards along with links for feedback.

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• Sending holiday cards with discounts, and discount codes, to avail of this discount they should fill in the feedback and suggestion links.

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• Conducting experience-sharing sessions by calling loyal customers and noting the needs and wants they share about the products
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• Customers want quick responses to the problems they are facing and if we develop such a platform this will help us a lot to develop our products and the scope of the innovation.
  
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• By creating the platform or any method by which the complaints and suggestions are recorded, here we can identify the most complaining features about the products and take action against these features as a part of innovation we can develop new solutions to this problem

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•  Creating videos on social media like YOUTUBE and asking the rating and feedback on your product will help the company to get new ideas.

2) Distributors:

 As the distributors are directly connected with the retailers and customers they are in direct access with customers, we can get many ideas and suggestions for improvements. Events like Distributors meet can help us to get many ideas from the distributors

3) Competitors:

Ö      The prime task of any company should keep in doing is, to keep a sincere watch on their competitors and what they are launching, and compare with our products to know the USP of his/ her products or services. If we neglect the competitor’s movements in the market they make our product absolute over time.

4) Other ways of getting new business ideas:

Ö      Sales and field officers can suggest to us the shortcoming in selling the products or services by which we will come to know the scope of improvements and development of new products based on the suggestions and feedback.

Ö    Advertisement companies always know what are the choices and preferences of the customers, these choices can be the new business ideas 

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