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You don't need a big idea

Idea threads

Blue1214

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The Infinite Opportunities that Exist Part 1


If you step back and take a look, you will realize that every new innovation only creates room for more innovation.

This is because of the very human nature for a need of improvement and the fact that nothing is perfect, so it is possible that when people start using this new innovation, they will discover NEW problems that need to be solved.

You don't have to be the creator of a world changing innovation, but you can help make it better.

Let's have a little case study, two examples on how one innovation has opened up opportunity for new markets/ services and how you may take advantage of this:

Example #1 : iPhone - Builds a customer base of millions

New problem users are confronted with- glass shatters too easily - Phone scratches easily because of its pretty, yet delicate surface

New market caused by this innovation and its imperfection - iphone screen protector - iphone repair shop-Iphone case

Broken down into niches: Now let's just take one of the the new market created - Iphone case

Now you have: Construction workers who have an iphone or anyone who works/ spends a lot of time in a rough environment and need an even sturdier case. - Otterbox is born, million dollar company.

You have the average consumer who likes cases, but actually wants to spend money making their phone look nice on the outside. - Gelaskins is born, million dollar company.

It goes on and on and on..... not to mention the companies that came AFTER these companies and innovated on those innovations even further! For example, allowing users to upload images of their family and create an iphone case.

And this is just the iphone case market
! I have only named 2 out of many successful businesses that have been created out of this need.


what about the apps that improve the iphone for example: battery life is also an issue.


Example #2: Fiverr.com , provide services for just 5 dollars.

New problem users are confronted with - How to make money on the site with hundreds of competitors now here ----- When you actually become successful, how do you manage all of the orders on time.

New market caused by this innovation and its imperfection - Fiverr ebooks and guides - Fiverr based blogs, software to keep track of orders, etc.

Broken down into niches: People who need to learn how to outsource to manage gigs - People who are designing on fiverr - People who are only looking for a side income- People who want to make it their career- People who want to become writers on fiverr, etc. etc.


These are just 2 business that spawned other innovations and businesses that allowed others to flourish.
JUST 2! out of literally thousands and thousands out there.

This is just to open your mind on the possibilities..

Keep an eye out for part 2
This is going to get fun and interesting.
 
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Blue1214

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The Infinite Opportunities that Exist Part 2
Is that for me?

In the previous lesson, here, we learned about using existing products to find a need people have and fulfilling it to make the existing product/service a better experience for others.

Now, another lesson we are going to learn is how to "re-purpose" a product or service to serve a completely difference audience, or niche market who have a need of their own!

What is a niche market?

A niche market is a group of people you are serving broken down into a specific demographic or characteristic.

For example:
Too Broad, everyone likes cookies but you're competing with everyone too
Cookies - Market - People

Better
Cookies - Market- Kids

Very specific, Good
Cookies - Market - Kids with diabetes - Sugarfree Cookies
Whoa!
Cookies- Market- Kids with diabetes- Kids with diabetes who's parents also don't want aspartame in their childs desserts.

** ***Now, not every niche is worth serving. Some are just too low volume to ever be worth your time, or the consumer may have other characteristics that make the effort not worth your time. Maybe their needs are so extensive that it would cost a lot of money to serve them or a more complicated system in place.

That's a decision for you to make based on your own goals and purpose and with extensive research.

Benefits of serving a niche market, rather than everyone:
Less competition
Better communication to your consumer - Easier selling (after all, it is made JUST for them)
Unique USP
Highly targeted buyers

Remember that every consumer has an identity and the closer you can get to personalizing your product for them, the easier your job selling is going to be.

In this case, we are going to use Basic Adhesive Tape as an example:

lint-roller-style-girlfriend.jpg
038091708857lg.jpg

Adhesive tape, any of many varieties of backing materials coated with an adhesive.

Based on this concept, let's see how many other different kinds of tapes have been created for different people who need it for different uses.
  • Box-sealing tape, a pressure-sensitive tape used for closing or sealing corrugated fiberboard boxes - People whose work involve sealing boxes
  • Electrical tape, a type of pressure-sensitive tape used to insulate electrical wires and other material that conduct electricity - For electricians
  • Hockey tape, cloth-based self-adhesive tape used by ice hockey, roller hockey, and lacrosse players- For hockey players
  • Surgical tape or medical tape, a form of pressure-sensitive adhesive tape used in medicine and first aid as a bandage to hold a dressing onto a wound - For medical purposes
  • Lint roller? - A piece of tape on a roll with outward adhesive to collect dust/hair/particles on clothing or furniture
What is an angle?

An angle, simply put, is how you're going to market your product in a way that shows a specific benefit/aspect that your market is interested in. Sometimes using a unique angle to present the same product in a different way can set you apart from your competition.

Example of angles:
Lint roller to improve your chance of getting a job - by making your clothes look sharp(really out there i know )
Get a Lint roller for the winter time! - your pets are indoors more often, more lint

ok those were terrible, but you get that idea that's what counts.

turkey_fry_oil_3_gallon_large.jpg.1200x800_q60_crop.jpg


Do you think this oil can only fry turkeys? Of course not!
But anyone walking the aisles planning to fry a turkey may feel comfortable buying an oil that is telling them it's ok to fry a turkey with it!


It's time for a quick exercise

Let's find an existing product/service and re-brand it into one for a different market:

Ok, I picked a random item off amazon and did a little research:

Here is what I picked.

61X8sRehFjL._SY679_.jpg

Upon researching, I have found this:

Most common complaint:
They do not fit. (they do fit, but the main problem is people don't know how to put them on correctly)

I actually think they're missing out big time by not clarifying the whole "fitting" issue on their packaging.

Anyway, that is a different topic for another day.

A common user:

College dorm student trying to avoid distraction from their roomate

How could we re-brand and sell this product?

Dorm-Peace earbuds! (corny)

Made for college students who live in dorms with a roomate.

Blocks 32db of sound so you can:
Feel like you live alone again..
Get more sleep...
Study without interruption...
Not hear them having sex!

Comes with free earbud fitting guide for optimal noise cancellation and use without falling out.

Obviously if this were a real campaign, we'd have a bit more testing and copy to go over.
This would be an example of how to capture a specific market by speaking to them directly rather than trying to compete with a "for everyone" product.

This can work selling anything, even if you were selling an item on craigslist.

But how do I make, or get the product to sell! I have no "connections"!

Don't worry,
In the next thread,
We're going to take it a step further.


At the end of all of these lessons, I am going to put them all into practice and together, step by step, everything will be documented for fastlaners to see.

See you soon.
 
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100k

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I used what was taught here to targeted ex-military personnel and I got crazy amount of interest from people.... saying things like "shut up and take my money!"... It's crazy how they reacted when the ad and the product sounded like it was made just for their problem! :)

I've been subscribed to this thread, quietly awaiting a update from OP :)

Can't wait for part 3.
 

seanjohn

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Brilliant thread, and this is something that's not talked enough about. Too many people focused on creating the next InstaFaceSnap.
Why go through all the effort of creating (and most likely failing) an industry when millions can be made from supplementing current & emerging industries?
 
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ItsAJackal

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I can only imagine how epic Part 3 will be with 3 years of research put into it!

Joking aside, great read. Thank you for the work you did on this.
 

calv

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ome are just too low volume to ever be worth your time, or the consumer may have other characteristics that make the effort not worth your time. Maybe their needs are so extensive that it would cost a lot of money to serve them or a more complicated system in place.

That's a decision for you to make based on your own goals and purpose and with extensive research.
How do you guys deal with this? What tools do you use to go further on researches? Just google it and find a way or suggest more specific tools?
 
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LisaMcdowell8

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Wow, excellent article, this is very interesting. I took a different look at this whole business. I used to think that in order to be successful you need to come up with something new, but I was wrong. I have not had experience in business before and I was interested to know your thoughts. Have a nice day!
 

Walter Hay

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I love the simplicity of the methods described. Even something as ordinary as providing better instructions for use can make a product more saleable.

Walter
 

Walter Hay

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Upon researching, I have found this:

Most common complaint:
They do not fit. (they do fit, but the main problem is people don't know how to put them on correctly)

I actually think they're missing out big time by not clarifying the whole "fitting" issue on their packaging.

EAR PLUGS! There is a universal solution for the requirement to protect hearing or to block out unwanted noises: It is possible to make perfectly fitting ear plugs. They can be made by the user DIY with a product that can be supplied in a small package, together with instructions. It is a simple matter to permanently identify right from left.

I know what to use and how to make them, having made some for myself when operating my industrial chemical business, but if I publish details here it will no longer be of much value to all those who take up the idea. It is also an idea that is easy to copy.

Maybe a Fastlane member following this thread will be able to think it through and come up with the answer.

Walter
 
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