In This Episode
Believe it or not, we’re almost six months into this COVID-19 pandemic. Needless to say, we’ve all absorbed a lot of changes over that time and more changes and adjustments are coming. Hopefully one of the nice side benefits of this current pandemic is that it’s making you more comfortable with making changes and trying new things.
To that end, one of the things we’ve been encouraging all our clients to do since this pandemic started is to think of ideas for new Products or Services to launch. We’ve guided them to look for new opportunities within their own business first but to also consider looking outside their base business…especially since so many industries have changed forever. It’s also a good time to dust off other ideas you’ve had over the years as now might be the right time to introduce that new Product or Service.
We find too many businesses or new Products or Services die on the idea vine. What we mean by this is that people will often have ideas that they have no idea how to turn it into a new Product or Service and get their first sale. It all starts with a good definition of the new Product or Service. Then we need to do a lot of Market Research to figure out things like the competition or if we are creating a new Market who is likely to buy our new Product or Service? How will those potential customers hear about us?
Things become real once we’re able to get our first sale for a new Product or Service so how do we make money on this new Product or Service? How much money do we need to invest to get it launched? Who do we need to help us?
What if you don’t have any ideas for new Products or Services? Well, we give you some ideas here as well during the show. Some places to look and investigate (part of that Market Research thing). Enjoy!
People, Companies and Resources We Mentioned in the Show
- Inc. 500/5000 (https://www.inc.com/inc5000)
- MVP’s 7 Keys to Success (https://maximumvp.com/7-keys-to-success/)
- SPARDATA (https://spardata.com)
- Star Trek Vulcan Mind Meld (https://www.startrek.com/database_article/mind-meld-vulcan