Hi there. I am getting asked here and there on how I came up with the XXX idea, or why I went this and not another road.
I promised that I would eventually create a post about it, so here it is.
I learned this bulletproof method years ago, and I use it sometimes when I want to come up with something quick and with high chances of success.
There are 3 steps and a few questions that you need to ask yourself to go through this process.
The easiest way to create a successful idea is to establish an area that you are comfortable with. This might sound obvious, but it’s not. People often tend to develop ideas in cool areas, that are trendy, that seem prominent, not in the field they have a strong background.
All humans have a set of unique skills. No matter who you are – you have something that is shaping your self. A skill (or skills) that are who you are.
For example, my skill is strong empathy and sympathy. It took me years and years to understand that those are not only my characteristics but viable skills. Those “characteristics” are actually a massive headstart over others since they come naturally for you.
For me, empathy was a terrible characteristic that I tried to control and limit. But then I stopped, and I developed it further while giving it a purpose – to excel in marketing. Marketing, after all, is about sensing moods, trends, and understanding people’s needs. By embracing it, I got such a massive advantage over other marketers that it propelled me to “expert status” in a matter of months.
Recently I have had a conversation with a person that said she had no unique, valuable characteristics that can be made into something useful.
I noticed her amazing ability to take care of kids. When pointed out, that person said: “being good at dealing with kids is not a valuable skill”. Maybe not, but caretaking is a viable skill. And as always – we are going to most basic/primitive ability (“parent”) – such as caretaking. Understanding how to make people comfortable is a hell of a power.
The second one I have spotted was the person was very careful and accurate – a precision emerged as a skill!
Today that person used both of those abilities to build a business – she is creating handmade jewelry, which comes naturally to her. And she is really good at it.
Humans tend to think (especially ones that are not in a niche profession), that what we do or can do, is nothing special. Understanding how to coin our characteristics into something valuable is crucial.
No matter how small, invaluable, unimportant you think your natural abilities are – they are still there, and they give you an advantage over others. This is not easy to grasp as often we let out our insecurities in a way, but it must be done to make our lives easier.
So once you figure out your base skills, you can move on to step two.
2. Market Research
Probably the easiest way to get an idea that is rather guaranteed to bring good revenue is to spy on competitors. There are many methods to do this; for me, the best ones are looking through the ads.
This one is quite simple:
-go-to podcasts, blogs, videos that relate to your interests and skills and check for current and historical sponsors (go 1-2 years back, not more). Don’t look for ads (like from ad networks) but actual sponsors. Most podcasts/blogs/videos will have a prominent announcement of sponsors somewhere so that you will spot it right away.
-go for niche websites that offer direct advertising sales. You are looking for communities (mostly) that provide space for an ad to be displayed somewhere for $XXX for a month. You can also contact them and ask them about ad space (you might need it in future), and for a list of previous advertisers – most of the sites will have no issue with giving you that.
With a list compiled, it’s time to hunt for the best niches.
Go to each advertiser and check their site (if they still in business). Google them and check if there is troubling news about them. Check their Alexa rank – you are usually looking for businesses that either are in the top 100,000 Alexa or are big spenders (they are getting more expensive ads).
Now, try to filter out mainstream companies (like well-established companies that are globally known brands).
Everything else that’s left is niches and business models you want to jump in.
The reasoning is that if a small/medium company can afford to purchase display advertisements, especially a company that does not occupy a popular niche, it means that the company is likely to make good enough revenue.
The majority of the time, research done in 1-2 hours allowed me to find numerous unsaturated niches with little competition (sometimes only one competitor!).
3. Creating an idea.
Now, once you have two most essential ingredients, you can bake something out of them.
The important part is to keep it real. Stick to your safe ground. Stick to what feels natural.
For example – you took an interest in an exotic whiskey market (you found a company that sells it, makes a bank out of it, and you like Whiskey).
How would you “bite” this market?
If you are a Caretaker, maybe creating a company that offers selections of Whiskey samples each month as a subscription?
If you are empath and marketing focused, maybe launch a website that will offer “Exotic Whiskey of a Week”? Or create a marketing company for Whiskey brands?
You have precision in your hands – why not offer exotic whiskeys in hand-carved bottles as a gift idea?
Are you social? Go to alcohol shops and establish yourself as an exotic whiskey distributor.
This is one of the idea generation methods I use that works for me when I need a proven idea fast.
If you have any questions, let me know!
If you would like to learn about unconventional methods and hacks in marketing and business, I have launched a pre-sale of my course called Diverse Growth. Check it out!