New ideas can be for a/an:
- New Product
- A different distribution system
- Better service
- Better way to get job done (In a moral & ethical way of course)
Unlike what many think, new ideas need not be radically new concepts. It could be as simple as modifying an existing service or improving on your competitor’s concept. It takes a large pool of idea to get one viable one. So generating ideas has to be an ongoing process.
One can get ideas from:
- Brainstorming with colleagues
- Checking out the competitors newsletters
- Companies suppliers & marketing intermediaries.
Let’s look at a few successful business ideas to understand the process of idea generation.
1. The idea of split air conditioner came by the thought of removing the noise making part of the window AC & keeping it outside the premises. We can sometimes get a much better product or process by dividing them into smaller units. A major loss making state transport corporation turned their fortunes by splitting their operations into zonal divisions.
2. The stupendous success of a famous cola giant is attributed to idea of bottling. Till then the drink was only available through soda machines. This is a classic case of how an idea from a non competing product like milk was exploited to gain benefits. We can all look for two or more of our products/services which can be combined to give a better final product or service.
3. In the extremely competitive field of hospitality, ideas are constantly borrowed from competitors and improved upon. Wi-Fi which was available in rooms was made available in public areas too. Some hotels improved this service by giving free access to Wi-Fi in public area. Mobile room reservation applications is another product where ideas from competitors are being exploited in this industry.
You cannot have a designated time to generate ideas, since we cannot command our mind to start generating ideas. This has to be a free flowing ongoing process. Best idea generation software is a cardboard box in which you put every little idea that comes to your mind throughout the day.