I’ve spent the past two years researching the global marketplace looking for a product that would capture the imagination of the Baby Boomer generation. Why that specific demographic? Well, I am one(!) and there are approximately eighty million of us marching to our retirement. That is a huge market.
But this is about me. You may find a potential market in a niche, GenX or some other grouping. When it comes to pursuing a business idea it’s critical to follow your passion, not that of someone else.
I didn’t just sit in front of my computer and type ‘great business ideas with huge potential’ into Google. But if you did, you’d receive over 42 million pages to start your search! Looking for a business opportunity involves several activities: searching the Internet, looking through magazines, attending trade shows, walking down Main Street and most importantly, opening yourself to possibilities without prejudice.
The last activity is the hardest for most of us. We prejudge the surface of an idea or business opportunity based on some previous experience or belief. For example, you may avoid network marketing because you’ve tried it before without much success. However, maybe it’s not the product but the business model that is faulty. Maybe there is a way to deliver the products (or facsimiles) without the pain of selling to all your friends. Innovation drives the marketplace, not just in new products, but also in the way they are delivered.
Whenever I come across a new trend or idea that tweaks my interest, I call and request an information package. Always call with a sense of urgency. That prompts the other side to treat you with urgency. Remember, you’re just sorting through information and the faster you do, the faster it’s done.
As I said earlier, getting clear on what you want gives you a criterion to evaluate new products. Here is mine:
- Is the product appealing to an aging population? Health and wellness, leisure, entertainment, travel, etc. – anything that allows the process of aging to be enjoyable.
- Is it affordable, consumable and user-driven? Niche markets are appealing but I want to engage the mass market.
- Does it have a record of success? Why risk the house on something that’s unproven?
- Does it contribute positively to the community and the environment? I don’t want to add to the anguish and pollution already out there.
- Does it have the potential to create a marketplace buzz? Word of mouth, as we all know, is the most effective and least expensive marketing tool.
- Most importantly, does the product excite me? If your heart’s not in it, you’re not in it.
I sorted through a lot of stuff! The sorting puts you in touch with a wide variety of individuals, companies and opportunities. I quickly discovered that, 1) there are a lot of people searching, and 2) the real value in the sorting is education. Take marketing for example. I have a box full of neat marketing ideas and strategies, some that will come in very handy for my future marketing efforts. Why pay a marketing company to design a great marketing strategy when they already exist? You also get to see and possibly use what is different because, of course, all the regular, run-of-the-mill marketing materials land up in the trash.
You’ll have to wait until next month to discover where my sorting took me and how I found the products that will launch my new business. But just to entice you, one of these products was launched in the UK last spring and in just six months, over 200,000 units were sold just through online sales. That is my kind of product.
If you would like a free copy of my booklet, “Here We Come! How the Baby Boomers Will Impact Your Business, email me at: luke@business-dynamics.com. The booklet is fun, easy to read and will give you a perspective on what’s in store for our economy.