How To Turn Ideas Into Business Opportunities
As an entrepreneur with a marketing business, I am often asked by my clients how to "pivot" in the new economy. The answer is look at the opportunities that are right in front of you! The four main sources of entrepreneurial marketing ideas are: New markets for existing products, New products, Turning ideas into business opportunities and innovative approaches to existing markets. New markets for existing products The major source of new market ideas is existing products. It 's important to know the exact market segment that you are trying to enter. If you are entering a saturated market, then it would best suited to look for a segment where there is a shortage or a niche of a particular product type. The best source of new product ideas is through market research. In business, you need to do a detailed market research of your target market and look at any barriers to entry that your target market has. You should also know the expected sales performance of your products. If you are entering a saturated market, the best business opportunity opportunities would come from a new product concept. Turning ideas into business opportunities If your business idea is a product that does not fit into any segment, then turning your idea into a business opportunity is the next best opportunity for your business idea. If you have an existing product that is a great idea that has a potential to be a great product, then look at ways how you can commercialize your idea for cash. Commercializing your idea may mean licensing your idea so that someone else can make it. It could also means manufacturing your product. This gives you a great source of revenue while protecting your idea's name from other people's ideas. Another option would be to sell your product itself to the end user at a low price. Business opportunities are not as easy a thing as turning ideas into business opportunities. The harder it is to turn idea into business, the better the chance for a great business idea. It is important that you know what the business opportunities are and the risks that you are taking in turning your idea into business. If your products or services will be made by large companies then seek support from an Intellectual Property lawyer. If you have a great business idea and are looking for marketing strategy, contact the experts at Promo Xpertz LLC. With over 25 years of working with small businesses and entrepreneurs, we offer a one hour complimentary assessment. You will walk away with at least one idea that you can put to use immediately in your business. Contact Diane at firstname.lastname@example.org, 636-399-7777 or visit their website at http://www.gopromoxpertz.com t to learn how we can put our years of experience to use to help you to grow your business.