Ideation for Profit - 5 Easy Steps to Bring Viable Ideas to Market!
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Transcript of Ideation for Profit - 5 Easy Steps to Bring Viable Ideas to Market!
The Idea to Profit
Relationship
Anastasia Valentine Chief Strategist
Sandbox An Idea to Launch Company
Hashtag #WIBN
Follow - @AVV @SANDBOXPM
YOU WILL NEVER LOOK AT INNOVATION OR IDEATION THE SAME WAY AGAIN!
PainfulExhilaratingCostlyAnd extremely FUN to work on.
I’m an award-winning product strategist, CEO of Sandbox, with over 20 years achieving bringing ideas and products to market in the high-tech, music, fashion and retail industries.I work directly with amazing solopreneurs, entrepreneurs, and small, medium and enterprise-class companies across the globe.
All About
Sandbox, is an award winning boutique marketing agency delivering strategies, services & support for all sizes of organizations from idea through to launch across the globe. Taking the role of your extended team, Sandbox PM will play a hands on role in your success in introducing your company, products and services to the market.
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
This Workshop is Soci@l!Share the love!We’ve created tweetables for
you!Share the knowledge!
TweetIt!
You will leave this session with:A sustainable business practice
to profit from your business ideas.A solid strategy to validate your
business investment in new products & services.
Clear method to make GO or NO GO decisions
A plan to build & grow your business through ideation!
We’ve got some biz problems…Too many ideasOverwhelmedNot enough resourcesNot enough timeUnfocused & non productiveNeed revenue generating streams
There is a solution….
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
“Too many ideas is a great business problem to have!”
TweetIt!
“Ideation is a passionate business affair”
“Don’t fall in love with an idea…”
TweetIt!
Then & Only THEN, do you seal the deal!
“ALL Ideas are Valuable
NOT ALL Ideas are Profitable”
TweetIt!
“Your idea inventory is just as valuable as your customer & prospect list.”
TweetIt!
Mind Maps
Mind Map example from Personal Brain www.thebrain.com
Ideal for right brained business people
Creatives
Manual or Digital
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
Spreadsheets
J.K. Rowling used this manual spreadsheet to map out the Harry Potter Adventures
Ideal for left brained business people
Analytical Thinkers
Manual or Digital
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
Idea/Vision Boards
Perfect to combine analytical & creative
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
Sustainable Ideation A regular business practiceMore important than your
email list
Action Items:◦ ASAP!
Create your idea inventory
◦ ALL THE TIME Have a way to capture your business
ideas
◦ QUARTERLY Visit your idea inventory to evaluate
your next big thing.
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
Tap into your idea inventory for “low hanging fruit” ideas during business downtimes.
TweetIt!
Common Idea Investment MistakesInvest too much to soonLOVE GOGGLES – Blind us from
realityWrong timingNot enough time to deliver high
qualityDoesn’t feel right
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
Why Business Ideas Go WrongNot market readyMarket not ready for the
product/serviceMarket won’t bear the priceSaturated market – no
differentiationWell has run dry….No love
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
Idea to Profit Path
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
Let’s Get Acquainted – Dating IdeasTriage your ideas:
◦Group them into categories◦Identify trends◦Group like ideas together for more
valuable, powerful & viable offerings.◦Choose 5 that stand out
3 big money ideas 2 low cost / high return ideas
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
“People who like you, will listen to you.People who TRUST you, will do business with you”
TweetIt!
Soci@lize It!No point investing in something
that won’t pay off.Action Items:
◦Find at least 10 people who represent your ‘Perfect Fit’ customer.
◦Talk to them about your ideas◦Share your vision◦Listen, learn & improve
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
Why You Soci@lize an Idea Validate:
◦ the need or want◦ content / features / deliverables◦ benefits & value◦ cost / investment vs. return◦ price / pricing model(s)◦ your return on investment / profit
Test your product/serviceBuild your communityGet endorsements & testimonials
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
Who to Soci@lize WithExisting CustomersFriendly Trusted Potential
CustomersBusiness PartnersInner Business Circle /
MastermindInvestors
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
What you Learn from Soci@lizationWho your ‘Perfect Fit’ customer isWhat it takes to for the idea to be
profitableHow much to investHow much to chargeWhat you make per unitHow much you need to sell
Bottom Line: Is it worth continued investment?
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
“Be Ruthless! Make Go/No Go decisions based on facts.”
TweetIt!
Go / No Go Decisions are Good Business Decisions!
GO! NO GO!Perfect Fit customers
identified, ready & waiting
Meets a strong need or satisfies a want
Price point works!Return justifies the
investment Community is growing,
positive buzz is building
Unclear on target or customer fit
Market uninterestedValue not clearPrice point unattractive Investment exceeds
return, investment (time & $$) not available.
It doesn’t “feel” right.
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
“Numbers Never Lie”
TweetIt!
“If you aren’t making a profit, you are running a hobby not a business.”
TweetIt!
It’s a GO! It’s LOVE!Take the opportunity to:
◦Refine the product or service Make it better, dig deeper!
◦Get customer testimonials & rave reviews
◦Leak some details & stir the potEngage the media, influencersPlan a launch event online and/or
in personThen you are ready to launch!
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
It’s a GO! It’s LOVE!Action Items:
◦Engage in “exclusive pre launch” activities Don’t use terms like pilot, beta, soft launch –
implies unfinished, mediocre, buggy, not real
◦Refine your product or service. Add Value!◦Get customer testimonials & rave reviews◦Arm your inner biz circle with info & tools to
make you (and them) successful!◦Package it up & wrap it up in a bow!
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
Launch It!Seal the deal with a fabulous
launch!Gather your supportersShare their wordsCreate an offer they can’t refuseCelebrate your success
Make the commitment for the long haul to continue the momentum!
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
Next Steps1. Create your idea inventory2. Choose your top 5 ideas3. Soci@lize them with trusted sources4. Move forward with the top 2 or 35. Refine ideas into products & services6. Revisit your idea inventory during
downtimes7. Pre launch to a select community8. Launch to the public
Keep US POSTED!
Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.
Keep Us Posted!
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Copyright ©2013 ANVIVA International Inc. Distribution and reproduction in whole or part not permitted without written consent.