One of the most exciting aspects of business is constantly seeing what new innovation will be unleashed on the world next. Traditional industries are continually evolving to keep up with the times and fit the changing need of consumers.
Many people have brilliant ideas for an innovative new business – but most of these will either fail or never get started in the first place. Here are some tips about how we transformed the idea for Snap and Spend into a successful business model and a flourishing business.
With these tips, you can turn a traditional industry on its head!
1. Think outside the box and into the future
Creating a successful new business requires people to think outside of the box. Not just with the central product or idea, but in wider terms as well. Even traditional industries don’t stay traditional for very long.
For example, our product was launched to combat the problems of the gift card industry, which in itself hasn’t been around all that long! In the beginning, people gave gifts, then they shifted to cash money, then gift certificates, gift cards and digital vouchers.
2. Do your research
Do your research around the traditional industry and work out what it is doing wrong. Research competitors, current products, new materials and alternative processes. Look into more efficient ways of doing things, smarter or digital systems for existing methods, or processes that are more eco-friendly than the current ones.
3. Start a discussion
Our business started because of our own personal frustrations with gift cards, one-third of which go unredeemed and therefore just wasted. Giving cash was still king for convenience as far as we were concerned, but it still had its problems. We wanted to find an innovative and exciting way to gift it.
Many great innovations don’t happen because they stay as ideas in someone’s head. If you have an innovative idea, or if you have experienced a problem that needs solving, chances are other people will resonate. Talk to your family and friends, and extend the discussion as well. Undertake surveys, email marketing or focus groups to talk to your audience and find out what is missing in their lives. Research keyword gaps as well as a way of seeing what people are searching for that they haven’t been able to find.
4. Plan and strategise
Just because you are turning a traditional industry on its head doesn’t mean you should ignore traditional methods of business planning. Don’t be so eager with your innovation that you dive in the deep end without planning. This starts with a thorough business plan to work out your idea, your mission, your strengths, weaknesses, opportunities and threats, and your finances.
5. Don’t be afraid to leap
There will always be a reason not to get started on your new business venture – there is always more groundwork you could do, more focus groups you could run, more money that you save, or a more convenient time in your life. Eventually, you have to silence all the reasons for not doing it and just take the leap!
Final thoughts
Industries are being consumer-led in this globally-connected world, and we love it. It brings out the best in new business ideas and means that no one has to accept the traditional way of doing things when we can always look for a better way.
Matthew Flammea, Founder, Snap & Spend
