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!

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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….


“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…”

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Then & Only THEN, do you seal the deal!

“ALL Ideas are Valuable

NOT ALL Ideas are Profitable”

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“Your idea inventory is just as valuable as your customer & prospect list.”

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Mind Maps

Mind Map example from Personal Brain www.thebrain.com

Ideal for right brained business people

Creatives

Manual or Digital


http://www.thebrain.com/

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


Idea/Vision Boards

Perfect to combine analytical & creative


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.


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


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


Idea to Profit Path


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


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


Who to Soci@lize WithExisting CustomersFriendly Trusted Potential

CustomersBusiness PartnersInner Business Circle /

MastermindInvestors


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?


“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.


“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!


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!


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!


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!


Keep Us Posted!

My Gift to YOU!$240.00 Value1 Year AccessWeekly Biz TipsMonthly Online

Biz Building Events

Ongoing support Exclusive

CommunityExclusive Offers

Visit us: www.sandboxpm.com

Follow us: @sandboxpm & @avv

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Ideation for Profit - 5 Easy Steps to Bring Viable Ideas to Market!

Business

Transcript of Ideation for Profit - 5 Easy Steps to Bring Viable Ideas to Market!