Looking back at and comparing the different online businesses I’ve built, I think I have a formula for generating innovative ideas that sell easily. I’ll share it with you today.
It is a 3 steps formula:
1) Find a market with lots of easily reachable buyers.
2) Identify the limitation of a hot-selling product in the market.
3) Think of an innovative solution to overcome that limitation.
If you follow these 3 steps, you will be able to come out with innovative ideas that can easily be turned into a successful business.
Let me give you an example of how this 3 step formula works.
In the 90s, someone came out with a viral lead building system known as a Safelist system. In this system, everyone in the system was able to send emails to each other, hence the name “Safe List”. When it first started, everyone was excited because suddenly, everyone can reach out to thousands of people. However, what they didn’t realize was at the same time, they were receiving thousands of other emails from other members too!
In 2000, a renowned internet marketing guru, John Reese had a better idea. He combined the idea of safelist and network system. In his novel system, members could send emails to their 10 levels of members. So instead of receiving thousands of emails, each member would only receive a maximum of 10 emails. But they could still email thousands of people in their network.
John’s system solved the problem of members’ emails being flooded with thousands of emails. However, members in the system still have to receive emails from their 10 uplines in the system, which is still a lot to many people.
The solution? Or my solution?
I took John’s system and combined it with contextual advertising system (an example of contextual advertising is Google Adwords).
Instead of members sending members emails, members of LeadsLeap will only receive info-packed newsletters from me.
The twist is that the newsletter comes with ads from the uplines. To a member, when reading the newsletter, he may also see the contextual ads. He can click on the ads if he wants to or totally ignore them because they are unobtrusive at all.
That was how the original LeadsLeap worked in 2008.
It offered a good solution to an existing problem at that time. It had a unique selling point. That was why many people promoted LeadsLeap when it was launched.
Over the years, I continued to identify other limitations in the market, thought of better solutions and included the solutions into LeadsLeap. That’s why LeadsLeap is now full of innovative features.
Each of the innovative features in LeadsLeap could have been turned into a new business on its own. But I chose to include them into LeadsLeap to strengthen the market position of LeadsLeap.
Creating an innovative idea that becomes an instant success isn’t hard if you follow the 3-step formula above.
In the 3-step formula, the most important step is Step 1. The market must be full of hot buyers so that your product can be sold easily. Also, it must be easy and cost-effective to reach out to the buyers.
I’ve made a mistake of creating a business in a market where buyers are too expensive to reach.
Don’t make such a mistake.