– Mark Prus, Principal, NameFlash
As we begin the New Year, many entrepreneurs are looking for “the next big idea” for 2016, as in trying to find “the next Google.” How about trying to find “the next small idea” instead?
When introducing a new product or service it is usually best to think small. Thinking small requires you to be more focused and to develop a very simple idea. It also is a more budget-friendly approach to development.
Some of the best-tasting sauces are made through the process of reduction, where you simmer or boil a liquid mixture (such as wine plus seasonings) in order to thicken the sauce and intensify its flavors. When the sauce is reduced by half or two thirds, you get a great-tasting sauce!
Developing a small idea can be done in the same manner. Identify a “pain point” for your target market, then “reduce” the idea by removing layers or steps or cutting out useless factors. By reducing the idea to its smallest essence, you’ll often find a narrowly defined need that gives your target market a real reason to buy. Once you have a small idea you’ll discover that developing messaging for this passionate consumer is also simple and straightforward.
Finally, developing a small idea often enables you to be #1, even if it is within a small group or category of product ideas. Becoming the #1 brand can lead to a very deep connection with a passionate target audience. When those passionate customers become evangelists for your brand, you may experience exponential growth in your business. In the end, you may end up with the next Google, but only if you start small!