What is a Business idea? And How to Incorporate With Digital MarketingSeptember 25, 2021 2021-09-25 12:57
What is a Business idea? And How to Incorporate With Digital Marketing
What is a Business idea? And How to Incorporate With Digital Marketing
You want to launch a business that can grow fast, and you want it to be profitable. If you are asking… What is a Business idea? And How do you Incorporate businesses of any type with digital marketing, you are in the right place.
It might be something you hear about on the news, or at a party. Or it might be something that’s been lingering in the back of your mind for months or years, something you’ve never taken seriously enough to pursue.
In this article, I will explain in detail what a business idea is, what to look out for when creating your business idea, and how to leverage digital marketing to boost your business idea growth.
Table of Content
- What is a Business Idea?
- The characteristics of a promising business idea are:
- Some Examples of Good Business Ideas
- Difference Between Business Idea and Invention
- Difference Between Invention and Innovation?
- What is Digital Marketing?
- Types of Digital Marketing
- Reasons Why you Have to Leverage Digital Marketing for Your Business
- Digital Marketing Strategy for Businesses i.e How to Use Digital Marketing to Scale Your Business
What is a Business Idea?
A business idea is a solution to a recognized problem that you can sell profitably in the current marketplace. A business idea can also be thought of as “an original and creative solution to a problem,” and it can take many forms, from something as simple as opening a hair salon, to something as complex as the assembly line used in manufacturing parts for NASA rockets.
Finding a business idea is therefore the main purpose of the business planning process. By generating lots of ideas, and ruthlessly closing down all but the very best, we can quickly concentrate on just the ideas most likely to be commercially successful. Most of these ideas are better at creating this value after you’ve put in money, time, and energy to make them real.
The best business ideas start with a problem that you have yourself. Being close to the problem makes it easier to connect to other people who have it too. It also creates a personal reason for you to solve the problem, so that it’s not just something you’re working on to get funding or make an exit.
The characteristics of a promising business idea are:
Innovative: Innovation involves discovering new opportunities, and exploiting those opportunities more effectively than your competitors. It relates to the idea of making changes in a business, company, or product. These changes may be minor or they may completely revamp the way we do things.
Unique: Businesses are unique when they do something others can not copy. A unique business idea is different and extraordinary and puts the business ahead of competitors and gives it a competitive advantage when implemented.
Problem-solving: Businesses exist to serve as unique vehicles for creating customer value and hence profit. The more effective a business idea is at creating unique value for customers, the more likely it is to succeed when implemented.
Profitable: A measure of the quality of your business idea is in how profitable it is. Your business idea should elevate optimism in how profitable the business idea will be when executed.
Some Examples of Good Business Ideas
Podcasting: Podcasting is a great way to open up a new business. Currently, advertisers are mostly ignoring it but podcasting has the potential to become the dominant kind of media in this decade. The barrier to entry is low, the tools are easy to use, and anyone can find an audience. Podcasting costs nothing except some time, and once you’re up and running, you’re on the earnings stream immediately—and there’s no limit to how large that stream can get.
Blogging: A blog today is a good business to build and monetize. There are various ways to make money from a popular blog. Many of the best bloggers don’t rely on advertising; their income comes from product offers, affiliate coupons, and paid speaking engagements.
Video Content Creation: People spend a huge amount of time each day consuming free video content from aggregators like YouTube, TikTok, etc. YouTube, a video-sharing site run by Google, has over a billion unique users every month. There are now more viewers on Youtube than on TV. This shows that there is a ready market for a video content creation service. It’s a winning combination for makers interested in reaching those people.
Online Course Creation: You can now design your own courses and make them available to the world. This is a good way to expand your reach – and increase revenue – without taking any incremental time because once you’ve created the course, the online medium is very low-cost. There’s a lot of hype around this still-nascent community, but there are also real opportunities for those who seize them.
Personal Fitness Trainer: Whether they’re trying to shed a few extra pounds or work up to a marathon, people are always looking for expert advice on how to get healthy. In both videos and articles, as a personal fitness trainer, you can offer advice on how to get healthier, leaner, and stronger.
If you are passionate about fitness and lifestyle, this might be ideal for you.
Difference Between Business Idea and Invention
A business idea is very different from an invention. An invention is the implementation of an idea based on scientific principles. It may be new, but it needs to follow the scientific methodology of formulating a hypothesis, conducting experiments, measuring results, etc. A new mathematical algorithm is an example of an invention. An idea for a business does not need to be original or fully formed; rather it is a conception that leads to the launch of a company that provides a product or service.
Difference Between Invention and Innovation?
Innovation is the act of inventing something that did not previously exist. Innovation can be incremental or radical, but it’s generally classified into two categories: invention and innovation. The invention is the creation of new knowledge, methods, materials, tools,
or devices. Innovation builds upon existing knowledge to create something novel that creates value.
What is Digital Marketing?
Digital marketing is the marketing of products or services using digital technologies, mainly on the Internet, but also including mobile phones, display advertising, and any other digital medium. It is the sum of all activities that allow your business to gain visibility, traffic, leads or customers by using digital technology. Like traditional (or “offline”) marketing, digital marketing encompasses a broad set of communication channels, such as email, display advertising, search engine marketing.
With an increasing number of business entities expanding their operations on the web, digital marketing has become a vital source of growth for many businesses in today’s connected world.
With the help of marketing automation software, digital marketers can now deliver more personalised content and advertisements to their audience. This in turn helps them to improve overall engagement and better results.
Types of Digital Marketing
- Search Engine Optimization (SEO):
- Search Engine Marketing (SEM)
- Content Marketing
- Social Media Marketing (SMM)
- Pay-per-click advertising (PPC)
- Affiliate Marketing
- Email Marketing
Reasons Why you Have to Leverage Digital Marketing for Your Business
Nowadays, it becomes compulsory to leverage digital marketing for growth. New communications technologies are providing growth for businesses; exceeding the results of any other media. The reason behind this is simple – it is easy, effective, and convenient. All you need to do is stand out in the online world and have a strong presence.
Since the start of a new millennium, the internet has seen exponential growth and permanently changed how humans communicate with each other. Businesses have long started to use the internet to promote their objectives.
Online marketing helps businesses enter the digital realm by introducing their presence to potential customers online. People are much more likely to buy from an established company that already has an online presence. Once an online marketer creates a website, they can draw traffic to the website by providing interesting content to web visitors. Without a website or good reviews on Google’s search engine, customers may not be able to find your business.
Whether or not a business depends on it, digital marketing is becoming so integrated into the modern economy that businesses can’t afford to ignore it. Not only does it allow you to reach a wider audience, but it also provides credibility.
Digital Marketing Strategy for Businesses i.e How to Use Digital Marketing to Scale Your Business
Digital marketing strategies have been used to help many companies and make them increase their sales and reach out to customers across the world.
Social Media Strategy: Social media is like oxygen for businesses. Using social media provides the best opportunity for businesses to grow their follower base by providing great content on a regular basis. You can use social media to directly connect with and understand your target audience as that will help you create desirable content for them. Using social media platforms like Facebook, Tiktok, Instagram, etc. brands can now make one-on-one connections with customers, carry on continuous conversations, learn about consumers’ problems and act immediately to address them. You can also use social media to track competitors’ activities.
Setting Up A Blog/Website: The purpose of a website is to attract customers. There are really four kinds of customers: people with existing needs who know about you, people with existing needs who don’t know about you, people with latent needs who don’t know about you, and people with latent needs who do know about you. You want to attract all four kinds of customers to your business website.
A website is a key tool for building a company. It can be used to get attention, convey information, build trust and loyalty, and spread the word about your product or service. When you optimize content for search engines, you can attract more targeted visitors to your blog and website. Additionally, embedding calls-to-action for your website visitors can be a great way to improve conversions.
Paid Digital Advertising: Paid Digital Ads help you connect with your audience faster and more accurately. When you compare it to traditional marketing, the benefits outweigh them. Paid digital ads are highly targeted, measurable, and cheaper. Among other things, you will enjoy better online visibility, more targeted and consistent traffic to your website, and a return on investment that is maximized to your marketing efforts.
Local SEO: Honing your strategy for local SEO will get you closer to the top of the search engine rankings. Local search engine optimization gets your website noticed by people in your local area. An optimized site helps you rank higher in local search results, get more money from local customers, and build trust with the searchers that visit your site.
Marketing Automation: Marketing automation systems offer a way for you to spend less time on repetitive tasks and more time developing your marketing strategy. Essentially, it is a process of managing a lead generation and conversion process. With automation, you can send better offers at the right time to your leads who are ready for buying, thus achieving a higher success ratio in the business.
Email Marketing: Email marketing is a comprehensive business platform that allows you to engage your target consumers. To do this, you send messages to your email list about products and services. You can design and send periodic newsletters or you can prompt customers to opt-in for sales and promotions. The emails we exchange with each other on a daily basis can classify as email marketing.
Coming up with winning business ideas is not an easy feat, however, with the right knowledge, patience, and attitude, you can come up with something magical.
When you are ready to move your idea to the next level, ensure you leverage digital marketing to get your word out there as soon as possible.
Digital marketing is perhaps one of the most critical parts of running a successful business. For almost every successful company in the 21st century, digital marketing seems to be the factor that differentiates them from their competitors.