I’d like to stimulate your thinking and show you how you can find creative ways to make money for yourself and your family.
You can become more creative and find creative ways to make money just by thinking about things differently.
I’ve had the opportunity of creating over 275 products and services for over 120 companies generating over $2 billion in sales. In many cases we created the first of a kind solution for solving some compelling problem.
But your creativity doesn’t have to be limited to a first time ever products. You can make changes to existing product ideas or use creative ways of getting traffic, creative offers, creative guarantees, creative combinations, creative payment plans, creative word of mouth marketing techniques that become viral, etc.
One of the easiest techniques I’ve taught and used myself on a regular basis is the SCAMPER technique. This acronym represents the first letter of a series of action words that can stimulate your creativity.
S – Substitute
What can you substitute in your product, marketing, content, etc. In the world of electronics this happens all of the time, the substitution of tubes with transistors.
The substitution of transistors with integrated circuits. This brought the unreliable radio from something that sat in a cabinet in your living room, to something built into your headset running on tiny, lightweight batteries.
Online the substitution of ebooks for books, MP3 recordings for CDs and the use of Flash videos instead of DVDs can eliminate duplication, warehousing, inventory, insurance, fulfillment and capital. So what physical information products can be converted to online products? Look at what Wikipedia has done to eliminate the physical encyclopedia business.
C – Combine
What can be combined? The combination clock radio started a whole new industry. A friend of mine found that by adding the audio to her ebook, she increased the number of people buying the combination by 70% compared to the ebook alone.
It could be instead of just writing an ebook about dog grooming you combine it with information on setting up a dog grooming business or combine it with information on dog nutrition as well. One of the most successful combination products I know if is the series of books called Great Books of the Western World.
Each of these books was in public domain, meaning no royalties needed to be paid to the authors. Yet combined they sold for over $1,000 in leather bindings.
A – Adapt
What can be adapted in this process? One story I heard was a semiconductor engineer working for a semiconductor firm was trying to find a way to slice the silicon wafers thinner so they could get more wafers per ingot. All of their attempts resulted in breaking the thin slices in the process.
One day she was watching her husband making a fine cut while some furniture and he slowed the blade down. She asked why and he said it reduced chipping of the wood. She adapted that idea to cutting silicon and it worked perfectly. So what ideas can you take from other industries and apply to your products, your marketing, your customer service, your traffic building, etc.
M – Modify, magnify, minify
What can you change? What can you make bigger? What can you minimize or make smaller? There are many great products out there that could be improved by making just a few modifications. Twenty years ago, I helped a company make one major modification to an existing service, this changed the industry.
We created dozens of millionaire clients, became millionaires ourselves and started a whole new industry. Within 3 years we had 25% market share of a multi-billion dollar industry. One simple example online is going from a single payment to multiple payments for an online product. It will often triple the number of sales.
P – Put to other use
What can you take that you currently have and put it to another use. When electronic spreadsheets were first invented they were designed to help accountants add and subtract columns of numbers.
It was quickly put to other uses from keeping track of contact information, to inventories of people’s books, to action items needed for a project. One of the former presidents of IBM said that there were only a need for 5 computers worldwide. He apparently had only been thinking of its original purpose, calculating the trajectories of cannons for the military.
He didn’t envision the use for weather forecasting, database management, musical creation, photography manipulation, embedded systems in cars, cameras, etc. For online opportunities, one of the greatest potentials is going after new niches. Using the same product for other niches.
If you have a product showing doctors how to improve their waiting rooms, it would probably work for dentists, clinics, tire stores, labor and delivery waiting rooms, department of motor vehicle locations, etc.
E – Eliminate
What can be eliminated? What can be removed? A great example of this was the elimination of the hand crank for cars. One day the founder of the Cartercar Company stopped to help a woman start her car. In the process the crank kicked back breaking his arm and his jaw. He later died of complications related to that incident.
Henry Leland, the head of Caddilac and one of Carter’s friends, commissioned his engineers to come up with a solution…they came up with the electric starter. What can you eliminate for your customer? Can you eliminate time, hassles, steps, risks, learning curves?
R – Rearrange / reversal: What can be rearranged? What can be reversed? I was once asked to help a client build a large office complex. I lead 60 brainstorming sessions, each one focusing on a different element of the building, from parking, to common work areas, to security, to the computer rooms. I found that first few session started slow.
I switched tactics and started the rest of the sessions by asking the question “How can we create the worst _____? They could rattle off answers immediately. We just reversed each answer and it became part of our requirement for that area of the building. What could you do to pay customers to come to you instead charging customers for your product?
NitroMarketing asked how we could rearrange how backend sales could be made. One of the ideas resulted in the NitroQuattro formula which now triples or more the amount of money made up front per sale. We’ve had clients go from $540,000 per year to over $8 million with the exact same amount of traffic. (See NitroQuattro.com) What can you rearrange for your clients?
One of the mistaken ideas of how to make money has to do with the need to come up with something brand new. That is actually a great formula for failure. The national average failure rate for new product ideas is 85% even from large companies.
Instead, focus on finding products that people already buy and look for ways of improving them. Apply the SCAMPER ideas to them and see what can be done to improve the product, the delivery, the timing, the timeliness, the ease of access, the pricing, the format, etc.
A great example of this was what we did for people who wanted to start an online business. While there is a large amount of great information on starting an online business, we discovered there was nothing that had a simple to follow, step by step method for doing so.
Most products only told part of the story while many were just flat out wrong. We decided to put together a home study course that showed the system we used for generating millions of dollars for ourselves and for our clients.
The first thing we did was write out the ten steps we found that were necessary to create a successful online business. Then we went through each of the people we had talked to that got stuck somewhere along the way and made sure we addressed each of the issue they had from deciding what business to go into, to picking a bad idea, to creating a website, sales page, traffic, etc.
Then we decided to test it out on others to make sure we got it right. We set up a beta group of 50 people and had them go through the steps. Every place they got confused or needed more help in, we would either change the manual or add instructional videos to help them with those areas.
We knew this was not a static one time solution so we also created a membership forum so people could ask ongoing questions about problems they faced. We finally came up with a list of services that if they couldn’t or didn’t want to do a specific part of it themselves, they could get someone else to do it.
The result, is an easy to follow, step by step process that has successful taken customers from nothing to a full time income or others who had been struggling for years to make money online to finally figure out the missing parts and realize their dreams.
If you would like to learn more about this system and see what you might do for your market, visit NitroBlueprint.com where you can get some free video training on what to do next.No Tags