Steve Jobs did it with Apple. Jeff Bezos did it with Amazon. You can do it too.
What is an insight?
- It’s a basic truth that’s undisputable.
- That hasn’t been done before.
- It solves a problem.
- It hasn’t been done in your category.
- It can be used to make money.
LinkedIn posts are full of insight- driven businesses and several strategies on how to find them. I recently stumbled upon one such business called Paws Abroad founded by marketer @Marisa Hoskins. She created a website and a set of planning tools for pet owners that want to travel or move abroad with their dog or cat. She starts with a list of sought after countries and will give paid subscribers check lists, consulting, and instructions on how to avoid the pitfalls of regulations, rules and requirements.
The insight: I want to travel with my dog because life isn’t complete without him/her and who can afford private?
Paws Abroad was able to solve a problem fueled by guilt. Most people find leaving their pets at home while they travel incredibly stressful and the alternative, taking them along, seems impossible. Not anymore. Since launching, she sold dozens of founding memberships and communicated with thousands more of interested pet owners.. I reached out to her and indicated my interest. She communicated with me directly and even published the photos of my dog Beau. Her website, Paws Abroad.co launched only a month ago. Her social media engagement is extraordinary.
At Knoodle, sometimes we will work with a business so close to it they can’t see the insight. There was a prospective client that owned a medical supply business. He was competing against Amazon and losing on price. As a brick and mortar establishment, he offers in-person consultation and personal service at his many locations, allowing people to test these devices or even rent them before purchasing them. On the surface that doesn’t sound like an insight but here it is:
The insight: Seniors are afraid to buy medical equipment without knowing if it’s right for them. Who wants the struggle or complexity of returning a 100lb wheelchair?
This company never really emphasized their secret sauce and truly has an opportunity to leverage this insight to attract business
Anyone with an insightful idea can create a success story and market it with the right planning. 20 years ago, I wanted to launch an all-women handyman service called Handy Mandy.
The insight: 98% of women would prefer a handy woman if they could do the job effectively. Why? Because they were tired of getting hit on or taken advantage of. This came out of my personal experience as a newly divorced, working mother.
I did the business plan only to realize that I would have had to pilot the project and start this service before securing investment capital and I was in the early years of the agency business. I realized I had no interest in starting a female handyman service. I had no abilities in this area. I just wanted to market one. Therefore, I put it in the proverbial parking lot for another day.
How to find an insight-driven business idea?
- Find a problem that needs to be solved. We often do this naturally and then forget about it.
- Do research on the problem- how widespread is it? Are there currently solutions to solve it? This includes psychographic studies such as Scarborough (a paid membership) or surveys and focus groups.
- Write a business plan. This will not only clarify what you are doing in your own mind but also give flight to the best way to monetize it. There are several templates online. These days AI offers many templates such as Venture Kit, LivePlan and PrometAI.
- Position the website with ten words or less so that others see it instantly.This sounds easy but it’s probably the most difficult task for those not predisposed to marketing.
- Start with a beta test of your idea- even if it’s friends and family. Then progress to branding, positioning and a website.
- Push it out to social media organically and watch it catch fire. Know who your audience is. If it’s businesspeople, go to LinkedIn. If it’s an older crowd, use Facebook. Sell the visual with Instagram or instruct with fun, quirky videos with Tik Tok.
When is professional guidance helpful? It’s helpful, particularly when we are too close to an insight and can’t see it for what it is. This is where objectivity and talent can catapult an insight into a working brand with a positioning statement that conveys the problem and connects you to those looking for a solution.
