Creating new revenue sources during COVID-19 and beyond

Research is a great way to see which ideas have already been tested and what lessons have been learned. Start by examining how local competitors have pivoted in similar circumstances and then branch out to other regions and industries. Be careful not to discount potential solutions too quickly. Insights can come from surprising places! Keep a record of each approach researched as well as considerations of how it might and might not work.

How to start researching:

Search engines like Google are enormously helpful for finding information—simply type in a word, phrase or question and the search engine returns web pages, news articles, videos and more that it thinks are a match. It is important to know, however, that different search results are returned depending on what key words are used (even though “kitty”, “cat” and “kitty cat” are all about the same topic, searching each one returns different results). So, try searching a topic several times using different key words to get a better collection of information. The best sources of information on the topic of successful business diversification/pivot due to COVID are likely to come from news stories, articles from chambers of commerce or other business groups, and industry or academic publications. As you research, you are likely to come across additional key words that you can try.

⇒   Check out this Mashable guide for more tips on using Google effectively for research by clicking here.

The Small Business Development Center (SBDC) has local offices around the country with expert counselors that can lend a hand for entrepreneurs with existing businesses. When it comes to research, they have access to a special collection of databases as well as experience working with entrepreneurs dealing with similar challenges.

⇒   Check out the local Maricopa SBDC website to sign up for a counseling session by clicking here.

Asking customers, employees, suppliers, and even competitors for input is a great way to come up with creative solutions to a shared problem. Input from a variety of perspectives is important because it can help yield new insights. Working collaboratively on a solution is helpful because it promotes the elaboration of ideas—the “yes, and” approach to thinking that hones a good idea into a great one. Asking for input may even uncover mutually beneficial solutions and lead to new partnerships.

How to start asking for input:

Surveys are a great tool for easily gathering targeted information from a large number of people. Having a large “sample size” is important because it improves the precision and accuracy of the conclusions that can be drawn. Surveys can be helpful, for instance, for established businesses with a current client base who want to learn more about their customer’s needs or what they would like to see from that type of business. This information could then be used to better decide how to pivot one’s product or market strategy. One challenge with surveys, however, is that they do not allow for collaboration. A respondent cannot be easily asked to elaborate on an interesting answer or be able to expand on something interesting that someone else has mentioned.

⇒    Check out a whitepaper from CXellence for a thorough exploration of customer survey topics one could address by clicking here.

Brainstorming with sticky notes is a classic and highly effective method to facilitate collaborative solution finding. This method begins by gathering a diverse group of participants and then setting two important ground rules:

1. Be open–withhold judgment of ideas and don’t be afraid to come up with “wild” suggestions.
2. Go for quantity–stay focused on the topic and go for as many ideas as possible.

Next, post the problem statement (a single-sentence description of the problem to be solved) on a wall or digital canvas. Group members should then write every solution they can think of on individual sticky notes (real or digital) and post them! Reading each sticky note out loud before posting is a great way to further inspire ideas. After the group runs out of ideas, sort the sticky notes out loud by themes while taking note of common threads and popular ideas. Some ideas may be able to be combined later into a single solution. Ensure to record the idea wall for reference in future sections. Finally, finish the session by voting on ideas to determine which move forward.

⇒    Check out the sticky note method in action with a video from IDEO, the world-renowned design company, by clicking here.

⇒     Check out Mural, a free digital collaboration tool, designed to help remote group members share ideas by clicking here.

Blue sky thinking is a special type of brainstorming which totally removes consideration for practical constraints and allows for all creative ideas—even those totally disconnected from reality. Constraints are valuable when honing the effectiveness of a solution but they can also restrict our thinking so truly innovative ideas get ruled out too early. This approach is effective because it resets how the problem is being been framed to allow for fresh thinking and the generation of ideas with the potential to spark new insights and elaboration.

How to start blue sky thinking:

“If you had a magic wand…” is an example of a prompt which can be used to effectively reset the framing of a problem so that blue sky thinking can occur. The word “magic” is particularly helpful because it removes any constraint tied to technology, funding or market forces. The prompt can be used during an individual or group blue sky thinking session (i.e. Q: “If you had a magic wand, how would you solve…”; A: “If I had a magic wand, I would just…”). The sticky note approach can also be used during group sessions to keep track of ideas and elaboration.

⇒    Check out Draw Something, a free collaborative drawing game, to help clear minds and spark connective thoughts before blue sky sessions by clicking here.