How to Select a High ROI-Generating Idea to Build Your Business?

Selecting which ideas to start your business as an entrepreneur or which ideas to try for your product as a Product Manager or a Business Analyst is tricky. 

However, when you choose already proven ideas;

📉 The risk of failing is very low. 

💰 You can gain high ROI in a shorter period of time, because you already know these ideas and features have succeeded before.

🔍 You can also find how those companies have implemented them in their products and with what strategies. 

If you still haven’t found or don’t know where to find proven business ideas/ product features, then check out Where to Find Proven Business Ideas & Features?

How can I select one good idea to develop my business? 

TL;DR

1️⃣ Select 1-3 ideas which you liked the most 

2️⃣ Look for similar products 

3️⃣ Identify their best & the worst features/ problems

4️⃣ Find ways to solve those problems

5️⃣ Check these 5 factors to choose one idea out of three

1. Select 1-3 ideas which you liked the most 

Select 1-3 which you liked the most. So that you have more options when you need to choose one. 

But when you proceed with the rest of this process, make sure to do the research separately for each idea one by one. 

It's better if you have the skill, knowledge and some experience in this area of the ideas too. 

So that you can easily understand the depth of it and you are already aware how to do it. Even if you have to outsource the work, you know how to get the work done from others. 

2. Look for similar products 

Now we need to find similar products to your selected idea or features. 

You can try; 

• ChatGPT 🤖, 

• Google Gemini 🤖 , 

• Google Search 🌐, 

• App Store or Play Store 📱 

ChatGPT and Gemini can help you in this too. You can simply use this Prompt to start.

“List out the small scale SaaS startups in MarTech industry that generates high ROI”.

(Change the industry and other info as you prefer, of course).

If you need very specific platforms to find similar products, check out this article, Where to Find Proven Business Ideas & Features? I have listed out 10 very specific platforms there.

3. Identify their best & the worst features/ problems

Look for the reviews people have given for those products.

⭐ 4-5 stars - people love these products and the features

⭐ 1-3 stars - the real pain/ problems of the actual users of these similar products

Look what I found on the rating section of the “Instagram” app.

Isn’t this a new business idea? 

Small creators have serious problems in this large app. 

It’s a great niche market to focus on, because they;

• Desperately need to grow

• Hard working

• Willing to try new solutions

Note down these issues in an excel sheet for comparison purposes. 

4. Find ways to solve those problems

• What pains can you solve from those 1-3 star products? 

• Can you solve these problems in a better, easier way (maybe with the help of AI)? (Ask ChatGPT or Gemini for business ideas to solve them)

• Or can you offer a lower price?

• Write your basic solution/s to each problem you found. 

Thereafter, get back to the research.

• Who has solved that exact pain? (They’re your direct competitors/ benchmarks)

• Who are their customers? (You can use this information to identify your ideal customer)

Check my blog on identifying your Ideal Customer 

5. Check these 5 factors to choose an idea/features

Take each business, product idea and dig for the below factors. 

🔍 I) What are they doing?

Find the exact problem they solve and the main solution they provide to solve that problem. 

Can you do it in a better, easier way or for a lower cost? 

👥 II) Who are their customers?

Find their User personas. 

Can you offer this product/ feature to a different customer segment in the same location/ market? 

Eg: They sell it to the C-level employees in the USA. 

Can I sell this to the managerial level employees in the USA?

🌍 III) Where do they operate/ from where do they get sales?

Find the locations they operate/ target. 

Can you sell this product in a different location that they are not operating, but to the same customer segment? 

Eg: They sell this in the USA for C-level employees of corporate companies. 

Can I sell this in the UK for the same customer segment?

💼 IV) How do they get finances to do it and in what scale?

Find out about the investments they received and the company size (mostly based on employee count).

For startup founders, this is very important. 

Eg: 

If they are a million dollar company with 1-10 employees, then it’s a great idea to try, because the initial cost may be lower. 

For Product Managers, Product Owners and Business Analysts, this becomes important to understand the resource allocation for this new feature. Can your company afford it? 

📊 V) Are they doing well?

If this deep research is giving you positive answers, that means this is a fantastic idea which has already been proven as a success. 

If you are interested in this, I suggest you read my other articles too. Here’s one. 

“Where to Find Proven Business Ideas & Features”

If you enjoyed this or

If you have any questions for me,

Please feel free to write back to me via my newsletter email. 

Don’t forget to share this with others who will need some help with these tips. 😊

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See you next week! 👋