You don't need a "Eureka!" Moment to come up with a great business idea. You can easily come up with great ideas if you ask yourself the right questions.
More people than ever are interested in entrepreneurship. Everyone is stuck with "having a good idea".
One problem I see is that people want to create copycat products that are no different from the established companies. Or they want to do the same thing but just do it cheaper.
My friend mentioned that he wanted to start a protein bar company. They are consumable, easy to subscribe to, and offer reasonable margins.
The problem is that they are kind of competitive.
I asked him what his bars would be like.
"Tastes good, low in sugar, high in protein and high in fiber."
My immediate reaction: "How are you going to compete against Quest and all the other protein bars that promise just that?"
You have to solve problems, and you have to solve them in a different way than everyone else.
I'll walk you through the brainstorming session I had with him. He's no longer following this industry, so maybe one of you can do something with it (and associate me with protein bars!)
You can think of ideas systematically. Take the question and framework that I am using and use it to generate ideas for yourself.
1. Which demographic data are not used?
I started into skincare when I saw my first wrinkle. I went to Walgreen. And went straight to the men's gang and saw my options.
I didn't understand why my face lotion had to be "extreme".
I later learned that there really is no difference between male and female skin care. I pay extra for it to smell like trees.
You see that in all industries. Women pay what is called "Pink tax. ”
You can take advantage of this mentality and create a brand around demographics.
- Older men
- Elderly lady
You can formulate the protein bars to better serve the community. Add some cartoon pictures for the kids. Older women are drawn to bars with collagen.
2. What is the next nutrition trend?
Here are the guarantees in life: death, taxes, and a new diet trend.
Keto is the hot diet right now. A few years ago, PerfectKeto came in and crushed it. They have nutritional supplements and protein bars that are designed to help people with their keto goals.
Going vegan is growing in popularity. There are many vegan protein bars out there.
These two markets are probably too competitive for you to enter right now.
Research the next nutrition trends.
I found the following:
- There is an increasing demand for diets that boost immunity. You can imagine why.
- Another nutritional trend is the DASH diet, which focuses on preventing heart disease and lowering high blood pressure. It is based on restricting the amount of sodium.
Understand the diet's needs and formulate appropriately.
3. What is a Unique Ingredient With Proven Benefits?
The right ingredient can provide an advantage and differentiate your product from everyone else.
What's a Unique Ingredient to Add to Your Bar? How does that help
- Four Sigmatic Pioneer of the mushroom movement for dietary supplements and coffee. There is a trend towards people realizing the power of mushrooms.
- Exo protein uses crickets. There is a trend towards sustainability. Crickets are the most sustainable protein in the world.
I would explore other sources of "strange" protein. Explore other cultures. Take a look at the "past" for inspiration. Bulletproof popularized butter in coffee, but has been around in Tibet for thousands of years. Chia seeds are popular with suburban mothers today, but Peruvians have been eating them for thousands of years.
What other insects could be good sources of protein?
You can make an ant, beetle, or grasshopper based protein bar.
Think how big the collagen protein industry has become. What's the next collagen?
4. Which flavors are popular but are not yet used?
This one is inspired by Ben & Jerry.
I look at protein bars that fall into the common flavors: vanilla, chocolate, peanut butter, cookie dough, cookies and cream, etc.
What other interesting flavors can you come up with?
Here are some ideas I have.
- Ethnic. Could there be Indian, Japanese or Brazilian flavored protein bars?
- Cereal. When I lived in New York I loved getting cookies Milk bar. Their characteristic taste was "muesli". I wonder if there are protein bars inspired by our favorite cereals. This could provoke a game of nostalgia.
- Popular existing flavors. What are the best ice cream flavors out there? Which ones aren't served by protein bars?
Unique flavors are powerful because they encourage repeat purchases. If someone is a fan of a flavor, they will want to try them all.
And for first-time buyers it is good to offer a “variety package” of all flavors.
5. How can I deliver the protein in another way?
Protein bars have the same standard rectangular shape.
There is a market for the supply of the protein in a different form.
The first method would be to offer different packaging. Peanut butter usually comes in a jar.
Super fats packs peanut butter as snacks on the go.
Another idea is not to limit yourself to that bars. People want protein. What other forms can you supply protein in?
- Protein peanut butter
- Protein peanut butter cups like Reeses
- Protein crackers
- Protein rice cake
- Protein wafers
- Protein cookie
- Protein ice
6. What are the biggest problems with protein bars?
My favorite protein bar is RXBAR.
I've always wondered what kind of "crap" companies put in protein bars. RXBAR makes a bold promise on their packaging.
These are their ingredients. That's it. There was a transparency issue with protein bars that was fixed.
What other problems might there be with protein bars?
The easiest thing to do is to research popular protein bars on Amazon. What are people complaining about in their reviews?
I did some research and came up with some ideas:
- Someone wants a bar that is easier to digest. They get an upset stomach when they eat one. Create one that is vegetable and high in fiber.
- Someone loves taking their protein bars on hikes, but they get crushed and melted easily. The bars are individually wrapped in a harder plastic.
7. How can I make protein bars more functional?
I assume that most people eat protein bars as a convenient and healthy snack. What if the protein bar could have ingredients that help them serve a specific purpose?
- Survival Bar: Because of COVID-19, people are more into "survival" and emergencies than ever. Create one that lasts longer than traditional. Your bars last a year, ours are designed to last a decade.
- Sleeping protein bars: Some people have trouble falling asleep at night. You may go to bed hungry. What if there was a protein bar to help you sleep? It's easy to digest and contains some sleep aids like L-theanine.
- Focus bars: Contains nootropics and caffeine. A better alternative to coffee and energy drinks. They help you focus and keep you full!
- The Beauty Bar: Eat this protein bar to improve your skin. It's full of collagen and retinol.
8. How can I create an emerging brand story?
People love stories.
I was broke in college and needed a notebook. There was the generic one for $ 5. Next to it was the $ 20 Moleskine.
I drove the Moleskine even though I couldn't afford it. This was the diary of Picasso, Van Gogh, and Ernest Hemingway. Maybe writing in this notebook would help me get more creative.
The purchase increased my sense of identity.
Think about which strains would buy a protein bar and how they would like them to be.
- Viking protein bar: Crossfitter and Tough Mudders consider themselves warriors. When the Vikings went to war, they brought protein bars with them. These protein bars are based on old recipes.
- Louis and Clark Bars: Wanderers want to be like Louis and Clark. These protein bars were inspired by a recipe found in one of their magazines.
- Military / Patriot Bars: I don't have to look to know that there are military and patriotically inspired protein bars out there.
There is who the customer is now and who the customer wants to become. Customers buy products to make them feel connected to their ultimate goal.
This is why some people are willing to buy Louis Vuitton even though they cannot afford it. That's how they want to be.
You have more ideas than you think
I wasn't always in business idea mode.
But I've spent over a decade generating angles and headings. I've learned that the easiest way to generate ideas is through questions and formulas.
4 Profitable Heading Formulas
Angle generation system
With this article, I wanted to show how I approach a competitive industry like protein bars.
One more tip: don't be afraid if your product is already there. Apple didn't make the first smartphone. Execution is more important.