Social media is more than a way to pass the time. These social media platforms can help you find work, market your products, and make valuable connections. These platforms can also spark business ideas. Here are eight smart ways social media can be used to generate new business ideas.
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1. Subreddits are a great place to search for questions.
Reddit is a news and entertainment site that allows you to search the subreddits for new ideas and products. People looking for business ideas should check subreddits. They can also use the Ask Me Anything feature to ask celebrities and experts questions that could lead to new ideas for small and mid-sized businesses.
2. Take a look at the comments on Pinterest.
Get a Pinterest account if you are a creative person who is skilled in creating or identifying the next must-have product. Pinterest is an image-based social media platform that provides constant updates of images to inspire you in your business ideas.
Gail Oliver, a blogger and small business consultant at Attention Getting Marketing, said that Pinterest is the best social media site to find the latest product trends. Oliver stated that Pinterest has helped many fashion, home decor, and wedding trends to take root.
Users can monitor comments on Pinterest without notifying other users. This allows them to see what others think about each pin. Oliver stated that the comments section, which is often overlooked, provides more inspiration than other social media sites.
Oliver stated that comments are visible to all, so it is easy to see what others are saying.
Pinterest has recently added hashtag support to pins. This is great news for both individuals and business owners. To quickly find relevant pins, you can use the search bar and enter a relevant hashtag. You may be able find niche pins that might spark an idea.
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3. Discover under-the radar social media networks and applications
Another untapped source of ideas-rich content is your smartphone. You can use it to browse through some of the less-known social media networks or browse a social shopping site. You might also be interested in niche social networks for inspiration.
Oliver stated that social sharing sites like Wanelo, an online shopping community, and Loverly, which are dedicated to wedding shopping, are better at identifying business opportunities. This is because they use the whole “like” system to gauge interest and approval, rather than just measuring your followers’ reaction.
4. Compare your competitors.
You can stealthily monitor the social media activity from the major players and competitors in your industry to uncover new business ideas.
Matthew Reischer, LegalAdvice.com CEO, stated that “the trick to using social media for new ideas and staying on top of current trends is to monitor you competitors.”
He said that when you look at the engagement of all your market competitors, it gives you a better idea of a general pattern that will allow you to connect the dots and discover new ideas.
Reischer said, “Read the content of your competitors in the industry as well as their tweets regarding new initiatives in their companies.” “Pay close attention to the banter between all participants to gain a better understanding of the market environment in which you are operating.”
5. Be aware of complaints
Social media is the best place to complain about anything, even products. Although reading complaints is not a great way to spend an afternoon, it can help you identify gaps in the market if there are multiple people complaining about the same thing.
Dayne Shuda (founder of Ghost Blog Writers) said, “People don’t always know what their wants are, but they do know what frustrites they have.” If you can see the same frustrations as others, it is a good indicator that you are an entrepreneur. This is something social media allows you to see like never before in history.
Nicky Barua is the co-founder and CEO of Nidel Dresses. She also suggests looking at complaints about how people are treated with different products.
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Barua said, “You could take it one step further and search on forums whether there are big markets facing the same issues.” This is the best time to brainstorm your business idea and come up with a solution.
6. Keep an eye out for trends.
As you scroll through your social media feeds, pay attention to what you see and try to identify trends. Lilia Karimi, cofounder of Wedwell, noticed that most wedding planning is about weight loss and not on emotional and wellness. She decided to fill that gap and start a company that promotes wellness in the wedding industry.
Karimi said, “I suggest people take a closer glance at their news feeds to see if they’re motivating and inspiring, and if so, [decide] what would be more interesting.”
7. You can search for keywords and hashtags.
Barua recommends that you start by searching hashtags and keywords that are related to an idea you are passionate about. You might get some new ideas from this feedback.
Deborah Sweeney (CEO of MyCorporation), said, “Keep an eye on key hashtags in Instagram that are relevant to your industry.” This allows you to find out what your target audience is talking [and] uncover new trends too.”
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8. Join Facebook groups.
These groups are becoming increasingly popular and can be a great resource for business ideas. You can find and join relevant groups for the industry you are interested in joining. Then, monitor what members are saying.