What are the best innovative business ideas?

Best psychological master keys for innovative ideas to increase sales:

Fewer Options, More Sales!

Believe it or not? If you give customer too many options, they often choose none and move on to something else because they slip into analysis paralysis. However, it doesn't mean that you're selling 50 products and eliminate 47 of them. That would kill your business.

So, how can you give people fewer options while maintaining your current catalogue?

Have you heard the term the chunking process? Instead of telling people "here's all of my stuff", you say "here are 5 categories of stuff".

When you go shopping in a supermarket. There's a deli, a dairy area, a fruit area, and so on. In each section, there's thousands of products. Instead of showing everything, they chunk all of them into similar categories. According to an experiment, people see that when 24 flavors of jams are on display, 60% of the customers stopped for a taste test, however, only 3% of those bought. When 6 jams are available, 40% of the customers stopped for a taste test, 30% bought some. The sales increases by 600%.

Innovative ideas to increase sales come to jams: Fewer Options, More Sales!

Don't forget: The larger display attracted more people while the smaller display sold more jam.

[yellowbox]What's the chunking? Chunking, in psychology, is a mnemonic trick. For instance, need to remember exactly a random line of letters, for instance, M O P H I R V S P O E C H D. Easy? Absolutely not. But what will happen if we group all of them as MR PHD VS CEO IHOP? The same quantity with fourteen letters but five chunks. This helps anyone remember these letters easily. It's the chunking![/yellowbox]

Online the same thing applies!

When you're designing your mobile app, don't simply create 1 million different categories. Instead, focus on the main areas by building specific resource pages like List Building. Instead of showing everything you've got, direct customer to the right places. Use resource pages and call out that send people to smart groups of products and services. Use no more than 7 different choice buckets.

Amazon is the best practical lesson for you. They are known with rigorous sales testing. Only showing up to a maximum of 6 books in their "customers who bought this also bought section." I'm sure they tested it. Customers who buy jam are similar to those who buy books. (And your customers, too). They browse before they purchase.

Implement Scarcity

As a primal urge, we look to others to determine what action to take. The less something has, the more people perceive it as a highly valued commodity and the more they want to buy it.

Marketers try their best to trigger cognitive quirks, like the scarcity to influence behavior.

A study conducted by researchers Worchel, Lee and Adewole found that

Scarcity can backfire if it's not used carefully. The value of a product decreases if it first appears scarce and then becomes abundant.

You don't want your audience to think that your product is for only an elite few at first and will open up to all people at a later date.

Eliminate any possibility of future abundance in the minds of your prospects. Either maintain the scarcity or gradually increase the level of abundance, without revealing it to your audience ahead of time.

Use a countdown clock on your product page with a limited number of products in a given time frame, or create a limited level of access.

Groupon, for one, does this with every single product. Right under the buy button, they say "limited time only," with a countdown clock. So I know that if I want to buy this product, I have to act now.

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If you are having this query because you want to start a business of your own then look for the domain you are knowledgeable about. Take the opinion of the established business entrepreneurs who are successful in similar type of initiatives and start analysis whether you can proceed confidently with the same. Also before starting your business do some market research about the same product or service and then take the step ahead.

There are many innovative business, each one has its own advantage. Recently, a genius wall decor product has taken the world by storm. Do not need a pen and do not need any painting skills, people can finish a full-wall artistic wall painting to change their home styles with 2 hours. All the patterns are original designs, and can be matched with all home decor styles. Only tens of dollars ! It is the global pioneer and exclusive product with less competition. The new houses , the olds and the commercial places both can be applied to. So interesting and convenient , even you don't to open a store and can be your own boss to make money. You can search for "speed mural" to get to know it and ask their customer service team in detail.

In order to start a business mainly you need to have clear idea what kind of business you are thinking to start up with and which platform you are more comfortable and having bit knowledge on particular field.

Some of the points I would suggest you to go through have mentioned below:

  • Consult with entrepreneurs and take the feedback from them.
  • Start analyzing which business you are capable into.
  • Don't wait for time to come for you. Make the time that comes with you.
  • Have determination and dedication towards the goal.

One of my friend were discussing about "Uber apps for online business"
So why can't you try with those apps.

I found this link which might be useful for you to start up online business.

Here is the link  Mowares

The best business these days are opting a franchise of a good company, they are best because The challenges of starting a small business and keeping it going cannot be underestimated and many do fail, even in the very good times. The hurdles can be substantial and the ability to get a business up to speed, making profit and supporting you is not achieved by many.

Franchising has attracted the attention of many over past years and the tough economic climate has highlighted its strengths and shown that there is a more secure ways to start your own business. Its formula of a locally owned and run enterprise, driven by a small business owner, with branding, economies of scale and support from the wider network, gives the business a far better chance of success. However, this is only the case if it is done well.

Franchise business is on fire these days, my ideas for best franchise as looking forward to this period of time is the company, who is achieving success day by day because of their working ethics and responsibility of fulfilling there customers needs at time.

Phixman. The best company to rely on or spending your money on these days, Phixman is the Online Mobile Phone Repair Service Company. As we all know Smartphones has become part of lives. We want Smartphones with us no matter what the situation is, and if it stops working or gets broken, the pain is as same as a heart attack. But thanks to Phixman, We can now get best repair for you mobile phone by sitting at your home. All we have to do is just open the Phixman's website, enter our address and that's it. They will come to our place, take our Smartphone, Repair it and then deliver back to you. That's not it, we also get 1 month of warranty for our smartphones. This is currently very successful and a very promising new concept for business.

There nothing called the 'Best' innovative idea. Every innovation is an unique entity, which cannot be compared or juged based on a given fixed parameters. As you cannot compare them over a fixed criteria, the title 'best' is something you cannot assign. Every idea is unique and best to its sector if the execution is correct. However there are few fundamental points on which you can judge it's feasibility like the market size, input cost, revenue structure, scalibilty amongst others.

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