How can I innovate with no money, time or resources?

This article first appeared September 21, 2010.

Dear Aunty B,

I have been making a small loss for years running my online business and I am determined to make a profit this year. But how? We have cut back to the bones and there is nothing more to cut. We also have very little money to spend on doing expensive R&D and no time and resources to spend on it even if we did. Aunty, can you give me a quick winning tip so I get off the grind and into the sunshine?

Glum and glummer,
Sydney

Dear Glum and glummer,

Okay. Here it is. You are going to work out how to target your customers better. You are going to find a clever way – maybe an online poll – to ask your clients some questions about your service and the marketplace. What you are looking for is some new way that you can service them better.

As you know the easiest, cheapest way to expand is to sell more things to the same customers. So what else do they want? How can you make their life easier? How can you help your customers? Don’t just think about products. Can you package up information to sell them? Can you help your customers reach new market segments? Once you get the results sit down with your staff and advisers and brainstorm several new ideas.

Good luck!
Your Aunty B

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