Looking For A New Revenue Stream? Take This Shortcut
by Lisa Bodell for Forbes
The Impossible Burger has become a household name (and a South Park episode), but in 2016, it had a modest cult following of vegetarians who paid upwards of $10 a patty at high-end restaurants. Meat eaters and fast-foodies were among the least expected markets for the pricey Impossible, but after a successful pilot program, it landed on the menu of every White Castle in America…for $1.99.
Today, the Impossible Burger is available in more than 30,000 restaurants in America — as well as Australia, Canada, Hong Kong, Singapore and more. This success story exemplifies why it’s crucial to look for new revenue streams for your products or services by examining them from fresh angles. As CEO of an accelerated learning company, one of my favorite techniques for achieving this goal is called Where/When/How/Who Else?
By simply identifying situations in which your product or service isn’t currently being used, you can discover opportunities to innovate and drive growth. After leading companies like Google and Novartis through this exercise, I recommend conducting it in teams of 3 to 4 people and then regrouping for a larger discussion after small teams have brainstormed ideas in all four categories.