5 Places to Look on Social Media for New Business Ideas

Gabie Boko

Social media is a two-way street. It allows companies to increase visibility and awareness, raise their profile, promote a product or service and engage with customers. At the same time, customers use social media to express themselves and provide their opinions about brands. Both sides of the coin allow for a two-way dialogue, an opportunity for companies to receive instant feedback and also help a business cultivate an online following. But this social-media chatter can also provide another advantage — it allows aspiring entrepreneurs to find the next great business idea.

Here are five social media tactics that can help to get the wheels turning:

1. Trending topics. Trending topics have come to represent the intersection of news and social media and appear on Facebook and Twitter – often represented through hashtags. They are the manifestation of social media chatter, buzz and general conversation.

This is also where complaints surface. Think of trending topics as your own personal focus group for any problem. Whether on a global scale or in your community, if you listen and pay attention to trending topics, you may just be able to glean enough important information to get you started on a solution –your next great business idea.

2. Popular pages. Pinterest and Instagram literally provide us with snapshots of what people are interested in and excited about via their popular page section. Exploring popular pages and topics of interest will provide valuable insight and research to inspire great ideas for reaching potential consumers. Entrepreneurs can then reflect on what they think consumers would buy. What can I create to help better their lives? What would they be interested in?

3. Crowdfunding platforms. Crowdfunding sites like Kickstarter and Indiegogo are a great source for discovering trends, new products and services.  Businesses and startups look to these platforms for funding opportunities from venture capitalists, angel investors and the general public. By determining which businesses received funding and what the general public is interested in, individuals are able to gain insight into what consumers are looking for, what interests them and what they are willing to pay for.

Read the rest of this article on new business ideas here.