7 Ways To Identify New Business Ideas Using The Social Media In Nigeria

7 Ways To Identify New Business Ideas Using The Social Media In Nigeria

At this age and time that we are in at the moment, the social media platforms have gone beyond just an avenue for socializing. You can actually identify new business ideas in Nigeria through the social media.

If you are still using the social media just for the fun of it, then you are actually missing out on the actual fun, which is creating new businesses and making.

Related: The best 6 social media advertising platforms in Nigeria

You should know that making money is really fun, and anyone telling you otherwise is also missing out. I am not saying that you should not discuss and chat with your friends through the social media, but if that is all you are doing, then you are to be pitied.

You should start looking for ways to make money through the social media, whether directly or indirectly.

This article is all about how you can use the social media to identify new business ideas that are just there waiting for people who will search them out.

Related: The 5 golden rules of social media marketing in Nigeria

Ways You Can Identify New Business Ideas Using The Social Media

identify new business ideas

1.      You should start using subreddits to search questions

When you are out to identify new business or service idea, you should make use of the social media site called Reddit.

You should surf the subject areas or subreddits. You can also make use of the ask me anything feature where you can ask the experts and celebrities some questions that have the ability to reveal new business ideas that have the potential to be a big success in Nigeria.

2.      Pay attention to the comments on Pinterest

If you are so much interested in identifying those new business ideas that have the potential to be successful, then you should open a Pinterest account.

Related: 10 most lucrative business ideas in Nigeria

The Pinterest is an image based social media platform that provides a constant stream of new images that should get you thinking in a very creative way.

The Pinterest site allows you to see the trends of next hot product in the market environment. You can monitor comments here without even been noticed by other users.

Related: Sources of getting funds for business ideas in Nigeria

This comments section can really be a big source of inspiration for new business ideas.

The comments are made visible so that you can see what other people saying about a particular product.

3.      Identify and make use of lesser-known social media networks and apps

identify new business ideas

These lesser-known social media sites are also a great source of rich new business ideas.

You can use your mobile smartphones to search through one of these social media platforms, or as well, visit a social shopping network.

You can also visit a few social sites for inspiration if you are not a fan of apps. Sharing sites like Wanelo and Lover.ly are very good for identifying business opportunities.

These sites don’t just measure the reaction of your followers; they use the “like” system to measure specifically the approval and interests of people.

4.      Follow the activities of your competitors on social media

Another very good way of identifying new business opportunities is to follow the activities of your competitors on the social media.

According to the CEO of LegalAdvice.com, Matthew Reischer, your ability to stay on top of the current trend is dependent greatly on monitoring the activities of your competitors.

You must understand that your competitors will not just come to the social media and release what they will do in the future, rather you should be able to read in-between the lines and connect the dots to know where they are actually going.

You must pay very good attention to the activities of all the participants in the market environment, it is only then that you can begin to assemble a better objective understanding of the market dynamics.

When you understand the market engagement of your competitors, you automatically have a better sense of the pattern that allows you connect the dots and discover the untapped areas in the business.

5.      Pay very good attention to the complaints of the people

If there is one place that people go to for the purpose of complaining about things, it is the social media.

They complain about the economy, government, education, environment, and not forgetting business and services.

When you hear people complain about one particular thing in the area of business and services, it is an indicator that there is a gap you need to fill in the market environment.

This is one sure way to locate and cease new business opportunities for good.

6.      Look for and follow trends very closely

Don’t just scroll through the social media feeds; be very observant of the things that you see and start following the trends without wasting much time.

If the trend is going in only one direction in the market system that you are interested in, then it is a good sign that you must cease the opportunity to do or create something different. Try to change the status quo.

This is exactly what Lilia Kzrimi, the co-founder of WedWell did when she discovered that the players that already existed in the wedding industry were only interested in the planning and weight loss.

She brought something different called wellness and emotional health. This is really a good way to identify new business ideas that will be a hit.

7.      Always search for keywords and hashtags

identify new business ideas

When you search for keywords and hashtags that are in line with the things you are so passionate about, it has the ability to generate new ideas.

Always follow the key hashtags that are particular to your company or industry. This allows you to know what your target audience is talking about.

Paying good attention to these social banters among participants helps you assemble a better-informed and objective understanding of your market environment, according to Matthew Reischer.

Identifying new business ideas is one of the key ways of being relevant in the market for a very long time to come. You must not joke with new business opportunities for it is the backbone of any business adventure.