How to identify what problem your business solves

Jason Miller

Have you ever thought about which businesses are most successful? Well, mostly are solving daily life problems. So, what problem does your business solves? It can be an intriguing task to identify and often requires time to focus on what's possible rather than limiting your business vision.

Who needs the problem solved?

The first step to identifying what problem your business solves is to determine who needs it solved. A company can solve many different problems, and some will be more specific than others. You might find that some businesses don't specifically target one type of need but instead offer a variety of solutions for the plethora of problems in our world today. However, if you want to get specific about what your company does and how it does it, keep reading more!

What are your customer's pains and gains?

One way to determine what problem your business solves is to think about the pains and gains of the customer. The pains can be what your customer hates, the things that make them unhappy. The gains are what your customer loves, the things that make them happy, and the areas of their life where they feel they're doing well.

How to find your customer's pains and gains?

Some businesses might have an easier time identifying pains and gains than others. A company that sells health and fitness products, for example, would have an easier time determining the pains and gains of their customers than a company that sells pet products. However, companies in different industries can determine the pains and gains of their customers.

How do you solve the problems now?

As you find who your customers are and what their pains and gains might be, it's time to see how they currently solve those problems. How do they find solutions? You can ask your customers by conducting surveys or looking at similar businesses in your industry to see how they're solving their customers' problems. Even if you think you know all about the pains and gains of your customers, it's better to do research and see if there are any new solutions or ideas that you can bring to the table. You might even discover some new problems that you can solve as well!

Final Thoughts

Finding the right problem to solve is a multi-faceted process, but it's important to do your research and make sure that you're solving a problem that needs solving. By determining who your customer is and what they need, you can identify the right problem to solve and create a successful business and provide value to the world.

Do you feel like you are struggling with putting "strategy" and "business growth concepts" in place that make a difference? Doing it all is overwhelming! Let’s have a honest discussion about your business and see if the Power of 10 can help you. Click “HERE” to have a great conversation with our team today.

Written By The Strategic Advisor Board - Shelby Jo Long
C. 2017-2021 Strategic Advisor Board / M&C All Rights Reserved
www.strategicadvisorboard.com / info@strategicadvisorboard.com

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