“Successful companies are grown by entrepreneurs who recognized a need and offer a remedy that solved a pain point for others,” James F. Grebey wrote in The Determined Entrepreneur. “By recognizing a pain point you get the chance to be the first person to supply a solution to the marketplace.”
Pain points are only challenges: They keep consumers and business users from having what they need when they want to buy.
For instance, prior to the dawn of automated teller machines, consumers had difficulty accessing cash from their bank accounts after hours. The introduction of the ATM addressed this pain point.
The crying or whining child in the rear of a minivan used to be another huge pain point for parents but it has been resolved partly with the introduction of the backseat DVD player that instantly entertains and quiets fussy kids.
Another pain point used to be entrepreneurs’ inability to deposit checks on busy days. This trouble was put to rest with the introduction of remote-deposit capture services that permit them to take action from the office by using check-imaging software.
The chance to adress consumer needs exists atlanta divorce attorneys industry. “Paint points prevent folks from having it better,” Los Angeles-based entrepreneur and small-business attorney Kayhan Fatemi informs me throughout a recent interview. “You certainly do not need to look too much to locate a pain point. The task is discovering a forward thinking and elegant solution.”
Mark Blanchard, CEO of a Manhattan Beach, Calif.-based company that runs the web marketplace PassUBuy.com, recently described if you ask me on KCAA Radio’s Money Talk how pain points he previously experienced inspired his launch. He previously personal property stolen after a prospective buyer visited his home to inspect items listed on the market.
“The theory was really born, because so many ideas are, either from frustration using what happens to be out there or having less a product available that’s needed,” Blanchard said. “We didn’t really see anyone taking advantage of social-media friend networks.”
Blanchard’s experiences led him to add certain features on PassUBuy.com’s platform. Items listed on PassUBuy.com are initially shared only between Facebook connections, and listings can not be proven to anyone who’s a lot more than two levels of separation from owner.
This ensures a particular degree of familiarity between buyer and seller and was created to prevent fraud. Plus, whenever a seller’s connections’ sharing of an inventory result in a sales transaction, they get a 2 percent commission because of their busywork on Facebook.
“One pain point may be the highest-priority problem you want your brand to resolve,” wrote John Vyge in The Dragons’ Den Guide to Assessing Your Business Concept. “The objective of focusing your service or product solution on one pain point is to have your service or product become the preferred selection of the client or client.”
Every business and business plan must have at its core the purpose of providing solutions to a number of of customers’ pain points. Listed below are some tips for identifying pain points:
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Business planner and author Tim Berry has encouraged entrepreneurs to ask themselves, “Who’s better off because your business exists, and just why are they better off?”
Successful entrepreneurs make themselves and their services or products indispensible by solving problems and making life better for customers. Don’t do what you would like to accomplish. Instead, solve a problem giving the marketplace what it’s dying to have. And do it much better than your competition.
“When Apple designed the iPod it had been usable only with headphones," acccording to the XtraPal website. "Users soon grew frustrated that that they had no chance of playing their a large number of songs aloud.”
“This resulted in a great many other companies developing docking stations and speakers for the iPod,” the website added.
Entrepreneurs are well served by making customers cognizant of pain points that they never knew existed. PassUBuy.com’s Blanchard made Facebook users aware that they spend precious time sharing content on Facebook without earning a financial return. Then he told them, “Do you know what? If you share this article you can generate money.”
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Entrepreneurs going to enter market should make sure that their redress to the pain point is new rather than more of the same. Individuals are creatures of habit. Everything being equal, they’ll not try something new. They need to be lured with a noticable difference over the status quo.
Hermosa Beach, Calif.-based Joseph Love, creator of Sing for Success, distributed to me how he has had the opportunity to tap the executive coaching market through his innovative approach: “Executive and CEO coaches usually concentrate on everything however the voice. I position myself as [offering] supplemental or stand-alone coaching that uses mastery of the voice to create professional success.”
“Before you begin building your product, consider: how intense may be the pain I am targeting?” Web app product manager Justin Jackson wrote on his blog. “That is important, because the degree of pain a person is experiencing will regulate how much they are prepared to pay for the perfect solution is and how desperate they are to find" one.
Successful entrepreneurs are in continuous communication with their marketplace. They must be listening for pain points during on-site visits with clients, calls, emails, conferences, social-media interactions and by searching for other venues where in fact the target customers will probably vent their frustrations.
Entrepreneurs should analyze the pain points and determine that can be addressed and concentrate on the most important ones because they are most likely to supply the greatest profits on return.
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