What problem does your product solve?
Many business owners don’t have an answer to this question. And unfortunately, this is one of the reasons why failure rates are so high for new businesses.
Here’s why.
The Problem and Solution
Buyers make purchase decisions based on their need to resolve specific problems.
They scan the marketplace in search of businesses that offer clear solutions to help them overcome their obstacles – and achieve success.
If your business wasn’t built with using this strategy, connecting with buyers and generating sales is nearly impossible.
But the good news is, even if you’re in the later stages of developing your business, you can still reposition your product or service to align with this approach.
Let’s take a closer look at how this works.
The “Hope” Approach
Too many business owners make the mistake of building their business from this standard approach.
I like to call it the “Hope” Approach because it forces them to enter the marketplace blind.
Although they invested in a website, logo, and product development, they still aren’t certain who their buyers are – and if there is a demand for their product.
Remember, your buyer’s demand stems from their need to solve a specific problem they’re facing.
If you don’t clearly articulate how your product offers a solution, you won’t create demand through your marketing efforts.
And without demand, the business will fail – and all their resources will go down the drain along with it.
The “Problem | Solution ” Approach
This approach is the secret sauce for building a profitable business.
Business owners who take the “Problem | Solution” approach first identify a problem and an audience before they build a product.
They are then able to confidently move forward into the marketplace, knowing their product solves a specific problem for a specific group of people.
This approach also makes naming your business, clarifying your brand message, building a compelling website, and launching successful marketing significantly easier.
Remember, your brand is your reputation. Branding is everything you do to intentionally shape that reputation.
The “Problem | Solution Approach” enables you to intentionally shape that reputation around solving a specific problem.
As a result, you will show up as an authority, resonate with your ideal buyers, and invite them into a story with you.
How Does Your Business Measure Up?
The truth is, not focusing on the right “critical need” at the right time can significantly damage the future of your business.
And in reality, this is why many businesses are forced to close their doors.
The Vital Need assessment provides a detailed diagnosis of your business’s overall health and most critical need. So you can plan your next steps to create an actionable solution!
Are you ready to diagnose your business’s health, and more importantly, its most critical need? Click here to take the assessment now.
