Feb 5, 2019
When I was pregnant with my first child, we were so excited to find out the gender. When we learned we were having a boy, we immediately started brainstorming cute boy names and colors and themes for his nursery. We even bought outfits. There were so many things we could plan, build and create because of that one piece of information. Believe it or not, this same scenario is true for business too. There is one piece of information that can and does dictate every other decision you make: the problem you solve. Related: The One Thing All Businesses Must Have While knowing the problem you solve is crucial to success, too many companies operate for years before they ever figure it out. Many of you started your business from a hobby. It's a great strategy. But when it's a hobby, it only serves you. Once you turn your hobby into a business, it needs to solve a problem for someone else. Before I go any further, please don't get intimidated by the word problem. Just because you create hair bows or paint canvases doesn't mean you're not solving a real issue. Too many people think that because they're not doing something people need, they're not solving an actual problem. Here's the truth: No matter what you do, your product does solve an issue. You might just have to dig a little deeper to find the problem your business can solve. Related: How Jessica Turned Her Problem Into $70K For example, if you make hair bows, you're solving a problem for parents who want their daughter's hair accessories to match their outfits. You're also solving a problem for the countless little girls who don't grow hair until they're toddlers. Their parents no longer need to clarify whether their baby is a boy or a girl because she's wearing an adorable bow on her head. I know my mother was grateful for hair bows when I was a bald baby! That's a real problem you solve! Or, in the other example, you create custom paintings. You're solving a problem for people who don't want to purchase art for their home from a big-box store. There are those who want a one-of-a-kind piece of art with a personal story behind it. And guess what? That's what you offer. When you identify the problem you solve in your business, you learn so many other important pieces of information as well. 3 Things You Learn When You Identify the Problem Your Business Solves 1. Your Target Market Your target market is the group of people who have the problem you solve. You can't identify that group if you don't know their pain points, what they struggle with, and what they're looking for. When you identify the problem you solve, you know exactly who to market your product or service to. You no longer waste time and money trying to sell to people who aren't interested in what you have to offer! 2. Your Value Proposition Identifying the problem also gives you your basis for figuring out how much your product or service is worth. This is the foundation and justification for how much to charge. Why does your product or service cost that specific amount? Well, it's because you solve this specific problem. Oh, and by the way, the problem you solve is the only thing your market cares about. The only reason they will pay you is because you solve a problem for them. 3. Your Marketing Language Your customers' pain points should be exactly what you talk about in all of your messaging. Whether you're writing marketing copy for your website, creating brochures for a trade show, or making connections at a networking event, the problem you solve should be the main thing you talk about because that's all your customers care about. Related: The Basics of Building Your First Website If you've been running your business for a while, don't think this exercise doesn't apply to you. No matter how long you've been in business, I want you to take all of your marketing messaging and run it through this filter: Does this...