Business Education

Want More Sales? Simple. Create a Problem, then Solve It.

One impressive attribute to Apple’s incredible success is solving problems. More particularly, “creating” a problem and then offering an attractive solution. Distilled down, this is the art of identifying a common issue or need, and then supplying a fix or a fill for said need. Steve Jobs was a master of this strategy. Prior to the introduction of the iPod, consumers simply didn’t realize they had a need for an entertainment device that could store thousands of songs. The story goes like this. Steve Jobs was out for a run when he experienced problems with his MP3 device. This led to inspiration, which he realized that if consumers were given a far superior — albeit much more expensive alternative — they would leap at the chance to buy it. Of course, history shows that Steve Jobs’ instinct was spot on. Another epiphany struck him again and Jobs responded, ordering his company to get to work on a new state-of-the-art device. This, because he feared that competitors would take his successful iPod and integrate it into a multi-functional phone. Of course, this is the birth of the iPhone.

Perceived Necessity is also a Mother of Invention

The business lesson that people can take from these instances is that there are always consumer needs. Even if they are somewhat obscure, they still exist and are waiting to be filled. Both of these electronic devices prove that there was indeed consumer desire for such things, even if the public didn’t yet know they wanted them.

…when developing new products, processes, or even businesses, most companies aren’t sufficiently rigorous in defining the problems they’re attempting to solve and articulating why those issues are important. Without that rigor, organizations miss opportunities, waste resources, and end up pursuing innovation initiatives that aren’t aligned with their strategies. —Harvard Business Review

Both products became huge sales successes, as everyone now knows. But at the time, they were a gamble. After all, these were largely luxury items and did not completely match a fundamental, utilitarian purpose. However, their form factor and marketing made them irresistible to consumers and that’s why they’ve gone down in history as two of the most remarkable innovations of their era.

How to Identify a Problem to Solve and Sell

Although it might seem like too big a feat to pull off, you can take a page from the same playbook. (This is especially true if you’ve been in business for many years, but even that amount of experience isn’t necessary.) The point is that there’s always a need for some type of improvement, innovation, or invention. The question really comes down to necessity and appeal. Here are a few suggestions for how to identify a common problem to solve and sell its solution:

Identify a problem or need. Let’s begin with the super obvious — the need to hone in on a need or an issue that can be filled or fixed. If you’ve been working in your industry for some time now, this might even be a common gripe of yours. Think about some type of flaw or problem and that should get you started.
Structure an attractive solution. Once you’ve identified a need or problem, it’s time to come up with a workable solution. Of course, this is a lot easier said than done, but the time and effort could be worthwhile in the end. Keep in mind that there are certain elements that can really help your solution sell. For instance, being appealing, convenient, cost-effective, and applicable to a wide enough consumer base to make it valuable to the public. (Or, even to others inside of your own industry.)
Test out your new product or service. After you’ve come up with a methodology or product, it’s time to test it out. You should experiment in at least a few different settings, with various scenarios applied to the test environment. This will help reveal any shortcomings and will also provide inspiration as you see it in action. Testing will also help you determine its overall viability in the marketplace.

What other suggestions do you have for identifying a want, need, or issue and coming up with the right fulfillment or fix? Please take a moment to share your thoughts and experiences so others can benefit from your unique perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Want to Grow Your One-Man Show into Big Business? Then Follow George Washington’s Example

May 22, 2025 No Comments

In 1775, the Continentals were planning to exit royal crown rule, but needed a leader.

3 Top Business Relocation Considerations

January 12, 2021 No Comments

Thinking about relocating your business? It’s something that many business owners think about, particularly when there’s a radical change in the economy. Or, they’ve had an immense increase in their growth or experienced a substantial decline. Regardless of the circumstances, entrepreneurs may consider relocating their companies for a number of reasons. But, when thinking about the move, get lost and frustrated within the many details. So, let’s focus on three of the biggest things you need to consider if you’re really thinking about relocating your business. The Relocation Conundrum There’s always pros or cons to relocating. For instance, you might be trying to escape a tight regulatory environment. But, your customer base is very broad and strong, and moving elsewhere might invite other obstacles. Or, there’s a huge upside to moving to a state with lower taxes, however, doing so means that you’ll have to take on less work in order to maintain your same level of quality with your current client base. Businesses grow. Products change. Economies flourish or flounder. Any combination of these or other factors can lead you to consider the possibility of relocating a business. As you consider the reasons to relocate your business, your primary concern has to be how the move is going to affect your bottom line. Don’t make any move without first considering all the factors for relocation and determining what the move may do to your customer base. —Houston Chronicle Small Business Obviously, there are upsides and downsides to almost any business decision. And, it is up to you to examine those advantages and disadvantages in order to decide whether or not it’s right to make a change. That’s where the “paralysis by analysis” phenomenon begins, causing you to overthink the situation and abandoning the idea altogether. 3 Top Business Relocation Considerations Because it’s such a big decision, it’s best to focus on just a few of the most basic questions. So, let’s take a look at some of the top business relocation considerations you start with: Overall cost. This not only includes the cost of moving, but expenses you’ll incur thereafter, such as taxes. Moving isn’t cheap, particularly if you have a large operation already in place. Then, there are the long-term costs, such as the aforementioned taxes. Think and project the most realistic scenario in order to gain an understanding of the feasibility of relocating. Work force pool. If you do move your business to another location, whether it’s to a nearby city, a neighboring county, or an entirely different state, the workforce pool will likely change, at least somewhat. Give this some serious thought and do a little research into possible relocation areas in order to make yourself aware of the local workforce pool. Growth potential. Obviously, if you’re reconsidering locating your business because of a downturn, make sure you’re not moving laterally to another destination that will resign you to the same fate. You should pick potential relocation areas based on your ability to grow your company over the long-term. Although we’re focusing on these three factors, what other elements would you consider to be among the most important? Please take a moment to comment to share your thoughts and experiences so others can benefit from your prospective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Top Networking Mistakes Too Many Entrepreneurs Make

June 13, 2017 No Comments

Even though we’re becoming more digitally connected through social media and other technology, personal interaction cannot be replaced. Whether you want to open a retail shop or start another type of business, you’ll have to network. While reaching out on social media is a must, there’s just no substitution for face-to-face conversation. We’re innately social creatures and you can definitely use this trait to your business’ advantage. But, don’t put unnecessary obstacles in your way. Instead, understand which networking mistakes most entrepreneurs make. Top Networking Mistakes too Many Entrepreneurs Make There’s no question opportunity awaits for you to start a business. And, there are also a number of financing options available. However, there’s another component to starting a company and making it successful. Of course, this requires customers patronizing your business. The question is, just how do you find customers or clients? The age-old answer is simple: networking. This practice provides a wonderful opportunity but it’s vital to do it right. There is a right way and a wrong way to network. If you are one of those people who hate to network and view it as phony or pretentious, then you are doing it all wrong. Networking is not about building a mammoth list of contacts or passing out business cards like you’re dealing poker. Networking means building mutually beneficial relationships. —U.S. News and World Report Networking allows you to become a known quantity. It also serves to sharpen your people and communication skills. But, it can also be frustrating, tiring, inconvenient, as well as near disastrous. What’s worse, is networking can also be counterproductive. If you want to get the most out of networking, you’ve got to know what does and doesn’t work. Here are some of the worst networking mistakes too many entrepreneurs make: Selling, not networking. Alright, this makes the “all-too-obvious” list. But, it definitely bears inclusion here because it cannot be left out. Think about what’s most annoying about those loud, hard-selling commercials you hear and see. Now, imagine you are the embodiment of those — selling, selling, selling to each individual you meet. That’s certainly not productive. Keep the sales talk to yourself and meet people, have pleasant conversations, instead. Failure to make and follow a plan. Entrepreneurs are notorious for making plans and following them step-by-step. Planning and executing provide awesome results because you set goals and then achieve them, one-by-one. That gives you a sense of accomplishment and increases your level of motivation. So, do the same when you go to a networking event. Make a plan and follow it. Not networking with regular consistency. If you network, you’ve got to do so consistently. Without consistency, you send a modest signal you’re not really interested in others. Also, without consistency, you run the real risk of always being relatively unknown and that’s not a good thing. Talking too much, as well as listening too little. Even if you’re not engaged in selling this or that product and/or service, talking too much is a big no-no. Everyone knows talking too much is downright impolite. Moreover, if you manage to hold back, be sure to actually listen. There’s a difference between being politely silent and being an active listener. Making pre-conceived assumptions about people. “Never judge a book by its cover.” So the old adage goes and it’s proven true, time and time again. Since this is the case, make a sincere effort to not form assumptions about others. If you do, it will have an impact on how you come across. What networking mistakes do you think should be included? How do you approach networking at-large? Please, share your thoughts and experiences by leaving a comment! Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]