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.

Like this article?

How to Use Social Media to Promote Your Business

February 13, 2018 No Comments

Social media can really become a workplace problem. And, it’s always a good idea to have an effective social media employee policy. But, it is also one of the most powerful marketing tools business have at their disposal. It’s free. It can potentially reach thousands to tens of thousands of people. Plus, it’s very easy to use. Well, that’s not always the case because some businesses actually don’t quite know how to use it correctly. Why Social Media is an Important Business Tool Social media is an important business marketing tool because it’s part of our day-to-day lives. The vast majority of consumers are on at least one or two platforms. Therefore, the exposure is far and wide. It’s not just about branding and marketing outright, either. Social media offers customers yet another contact and engagement point. Customers should know you are serious about promoting your company, about announcing when there is a new milestone, about company news that might make them want to buy a product, not just laugh at a video. They need to see effort, not occasional hits. —Inc.com There are plenty of instances where companies have used social media to their advantages. (Of course, there are plenty of examples where companies have publicly dropped the ball.) But, more often, social media is an avenue to build a following. The more followers, the more interest and sales a business receives. How to Use Social Media to Promote Your Business To really tap into the power of social media, you should know some basic ground rules. If you’re going to make it work for you, it’s important to understand how to go about it. Otherwise, you’ll simply be wasting your time. Here are some helpful tips for how to use social media to promote your business: Make all profiles uniform. Most businesses set-up more than one social media account. Facebook, Twitter, and Instagram are among the most popular. Whatever platforms fit your business, they should all be uniform. In other words, present the same “face.” The same profile picture, the same bio or about, and so on. This provides a seamless experience and avoids confusing people. Provide value. Whatever you share, it should have some sort of value. Be it advice or just good for a laugh. And, you should always use the 1-in-7 rule — one post overtly promotes your business, the other six provide valuable information. Showcase your expertise. It’s always a good idea to periodically share insider information. (No, not the kind that goes against insider trading rules.) Rather, the kind of information the average person does not know or know much about. Ask questions that beg answers. The whole point of social media marketing for business is to get users to engage. So, ask questions that are conversation starters. And, when people respond, be sure to interact. Use images to your advantage. It’s a well known fact that posts with images gain a whole lot more attention than text-only posts. Use interesting, mood-evoking images for the best results. How do you use social media to promote your business? What techniques work best for you? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Pros and Cons of Buying New vs Refurbished Office Equipment

April 12, 2023 No Comments

Office equipment can be quite expensive. But, it’s necessary. So, there’s not a lot of choice precisely because it is an absolute must. Although, there are a couple of options. It’s entirely possible to procure office equipment in two different ways. Small business owners can buy new or purchase refurbished. However, this, of course, raises a number of questions. So, let’s take a look at all the benefits and downsides of purchasing new versus buying refurbished. Pros of Buying New Office Equipment There are many pros and cons to consider when deciding whether to buy new office equipment for your small business. Here are some of the key factors to think about before you commit to obtaining new equipment: Improved productivity and efficiency. With new office equipment, your employees can work faster and more efficiently, which can lead to increased productivity and profits. For example, a new computer system with faster processors and more memory can help your employees complete tasks more quickly. Reduced costs. New office equipment can also sometimes help you reduce your costs in the long run. For example, a new energy-efficient printer can save you money on your energy bills. Improved customer service. Yet another benefit is new office equipment can help you provide better customer service to your clients. For example, a new phone system with call forwarding and voicemail can help you keep your business running smoothly even when you’re not in the office. Enhanced security. Additionally, new office equipment can help you protect your business from security threats. For example, a new firewall can help you protect your computer systems from hackers. Improved morale. New office equipment can help boost morale among your employees, which can lead to increased productivity and loyalty. For example, new office furniture can make your employees feel more comfortable and productive. As you can see, there are some very convincing reasons to buy new. However, just because it’s new does not mean that it’s the right choice for your organization. Just like anything else, there are also some downsides you should be aware of. Here are the disadvantages of buying new. Cons of Purchasing New Office Equipment While these are some compelling reasons to buy new, this doesn’t mean that it won’t come with a few disadvantages, for example: Initial investment. Buying new office equipment can be a significant upfront investment. You’ll need to factor in the cost of the equipment itself, as well as any installation or maintenance costs. Depreciation. The value of new office equipment will depreciate over time, which means you’ll eventually need to replace it. Obsolescence. New office equipment can quickly become obsolete as new technologies emerge. This means you may need to upgrade your equipment more often than you’d like. Maintenance. Of course, new office equipment will require regular maintenance to keep it running properly. This can add to the overall cost of ownership. Training. Your employees may need training on how to use new office equipment. This can be a time-consuming and costly process. Ultimately, the decision of whether to buy new office equipment is a complex one that depends on your specific needs and budget. Weigh the pros and cons carefully before making a decision. Advantages of Buying Refurbished Office Equipment Now, we’ll take a look at the benefits of purchasing refurbished office equipment. Here are the biggest upsides to going this route instead of buying new: Cost savings. Refurbished office equipment is often much cheaper than new equipment. This can be significant savings for small businesses that are on a tight budget. Environmental benefits. Buying refurbished office equipment helps to reduce waste and conserve resources. This is a positive environmental impact that can help you feel good about your business practices. Similar quality to new equipment. Refurbished office equipment is often just as good as new equipment. It has been thoroughly tested and repaired, and it comes with a warranty. Flexibility. You may be able to find refurbished office equipment that is not available new. This can give you more options when choosing the right equipment for your business. Disadvantages of Procuring Refurbished Office Equipment Obviously, there are also some downsides to consider when it comes to refurbished equipment. Here are the things you might come across if you choose to buy refurbished rather than new equipment: Limited warranty. Refurbished office equipment typically comes with a shorter warranty than new equipment. This is something to keep in mind if you are concerned about the potential for repairs or replacements. Possible cosmetic issues. Unfortunately, refurbished office equipment may have some cosmetic issues, such as scratches or dents. This is usually not a major concern, but it is something to be aware of. Compatibility issues. If you are buying refurbished office equipment from a third-party seller, there is a risk that it may not be compatible with your other equipment. This is why it is important to do your research and buy from a reputable seller. Ultimately, the decision of whether to buy refurbished office equipment is a complex one that depends on your specific needs and budget. Weigh the pros and cons carefully before making a decision. What other pros and cons would you add to these when it comes to buying new or refurbished office equipment? Please take a moment to share your own thoughts and experiences so other people can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

Studies and Statistics Show Gen Zers Prefer Entrepreneurship – So How Do Small Businesses Attract Young Talent?

February 9, 2024 No Comments

Studies and Statistics Show Gen Zers Prefer Entrepreneurship – So How Do Small Businesses Attract Young Talent? (WBC) In recent years, the entrepreneurial spirit has been on the rise among the Gen Z population. With more and more young people opting to start their own companies, small businesses face a unique challenge in attracting young talent. That necessitates learning various strategies small businesses can employ to attract Gen Z talent and remain competitive in today’s job market. Understanding Gen Z’s Entrepreneurial Drive The demographic cohort born between the mid-1990s and the early 2010s – Gen Z – has grown up in a world of rapid technological advancements, social media, and global connectivity. This has fostered a strong sense of independence and an entrepreneurial mindset among many members of this generation. Gen Zers are known for their desire to make a positive impact on the world, their focus on social and environmental issues, and their preference for flexible work arrangements. By understanding these characteristics, small businesses can tailor their recruitment strategies to appeal to this demographic. Strategies for Attracting Gen Z Talent In a landscape where Gen Zers are increasingly drawn to the allure of entrepreneurship and startup ventures, attracting their talent to small businesses may seem like a challenge. However, there are strategic approaches that savvy small business owners can employ to entice the entrepreneurial-minded Gen Z workforce. Offer flexible work arrangements. Gen Z values work-life balance and flexibility. Small businesses can attract young talent by offering flexible work hours, remote work options, and a relaxed company culture that promotes a healthy work-life balance. Provide opportunities for growth and development. Gen Zers are eager to learn and grow professionally. Small businesses can attract young talent by offering training programs, mentorship opportunities, and clear career progression paths. Leverage technology. Gen Z is the first generation to grow up as digital natives. Small businesses should embrace technology and digital tools to streamline their operations and appeal to young talent. Offer competitive compensation and benefits. While Gen Zers value purpose and impact, they obviousl expect fair compensation and benefits. Small businesses should offer competitive salaries, health insurance, and retirement plans to attract young talent. Emphasize purpose and impact. Gen Zers are highly motivated by the desire to make a difference in the world. Small businesses should highlight the social and environmental impact of their work, as well as the company’s commitment to making a positive change. And, here’s a bonus tip – don’t be afraid to embrace their entrepreneurial spirit! Offer internship programs focused on innovation, consider employee ownership options, or even collaborate with them on side projects or ventures. Remember, Gen Z sees work as an extension of their lives, not just a means to an end. Find ways to integrate their entrepreneurial ambitions with your business goals, and you’ll create a win-win scenario for everyone. By adapting your approach and creating an environment that resonates with their values and aspirations, your small business can become a magnet for the dynamic and innovative talent of Gen Z, propelling your company to new heights in the years to come. So, open your doors to the entrepreneurial spirit, and watch your hive buzz with the energy of the future! Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at 602-435-5474, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.