I came across some brilliant advice recently that I thought I’d share, as it relates to devising or constructing your business or app ideas. Basically one of the most common pitfalls of any new entrepreneur is trying to prescribe an aspirin to their potential customer when the customer feels no pain. The entrepreneur will often say “No trust me, you have pain you just can’t feel it. Take the aspirin I’m giving you.” The customer will often stare blankly and go away, never to use the business or app solution that was developed. The first and most important thing that needs to be done is to detect where the customer pain point is. What nags at them daily? It very often is something they take for granted as a reality that must always be that way, for it always has. If your offering can relieve that pain, then people will seek OUT your aspirin. You won’t have to shove it down their throats. So when coming up with any business or app idea, always ask yourself, what pain is this relieving? You’ll more often than not be successful with that approach. Although I’m not a serial entrepeneur myself (yet) I witness it often with the new product offerings we devise here at Intuit. Lastly, I realize one of the fastest growing types of industries are those based on the experience economy, whereby you take a commoditized task, wrap an amazing experience around it and people will pay a premium for it. Starbucks used to be the obvious example, but as the brand grew and became a watered down experience…a resurgence of the local ‘hand made’ artisan / barista experience is making a come back. Also think about what Uber has done to the cab industry. So on the flip side of curing a pain, also seek out ways to provide a sense of pleasure to the mundane tasks we all go through on a daily basis. Happy hump day :)
Posted on: Wed, 21 May 2014 17:57:03 +0000
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