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The Two Questions Behind Every Successful Product And Service
There’s a subtle difference between a product or service that stems from an idea and one that’s born from recognising an opportunity. Ideas are solutions in search of problems. Opportunities are problems begging for a solution. The magic of solving problems for a specific customer is that the marketing is baked into the product.
Like many disruptive companies, the team at Dollar Shave Club created a compelling product, innovative business model and viral marketing campaign simply by understanding their customer’s pain points.
We find opportunities when we look for problems to solve, by asking the following two questions:
1. What’s happening that shouldn’t be?
2. What’s not happening, that should be?
In the case of Dollar Shave Club, the answers were clear. The razor blade market was dominated by a few legacy brands who had no direct relationship with their customers. Men were paying a lot of money for shave tech they didn’t need. Buying expensive razor blades didn’t necessarily guarantee a better shaving experience. Shopping for razors and replacing blades wasn’t as convenient as it could be. The startup disrupted the market by addressing these unmet needs.
The utility, quality and success of our products and services improve when we pay attention to what’s missing in our customers’ lives.
What gaps can you fill for your customers?
[Learn more about turning your insights into successful products and services in my new book, Hunch].
Image by Thomas Hawk.