Girl Pointing Up

PAIN POINTS FOR BUSINESS GROWTH

There are thousands of books (some bestsellers) over the last decade that tell detailed stories of companies that have made it big on solving customer pain points and edging out competitors with innovation. Whether the solution was power or speed or customisation, the business made sure that their solution was reliable and built trust. Almost every business guru out there in the world will tell you 3 areas to focus on if you want to grow your business and take it to the next level.

Well, it seems simple enough right? But in actuality it's a lot harder than most business owners and leaders will admit. We all know what a customer pain point is - they are specific problems that prospect customers are experiencing in their business or lives.

 

From an established business perspective (Internal) there exist 4 categories of pain points:

Productivity Related

These cover everything related to efficiency, experiences and redundancies that affect the buying process and cause increasing levels of frustration. 

 

Support Related

These cover everything related to pre and post sales: Prospects who cannot find answers to problems in the pre sales funnel or customers who cannot get answers to problems in the post sales funnel.

 

Financial Related

These cover not just the financial implications (they could be spending too much money on existing solutions and want to cut expenses) but also financial pain points related to time that prospect customers are experiencing (i.e. solutions that need to be frequently replaced due to low quality or after a stipulated time. 

 

Process Related

These cover areas where there is friction between your business and your customer in your pre-sales and/or post sales funnel. While customers increasingly want convenience they also want simplicity which is where most businesses fail (i.e. you can buy our solutions from anywhere at the click of a button but if you have a problem it’s going to take you 7 minutes to navigate through our 'friendly' automated voice system before actually talking to a human being on the other side of the call).

 

As business owners and leaders you already have a deep understanding of your products/ services/ solutions, hence unconsciously carry a bias or two when putting yourself in the shoes of your customer. The reality is that your prospect/ customer most likely does not know as much as you do and faces pain points that you overlooked/ don't consider or never imagined to address. It is also possible that some leaders might be afraid to open up this kind of discussion and choose to follow the ostrich effect.

 

Talking to your customer service and sales team in addition to your prospect/ customers with a specific set of questions will help you overcome not only customer purchase frictions but maybe even simplify your systems and processes. Industry forums, google trends, industry surveys etc. can also help you define the outer framework. Being aware of what pain points exist, whether you can solve them, which ones add value, can only come from discovery and provide clarity and transparency. Once you have accomplished that, ensure that your internal teams and your customers have been informed and understand that you have solved this pain point(s). Using these insights, redefine your Unique Value Proposition(s) to market your products/ services to new prospects.

From a B2B perspective there exist 3 categories (External) of pain points:

Attraction Related

These cover everything related to attracting new customers, employees and retaining customers, existing employees, attracting new capital for future investment or paying off debt, attracting or increasing market share.

 

Savings Related

These cover everything related to cutting costs, increasing profits, optimising expenses, reducing waste…

 

Productivity Related

These cover everything related to efficiency, experiences and redundancies that affect the buying process and cause increasing levels of frustration. 

13 questions that can help B2B businesses discover and solve pain points:

  • What are the business challenges your company currently faces?

  • What are the top 5 or top 10 overall priorities for the year?

  • What are your company’s business strategies for growth this year? 

  • What are the things that you currently do that you feel you need to stop doing?

  • What does your current customer journey look like?

  • Where are the things that stop your business from meeting its growth targets?

  • How is your businesses performance measured?

  • What keeps you up at night?

  • What aspects of your marketing and sales funnel don't you like? What is the most sluggish/ boring part of your process?

  • On which tasks does your company spend most of its time and efforts?

  • What kind of solution does your company want and not want?

  • What is the 1 thing you company would change if it could snap its fingers or wave a magic wand?

  • What does your approval process look like?

From an "End Customer" perspective there exist 5 categories of pain points:

Money Related

These cover everything related to earning money, repaying debt, arguments with spouse etc.

 

Health Related

These cover everything related to health, aging, weight gain, weight loss, loss of strength, balding, fear of death etc.

 

Relationship Related

These cover everything to do with loved ones, immediate family, raging parents, divorce, separation, potential partners etc.

 

Work Related

These cover everything related to career, growth, layoffs, retirement etc.

 

Spirituality Related

These cover everything related to spirituality, higher purpose etc.

 

5 rules to follow when conducting an enquiry with prospects/ customers:

 

  • Avoid telling them about a new solution your company is working on or plans to introduce. People in general are nice and polite and will most often tell you it's a great idea even if they feel otherwise. This results in you believing that the new idea is the next best thing to 'sliced bread'

  • Always ask prospects/ customers at least one question that could potentially force a dramatic pivot of your business

  • Elaborate the problem you’re trying to solve only after putting yourself in a paying customers shoes

  • Let your prospects/ customers do most of the talking

  • Ask them about their current solution, their experience, their use, what they love or hate about the solution, what they care about and what they couldn't care less about.

 

Conclusion: With the dramatic changes to the business landscape and customer behaviour caused by the pandemic, ignoring the new need states of customers could be devastating to businesses. What truly defines and separates a great brand from the horde is that they not only understand the pain and emotional needs of their prospects/ customers but also their ability to create a brand experience where customers feel listened to and understood.

Trigger Worldwide is a Brand Marketing Agency, built specifically for businesses to create Sustainable Growth. Our proprietary tools and process methodologies harness Technology, Creativity & Innovation, leverage Economic Drivers and Consumer Beliefs to help businesses overcome marketing inefficiencies and achieve their Growth Agendas.

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