Every marketplace has its gaps or customer pain points. Any new entrant to a market will have to scour the market for existing gaps and attempt to fill them with their business. As marketplaces evolve, so do the shape and size of these gaps. New entrants need to be aware of where they exist, how it affects the consumer and how to resolve it with their business.
This article is going to help you identify these customer pain points and guide you through using that knowledge to tailor a personalised customer experience for your target market.
Identifying customer pain points – present and future
Customer pain points, to put it simply, are problems faced by your target market. Your potential customers may or may not be aware of the problem, the problem could already be solved, or it may not yet exist. When your customers are aware of the problems, it is a matter of identifying them and coming up with a solution. If a supposed solution already exists in the market, it comes down to how your product can offer a better solution. When the market is not aware of the problem, it falls upon you to identify it through research, innovation and often a pivot from established systems.
The three processes to identify customer pain points are:
It is not up to you to make assumptions about customers needs, it is for them to tell you. What you have to do is to make use of the means at your disposal to find ways to get your customers to talk to you. Polls, surveys, cold-calling, social media, live chat, and product reviews offer the easiest and most cost-effective ways for you to do that. Your goal should be:
(a) Pinpoint how you can add value to the market (read: fix problems) with your product.
(b) Identify the size of the market.
(c) Identify gaps in the marketplace that remain unfixed by existing systems.
Engaging with Influencers
Today, there are no isolated marketplaces. Be it the industry bigwigs or the small fry, every company exists as a part of a mutually reliant system. What this means for new entrants to a marketplace is access to an expert peer group of professionals with proficient knowledge about the industry. That list includes industry experts, educators, researchers, analysts, brand journalists, bloggers, and even competitors who engage with and advise one another on the industry and its trends and quirks. By engaging with industry experts, new entrants are better educated about the expectations and problems that affect their market. Unlike monopolistic markets which are wary of outsiders, current marketplaces are more open to new entrants.
Walking in your customer’s shoes
Not all pain-points are created equally. Some ensue from a wish for a better lifestyle (the iPod made it easier to listen to music on the go), some from the need to increase productivity (vacuum cleaners over brooms) and then some that came into existence because of systems that were supposed to solve customer Go to the full article.