At its heart, all business, whether it’s a service or a product deals with reaching and providing a solution to a point of pain.
Even a business like video games, or the lottery which deals with entertainment,’touches the pain of boredom for people.
Points of pains can be one of the leading indicators if a startup or business can be successful or not.
We will broaden this concept more down below, and tell you how you can make your business Pain point friendly.
What are Point of Pains?
Pain points are specific areas that a prospect or customer is experiencing a level of discomfort.
When I’ve heard experts speak of the ability of a business to reach the pain of a customer, I’ve always had a disconnect with businesses that didn’t seem to have a visible Pain point that it reached but did well financially.
It didn’t make sense to me.
It’s easy to think of a Pain point as something a doctor may fix, like if someone broke their leg or had a toothache they would pay anything to relieve that pain.
But what about video games, Netflix and other tv channels, or maybe even Facebook which on its surface doesn’t seem to address a visible pain?
Businesses like these make you rethink your characterization of pain points as a visible pain.
I like to define pain points as an uncomfortability like an itch that needs to be scratched.
If you’ve ever felt like you had to itch your nose while you were carrying something while your hands were tied up?
Or a mosquito was sucking your blood while your hands were tied up?
There is an almost uncontrollable itch that must be scratched at any costs.
You can’t ignore it.
It keeps building up, and building up, until you rush to scratch it.
This is how you want your business to function in your customer’s minds.
That’s reaching a Point of Pain.
For example Facebook, it doesn’t seem to have a visible Pain point.
But it actually address their customers need for connection, and finding out the latest developments in their friends and contacts lives.
It’s why people feel compelled to check their Facebook page at every available moment.
What Happens when you don’t understand your Point of Pains?
Studies say that 95% percent of Startup fails.
Lack of understanding of a business’s Pain Points, especially during the startup phase is probably at least 75 percent of the reason most startups fail.
This is a daunting figure.
But I can almost guarantee a predominant amount of them failed because the founders did not have a clear understanding of their pain points in the business.
A good idea is great to have.
But a good idea is only half the battle.
How your idea will be received by your potential customers is the other half of the battle.
This is where Pain Points come in.
One of the characteristics that business owners and entrepreneurs need to develop is looking at their idea with a cool and level head.
It’s so easy to get enthusiastic about an idea.
It’s easy to let the rush of emotions carry you away. Some business owners love that feeling more than love itself.
They love experiencing that rush, that dopamine hit that comes from believing you have a great idea that will change the world in some way.
It feels good.
But you must, must, be careful that you do not let it carry you away.
You need to double, and triple check that your idea addresses a verifiable Pain point, and not one you just think is a Pain point.
Those 95% of startups that failed thought they understood their potential customer’s point of pain, but obviously they did not.
It is so easy to get deceived by a false Pain point.
Often times we think because we have a valid Pain point or discomfort that we need to solve for ourselves, that there must be a requisite critical mass of people who also share that Pain point.
We are experiencing a personal bias.
We believe that what we feel, is what everyone else must feel.
And you may be right, but you have to verify that assumption.
That assumption should be able to be addressed with data, not just your hunch.
As the saying goes ‘the road to hell is paved with good intentions’.
Well the road to business failure is paved with good hunches.
How do you increase your Pain Point Effectiveness?
Increasing the point of pain effectiveness of your business all starts with how you begin your business.
Your initial setup.
Did you make sure your product or service addresses a fundamental need that humans no matter where they are on this earth, have?
Can you if it was possible, place your business or service in another country and it still be relevant?
If not, you may not be offering a product or service that truly addresses a fundamental human need.
How do you know if your addressing a fundamental human need?
Yes I know, I’m giving you a little work. How could I?
But if your product or service means something to you, you will be willing to work for it.
Even just a little bit.
So you need to research the different types of human needs people have.
For example, people need food to survive. So therefore we have restaurants.
Or people need to transport themselves to different places and locations. So we have automobiles and airplanes.
These are big fat hairy needs that everyone has, but there are smaller needs that you need to do research also.
Maybe you have an idea for an app, what need does it address? Entertainment.
Then how so?
You want to make sure you deep dive into the fundamentals of you business, so you don’t waste a lot of time and money promoting something that was doomed to fail from the beginning.
You need to ‘kill your sacred cows’. As a business owner you have to kill the ideas that you may hold dear for you to be successful.
It may sound heartless, but it’s the only way to save yourself from a lot of headaches.