What is the problem your business solves?

Transcript

People call “brand” by other names too.

Some people call it the mission, the purpose, the vision. Others call it the company’s heart and soul, or the company’s reason for being. And others call it the value proposition, the problem statement, the solution statement.

Regardless of what you call it, the essence of business, the essence of commerce, is to provide something of value to a person, enough value that they’re willing to trade something of theirs that you value.

And one way to think about that value is -- what is the problem that your business solves for this person? Because people value things that will remove the pain in their lives. When you take the trouble to get very crisp about the nature of the problem that you solve for your customer, you make it easier for that person to say “yes” to you.

What does your business pledge that it will do for your customer?

It doesn’t matter so much the term you use. What matters is that you articulate it. What matters is that you make that promise central to your business, so that it can guide all your decision-making way beyond brand and marketing. The whole commercial value of your business comes back to the value that you bring to your customer. Why is this person better off for having said “yes” to you?

Some examples.

Basecamp

The problem was friction in asynchronous work. The solution is to remove that friction so that the team can collaborate smoothly.

Blistex

The problem is painfully chapped lips. The solution is medicated lip balm that will heal them.

Zillow

The problem is you don't know what a given home is worth, so you don't know how to bid on it and buy it. The solution is the Zillow Zestimate, which is an algorithmic predictor of a home’s worth.

What is the problem that your business solves? What’s the nature of the pain that your prospective customers are in because they don't have your solution?

Remember, when you take the time and energy to articulate the problem that you solve, you’ll set yourself up to create more value both for your business and for your customer.