This article first appeared on September 6th, 2011.
One of the great questions that mentors, investors and other key stakeholders like to ask is: What problem do you solve?
It’s a great way of explaining your value proposition very succinctly and quickly. And if you struggle to answer this question, investors will invariably start to wonder whether you actually understand your own business.
I’m assuming that you’ve got an answer to the “what problem” question that blows everyone away. But why not start taking that to the next step and assigning a specific problem to every product or service in your range?
Let’s say you are a boutique hotel and the main problem you solve is providing quality and affordable accommodation to travellers looking for a unique experience.
So far, so good. But within your range you have a number of products: serviced apartments for longer stays, an express service for overnight stays, a mini-break package and a spa treatment holiday package.
All of these different products solve a specific problem:
- Serviced apartment – the perfect solution for couples and families looking for a self-contained vacation in a boutique hotel.
- Express service – the perfect solution for business travellers on the move.
- Mini-break – the perfect solution for busy professionals looking to get away from it all in a luxury environment.
- Spa treatment package – perfect for couples who need to recharge and relax.
I’m sure you can come up with better solutions, but you get the point. By attaching solutions to each product you have defined your ideal customers and created five little marketing campaigns.
Get it done – today!