Marketing Fundamentals: The Problem You Solve
About this Chapter
Understanding the specific problem your business addresses is crucial, especially in a market dominated by larger competitors, as it allows small businesses to effectively differentiate themselves by focusing on community-specific issues like service, pricing, quality, convenience, speed, and location.
Clearly defining and communicating these solutions not only attracts loyal customers but also ensures small businesses can compete effectively, even against bigger players.
The Role Problems and Solutions Play in Marketing
Marketing transcends merely what a business produces, as it fundamentally revolves around understanding and addressing the specific problems faced by a community, enabling small businesses to compete effectively by focusing on flexibility and clarity in their solutions despite the challenges of market commoditization.
Prevailing Problems in Your Community
Service problem
The Service problem is the perception that competitors offer inadequate customer experiences or fail to meet customers' needs.
Pricing problem
The Pricing problem is the belief that the affordability of products offered by other businesses is too high or that there is an opportunity for your business to serve a neglected or current audience more frequently.
Quality problem
The Quality problem is the belief that the quality of a business product is neglected or when a superior product is believed to be possible. It is typically caused by underdeveloped procedures or a lack of experience.
Convenience problem
The Convenience problem is when a competitor's combination of speed and location is believed to be inadequate, and better convenience is possible (this problem is caused by underdeveloped procedures or failure to modernise)
Speed problem
The Speed problem results from poor communication or training among competitors and their failure to modernise, and faster service is believed to be possible.
Location Problem
The Location Problem occurs when there are no options for a product or service in a convenient area (this depends on the service you provide)