Finding the Pain, and How Deep It Is

Every single product or service has been designed with the concept of fulfilling a particular need. Yet, why is that only a few are an instant hit among people and the rest pass by unnoticed? Many attribute the success of a product to reasons like cost, marketing, and many more. But, the real reason behind every product’s triumph is its ability to solve its customer’s pain points. So, what are pain points?

Each pain point refers to a specific problem your customers are facing. Ideally, you want to position your product or service as a solution to that problem.

And here’s the thing about pain points: really understanding them is what makes or breaks your deals.

In this episode you'll learn:

  • Why people buy

  • Loss aversion

  • Service Opportunity Indicator

When you are selling products or services, it is important to know why people buy. Marketing, sales, operational infrastructure, and customer service should be constructed with the consumer purchasing perspective in mind.

Loss aversion is not as simple as looking at how people hate losing. Instead, it’s how people hate losing more than they like winning. In other words, it focuses on how people hate losses more than equivalent gains.

This can lead us to fearing loss, even when that fear isn’t justified. The idea of just losing out can make us commit to, or invest in, something.

In the end, finding your customer’s pain points will serve as an indicator that you can help their business to innovate a solution or cause the business to grow exponentially.

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