“We are continually faced by great opportunities brilliantly disguised as insoluble problems.”
Welcome to Module 2: The Solution
Opportunities as identified by Mr. Iacocca lead to the Solutions that lead to innovations that lead to new companies and inventions. It’s time to focus on your big opportunity: your Solution to the Problem. Now that you have properly defined the Problem, the next natural step is to craft a complete Solution that solves the Problem such that customers will pay. The key to a successful Solution is to focus on how the customer will benefit from use. Too many times, businesses focus on promoting the features of the Solution rather than the benefits. Features are important without a doubt, but customers want to know, “What’s in it for me?” The best way to find out what your customers want (and if they will pay) is to get out and talk to them! Perform some customer discovery to validate your Solution.
A successful solution must provide meaningful and impactful benefit to customers. There must be a significant “Goodness Factor” that saves customers time, saves/makes money or leads to the formation of new and valuable relationships. It is likely that early in this process you will encounter multiple solutions so it will be valuable to explore several potential options in order to identify the highest value solution. You are searching for a Solution with the best Product/Market Fit (allows you to enter a strong market with a product or service that can best satisfy that market). A compelling Solution addresses the following:
- Customer benefit or “Goodness Factor” is clear. The Solution saves time, saves/makes money and/or leads to valuable relationships.
- “Goodness Factor” is significant. 3x-10x impact on customers.
- It is easy to explain how the solution is unique and better than current offerings.
- This uniqueness can be maintained as the concept is introduced into the market.
- Initial Customer Discovery has been conducted with encouraging feedback.
- There may be opportunities to file a patent or apply for a trademark to protect the concept.
If you haven’t already downloaded the the StartUp BreakDown template, we recommend you do so right away. This fillable form will allow you to take the lessons from each of our 8 modules and apply them to your business idea. By the end of the course you will have created a customized business summary and analysis for your concept which will put you on the path to success!
— Craig Markovitz
Click to download your very own StartUp BreakDown template. Take the lessons from these 8 modules and apply them to a framework for your business or idea!