There is a commonly used saying among B2B tech companies that I’ve heard repeatedly while looking into the space:
“Find a Pain Point … Then Solve It!”
I’m not saying this doesn’t come up when talking to consumer companies, but … not so much.
On the consumer side, novelty and uniqueness are often demanded of any new product or service. Don’t get me wrong, some great companies and products have come out of novel ideas that just wanted to do something new, but it’s definitely not the mantra you see in B2B.
What I now find interesting are problems that are so terrible that people go to the web, their phone, or their friends looking for a solution. This is important because any new product needs to find their customers and customers looking for a solution are easier to target.
Regardless, there are a couple of problems that impact consumers which I now think are sooooo painful, that people actually go out of there way to find a solution.
I am very biased on this subject as I love to write and talk about dating (although I’m married and not looking). But, dating has become so painful for people as free-time shrinks, demands increase, and the average marrying age falls back. Look at the rise in online dating and it becomes very apparent.
It’s been many years since I bought my condo and the thought of ever having to go through that again scares me. Finding a realtor you can trust, finding a bank that isn’t trying to scam you, figuring out what “closing costs” are … it’s a nightmare.
It used to be that you worked at the same job for all your life and they gave you a pension. Now, we can’t even trust that Social Security will still be around in a few years. As more and more non-rich individuals need to navigate the financial markets and the number and complexity of financial vehicles keeps increasing, there is a lot of room to help out this new generation of investors.
Again, personal bias as I remember the pain of finding my first job post-MBA, but it sucks for everyone. You have to network, you have to sit through a lot of coffee’s, drinks, and interviews to get to an offer. Or, you apply like a madman to tons of online portals and spend the rest of the time searching through endless job postings. Then when you get an offer, how do you negotiate, price yourself, or value the benefits.
There are so many facets to healthcare, and surprisingly so many of them are painful. From finding a doctor, to picking health insurance, to making sure you have the right diagnosis … it all hurts.
The one that I forgot …
I would love to hear what you think is another industry that consumers find SOOOOO Painful … that they go out and look for a solution. Leave a comment!