What is the problem you are trying to solve?
In this case, you try to identify what is that special thing that makes your business unique. This can either be the health benefits of your smoothie, ensuring proper hygiene or making life easy for your customers by delivering food to them at the office.
When does the problem arise?
This is usually the instance whereby, office workers cannot visit the market due to their busy schedule. Hence, you provide them with an office delivery service for fresh food stuffs.
Where does the problem arise?
Problems may arise due to the location of the target market. For example, rural women may lack access to finance.
What causes the problem?
This can be due to some disadvantages depending on your business. An educational disadvantage for businesses focusing on education.
List some of the symptoms of the problem you are trying to solve:
Looking at the sex of your target customers is very important in defining the growth of your business.
How old are they?
The age of your target market is important
Are they part of a small family or a large family?
Your target market community
What do they do for a living?
They could be workers, traders, business people students etc.
Do they live in a large city, a town, or a small village?
Your target market location
How long have they had the problem?
The time since you think the issue existed.
Now you should be able to draft a list of problem statements, which look like this:
[A Customer] has a [Problem] because [Your assumption]
Describing the existing solutions to the problem you are trying to solve…
What do these solutions do?
Examining your competitors businesses.
Who are the major organizations providing these solutions, if any?
List out your competitors
How much do the solutions cost?
The price of your competitors’ solution
What do you think these solutions do well?
Describe the advantages of your competitor solutions
What do they do poorly?
Describe the disadvantages of your competitor solutions
What will you do better?
Examining the unique selling points of your solution
What will you do that these solutions do not?
Something completely different (added extra) to your solution. It could be a “better customer service” or “quick response to customer feedback”.
Understanding your solution
Describe your solution in no more than three sentences. Keep revising these sentences until they are as simple and direct as possible.
What are the trends influencing your solution?
Explain further each of the points listed above as it relates to your business