What is a Business Pain Point?
Whether your business is just starting to grow or you’ve been in the game for a while, business pain points can still occur. A business pain point is a problem that your business is facing. There are two different kinds of pain points, your first step should be to identify which one your business is suffering from. There are those affecting your business and those affecting your customers. Whether that be one or both you should try to understand what the problem is,
how it has affected your business and what you can do to fix it and keep it from happening again.
Now with that being said, one isn’t worse than the other, rather a stepping stone to help your business stay on the right track.
Top Pain Points for Small Businesses:
Let’s identify the different kinds of pain points that your business or employees can face:
Once a business reaches about fifty or more employees it’s would be a good time to start looking for a manager to help relieve stress. Most entrepreneurs realize that they cannot handle everything by themselves, and new management resources have the potential to help alleviate this problem. You can focus on growth and development by bringing in a CFO, adding some human resources managers, and allowing specialists to take charge of their expertise areas.
Problems with innovation
A sustainable business must be reevaluated regularly so that it meets the needs of its customers. Although your product or service may have been ideal when you first launched it, how does it perform six months, one year, and five years later? Business pain points that are caused by not anticipating future customers’ needs are the most common, and the most difficult to fix once they have been neglected too long.
Lack of Funding
Don’t let funding be the reason your business is at a standstill, businesses need to ensure their revenues cover the costs of operations, supplies, and financing. Entrepreneurs and business owners often underestimate how much money and other financial resources they need to run a business. Suddenly, an unexpected expense has them scrambling for funds. Because of this, it’s important for every business to continuously seek capital and other financing options to remain competitive.
Low Budget for Marketing
An example of a business pain point is the lack of budget for effective marketing campaigns. Do you have a strategy for competing against companies that spend on advertising? When properly implemented, there are several inexpensive marketing options. Rather than spending large sums of money trying to appeal to the general public, develop buyer personas and market directly to them. Marketing campaigns on social media, email marketing, and content marketing can be used to target your ideal customer.
A successful business doesn’t just hire the right people but also retains them, especially if your pay package is not as competitive as larger companies. The thing to remember is that long-term employees don’t just look for money. Your long-term employees may lose a little enthusiasm or spark as your company grows and changes. Formerly engaged and positive people may turn toxic and spread their negativity to others. Why is this? Because their sense of significance diminishes, they must now adapt to new processes. Internal conflicts, poor attitudes, and decreased productivity are common cultural pain points.
Ways to Identify Customer Pain Points
Now, this isn’t the time to play the name game of who did what, but making sure who or what caused these pain points will help with the role of solving them. It is important to identify the factors that lead to your customers’ pain points. The needs of your customers will change as you grow.
To find out how you can best help your customers, here are some questions to ask:
- What challenges are you facing right now?
- Has anything stopped you from overcoming them?
- Are there products and services that could help you solve that challenge?
- Do you have any time-consuming tasks on your list?
- What is preventing you from reaching your two main business goals?
Now that we are aware of what a business pain point is, the different types of pain points, and how to solve them. We know that a good company doesn’t run on rainbows and sunshine. The more work you put into your business the better outcome you will see. Along with growth not only internal but also external. Many pain points are bound to arise for a growing business. Having your own business can be challenging, but it can also provide you with the most exciting and fulfilling experiences of your life. Take the time to determine if your small business is experiencing any of these common pain points, develop a plan for how to address each, and most importantly, have fun along the way!
If your business is currently experiencing pain points in any areas of your marketing plan, consider reaching out to Spotted Fox Digital Marketing for expert marketing management assistance. We have marketing strategy built around YOUR schedule, vision and needs.
Reach out today to schedule a free consultation with out marketing experts.