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The business world has changed significantly during the past few years. This includes changes that have been driven by the development of modern technology including artificial intelligence (AI), software as a service (SaaS) and teleconferencing software, along with rising client expectations.
As the founder and CEO of a company that enables websites to offer and monetize video conferencing, billing and scheduling, I’ve seen how important it is to keep up with changing technology. If leaders of technology companies want their businesses to succeed in the modern era, they need to rise to meet new expectations. This means understanding the pain points surrounding businesses and how you can tailor your products and services to meet them. What are potential areas that you could be monetizing?
Issues Surrounding Process
A significant number of business problems fall under the category of process and infrastructure. For example, many businesses today are taking advantage of video conferencing software. With so many people working from home, many businesses have had to adapt on the fly. One set of statistics shows that between 2010 and 2020, there was a 400% increase in the number of people who worked from home at least once per week. Another set of statistics shows that the number of people working from home five or more days per week has risen from 17% before the pandemic to 44% during the pandemic.
These professionals still work as members of a team, so they need to stay in touch with their teammates, often by using video conferencing software. What happens if that video conferencing software isn’t reliable? What if their conferences aren’t secure? This is one example of a pain point that B2B companies might be able to address by developing a more reliable product or software program, leading to revenue growth.
Other business pain points concern productivity issues. These pain points involve problems in the business world that are time-consuming and tedious. In this case, SaaS programs might be able to address the issue. SaaS can provide businesses with access to automation programs that might be able to remove these tedious tasks, expediting daily business operations, like automating lead nurturing, automated conversations, teleconferencing and scheduling. [Disclosure: My company helps with some of these processes.]
This is another sector of the economy that’s growing quickly, with statistics showing that SaaS is expected to generate more than $140 billion in 2022 alone. By targeting issues related to productivity, businesses can use automation software to meet the needs of their clients.
Complications Regarding Finances
Finally, many businesses have financial pain points as well. This often takes place when the business has a product that works great; however, it might not be affordable. AI technology might be able to address these concerns. AI technology is growing quickly, allowing managers to make faster insights to respond to changing market conditions. IDC forecasts AI services technology to grow by more than 17% in 2021 when compared to 2020. AI technology can help business leaders and managers identify ways to address affordability issues related to products and services, cutting areas of waste to save money. Some examples of financial pain points include siloed data, organizational inefficiency and missed opportunities to innovate.
Identifying Pain Points And New Opportunities
In the AI industry, it can be easy to miss out on tried and true methods to gain actionable intelligence. To identify pain points, we can turn to marketing wisdom that has been developed on the subject over the last two decades. The prevailing wisdom on this topic asks startups to begin by modeling client needs and capabilities. However, you can also identify common pain points by simply asking questions. I recommend the following questions:
• What are your business challenges?
• What are your overall priorities?
• What do you need to stop doing?
• Can you describe your customer journey?
• What stops you from meeting growth targets?
• How is your performance measured?
• What keeps you up at night?
• What aspects of your role don’t you like?
• How much time do you spend on certain tasks?
• What do you want and not want in the solution?
• What would you change about your job/company?
• What are your growth plans and strategies?
• What does your approval process look like?
• What’s the most sluggish part of your process?
Listen to the needs of your clients. Once you’ve identified pain points, you can begin to address them. In small business marketing, we learn that the consumer loves to be listened to. The same is true of executives and other decision-makers.
Leveraging Pain Points To Grow Your Business
Ultimately, if you’re looking for a way to grow your business in the modern era, you need to stay on top of the latest advances. If you can target these problem areas of businesses with your products and services, you can grow your business significantly in the digital age.
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