How to Craft Solutions That Outshine Existing Solutions in Your Target Market by Dr. Joybert Javnyuy
Over the years, through my work in startup business consulting, I have collaborated with numerous incubators and accelerators in Cameroon, Nigeria, Ghana, Kenya, South Africa, and other nations.
At The Center for Entrepreneurship, Leadership & Business Management Development Africa, which I founded in 2012 to provide startup and enterprise development training and solutions to African startups, I have gained practical experience working with diverse startups from various industries.
One of the most critical phases every startup must go through and get right to a certain extent is validating the problem they aim to solve with their business.
When leading problem validation and idea validation sessions with startup founders, one of the core questions I always want us to deliberate upon is, “Why are existing products or services (solutions) insufficient, and what makes you feel that your solution will stand out in the eyes of the target market?”
Processing and understanding this question and being able to obtain real-time findings will bring a significant change in your startup process. Additionally, this step helps in refining the business model and ensures that the startup is addressing a genuine need, which is crucial for long-term success. Moreover, engaging with potential customers early on can provide invaluable feedback that can shape the product development and marketing strategies.
The inadequacy of current solutions typically stems from their inability to fully address the evolving needs and pain points of consumers. This can manifest in various forms:
– Outdated technology
– Lack of user-centric features
– Poor customer service
– Simply the failure to adapt to changing market trends.
When it comes to building a startup, the foundation of a successful business often lies in identifying gaps within existing products or services and proposing innovative solutions.
Understanding these insufficiencies involves deep market research and an empathetic approach to customer feedback. Entrepreneurs must immerse themselves in the experiences of their potential users to uncover these hidden gaps.
Once these gaps are identified, the next step is to conceptualize a solution that not only fills these voids but also offers a distinct value proposition.
Here is one truth, recognizing the shortcomings of existing products or services and addressing them with a novel, user-centric approach is key to standing out in a competitive market as a startup founder.
Blessings
Dr. Joybert Javnyuy
