MBADM 850 | Session 4 | Innovation Opportunities From Pain Points to Solutions
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MBADM 850 | Session 4 | Innovation Opportunities From Pain Points to Solutions
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MBADM 850 | Session 4 | Innovation Opportunities From Pain Points to Solutions
Introduction:
Will cover a strong approach to business success, focusing on how to identify real market needs and effectively solve customer problems. It emphasizes a common mistake: many new products and services fail because they don't address a problem customers truly care about. To prevent this, it's vital to spot a real opportunity – a situation that calls for a new offering, which is appealing, stable, timely, and provides clear value. This often involves closely monitoring economic, social, technological, and regulatory changes. At its core, a good opportunity always aims to solve a problem and fill a gap in the market. This involves a deep understanding of customer pain points, which are simply the challenges or inconveniences buyers face. These can include issues with a company's internal processes, financial costs, support interactions, or the product itself, and can occur at various levels of the customer experience, from a single interaction to their long-term relationship with a brand. The material offers practical ways to discover these pains, such as collecting direct customer feedback, listening to support teams, and analyzing data. The goal is to turn these "can'ts" into "cans," simplifying complex issues and asking "what if" questions to spark innovative solutions. Successful solutions aren't just faster or cheaper; they ideally achieve "3D breakthroughs"—disrupting existing norms, introducing new capabilities, and standing up to competitors. Ultimately, sustainable growth comes from a deep understanding of a problem and delivering a well-executed solution through a compelling and disruptive business model.
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