• iReport team

Addressing the “Pain Point”



A start-up thrives when it can consistently address the pain points of its customers. However, many face the dilemma of figuring out what those pain points are and how to manage them. In some cases, start-ups have an idea of the pain but can’t articulate how their solution is relevant.


If you’re a start-up, this problem can hurt your fundraising initiatives and prevent you from scaling your business.


So, in this blog post, we’ll explain:


  • What a pain point is

  • The different types of pain points

  • How to address them

Read on if you want to know how to address your customer’s pain points.

What Is a Pain Point?


So, what is a pain point?


Pain points are persistent problems that can inconvenience customers and businesses. Or, simply put, they’re unmet needs waiting to be satisfied. Any customer can have pain points on an individual level or for companies on a large scale.


Types of Pain Points


Your customers may face several pain points that you need to solve. While your customers will describe them in different words, they’re generally pooled in four different types:


Financial

These are pain points that involve spending, costs, and saving money.


Productivity

If your customer wants to save time and maximize efficiency, then their pain point is about productivity.

Process

These pain points relate to how your customer’s business is interacting with their customers. They may be looking to improve their systems and internal processes, such as assigning people to nurture leads.


Support

Your clients could be businesses with their own support teams. Some of them will have problems with things like:

  • Response time

  • Product expertise

  • Support channels


You can help them with this type of paint point as well.


Solving the Pain


So, how do you solve these pain points and provide value to your clients? As a start-up, you need to have a process to do that. Here’s one that you can use to start:


Conduct Research

First, you need to conduct detailed research on your customers. You can do this by doing either of the following:


  • Conduct research yourself and see how their audience and competitors are identifying and solving the pain.

  • Ask your customers to explain in full detail what their problems are. You can also guide them through the process by mapping out customer journeys and creating their customer personas.

Speak With Support and Sales Teams

Customer support and sales often have to deal with concerns, complaints, and even positive customer feedback, which can give valuable insights about a business. Therefore, they can also be great starting points for identifying business pain points.


Be Transparent

Once you get information on their pain points, you’ll have to constantly communicate with your customers to tell them of your plans and progress. For instance, if you want to change a part of their process, you’ll have to tell them that you’re doing that.

Use Your Customer’s Language

Addressing pain points is crucial to establishing trust and a good customer relationship. That’s why you need to use their language when addressing their pain points to make them feel you’re not leaving them out of the process.


Final Thoughts


Fundraising is challenging, especially for a start-up that doesn’t have high credibility yet. Articulating a customer’s pain point better will help you gain their trust and make your solutions personalized and targeted.


Keep these things in mind to craft better strategies as a start-up and boost your fundraising.