Problems are the Answer: Your Biggest Business Problems Become Your Best Solutions in Four Easy Steps

19 Dec, 2008 | by

Everyone has problems, but the real underlying problem is that nobody knows how to deal with them in a positive way to convert them into value.  Today I’m going to show you how to turn any problem into a powerful solution. Once you know how to do that you can create a business that will go from zero to a billion dollar company in two or three years.

Most of the ideas that come across customer service phone lines – and almost all of the complaints that are registered with customer service representatives every day – could be turned into multi-million or billion dollar products or services. The strange sounding but absolutely true notion that problems are the answer is a concept that goes directly to the heart of entrepreneurship. Entrepreneurs are, after all, people who figure out how to solve problems for a profit.

To capitalize upon problems and turn them into revenues, follow these four action steps:

Step 1
Contact all of your current customers, and ask them to explain any problems or issues they are having with your products and services. Take notes on everything they say, and ask lots of questions until you have a crystal clear picture of anything that might concern them.

Step 2
Next, call your past customers. Ask them to honestly and bluntly explain to you any problems they might have had with your products and services were. Then ask them if they would consider coming back to you if you make changes to resolve all of those problems to their satisfaction. If they say “no” keep interrogating them because that means they haven’t yet told you everything you need to know about why they left you in the first place.

Step 3
Armed with all this new and insightful information, do some intense brainstorming. If you’re a one-man operation, get somebody else who understands your business to sit down with you and come up with solutions.  Think outside the box, and keep your customer feedback at the core of the conversation as you come up with proactive ideas. 

Step 4
Finally, I want you to call a cross section of your past and current clients, and run the new ideas that came from your brainstorming sessions by them. Give them time to review everything and then follow up to ask what they thought, and which concepts and ideas seem to them to be the most viable. Analyze all the feedback you get and compile an action list of winning strategies. Then implement them and watch your business boom.

By applying just four simple steps – and putting into play the power of “Problems are the Solution” – nasty customers, day-to-day dilemmas, and unexpected predicaments will soon become your best friends and potentially lucrative business assets. After learning this wealth-building strategy instead of dreading customer complaints and problems you will begin to look forward to them just like so many other clients I’ve taught at Make Your Business Boom. That’s because every trouble and challenge can be transformed from a headache into an advantage that will make you rich and successful.

8 Responses so far | Have Your Say!

  1. johnny
    December 30th, 2008 at 1:00 am #

    lnkicN Thanks for good post

  2. clevelandtorborg3140
    January 4th, 2009 at 7:27 am #

    Hey, I was searching blogs, and came onto yours, and I like it.

  3. indigoa1980
    January 4th, 2009 at 7:41 am #

    Nice post.

  4. Rich Vinhais
    January 5th, 2009 at 3:35 pm #

    Solid piece as usual…

  5. ibtisamcolley0790
    January 8th, 2009 at 8:54 am #

    Great information on your blog!

  6. Dan Stavola
    March 1st, 2009 at 7:59 pm #

    Erik,

    Great article, I felt compeled to answer back. You have hit on topic that is effected by a mindset. Having a pulse on your clients experience is a critical success factor and as you stated, is also a lead to opportunity. For the small business owner this line of sight is sometimes obscured by “working in the business” as opposed to “working on the business”. Small businesses tend to be undercapitalized, which leads to the most critical resources being overutilized. This issue leads to a run as fast as you can type of approach to day to day operations putting everyone preventing the ability to stop and reflect ,or the ability to even look back. The opportunities you mention need to be applied consistently and daily as a function of every interaction with the customer. For small businesses with employees interacting with customers, rewards and incentives need to be in place to drive this behavior. I think small businesses have an advantage to design a culture that focuses on the value of the relationship with the customer. This incremental approach requires less overhead and allows for the ability to cease opportunity at the perfect moment (when you have earned creditability and trust.) On a last note – involving your customers and asking for feedback is valuable, you also need to be open minded and prepared to mange and act on that information.

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    February 21st, 2016 at 1:51 pm #

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