Image by wayhomestudio on Freepik.
Solutions for customer problems
Companies don’t just produce products, they produce solutions to customer problems. For example, cosmetics companies don’t just produce lipstick to put a color on the lips of women. Instead, they provide women with the confidence to navigate a stressful dating market and corporate environment. This also means that the company doesn’t solely operate in the cosmetics industry but also in the self-improvement, career- and relationship markets. As such, they could be suited to solve many more problems is these broader areas as well.
Hence, understanding the problems and challenges that customers (and humans!) face can provide companies with suggestions for new products, services and promotional campaigns. This often stimulates them to look beyond narrowly defined markets.
