If you are a small business owner in the U.S., you probably have a number of issues you address on a daily basis to keep your business viable and profitable. There are, obviously, high levels of personal and financial responsibilities when running a small business or a business of any size. Many factors, some that are totally out of your control, can either make your business profitable or keep it on the verge of insolvency. So when you think long and hard about it, what is your business’ primary pain point? From the many marketing studies and surveys that are conducted with business owners by well known research firms throughout the U.S., the most common pain point is often a lack regular customers. Listed below are the common pain point categories for business owners:
Although you can think of pain points as simple problems, they’re often grouped into several broader categories. Here are the four main types of pain points:
- Financial Pain Points: Your prospects are spending too much money on their current provider/solution/products and want to reduce their spend or they currently have no provider/solution/products to address their needs
- Productivity Pain Points: Your prospects are wasting too much time using their current provider/solution/products or want to use their time more efficiently
- Process Pain Points: Your prospects want to improve their internal processes
- Support Pain Points: Your prospects aren’t receiving the support they need at critical stages which affects their own productivity
What we know is that if you don’t have enough customers regularly purchasing from your business and they aren’t growing their spending with you, then your business won’t grow and become profitable. Customer acquisition cost can be a daunting and sometimes uncontrollable expense for many small business owners. Although customer acquisition is just one of many pain points for small business owners, it is often recognized as one that is a “must solve” problem. A must solve pain point for one small business owner could be much lower on the priority list for another. The key to having any successful business is having affordable and easy to use tools to address the problems directly. In today’s very unpredictable business environment (Covid, “The Great Resignation”, Supply Chain Issues, Government Regulations, etc.) Small Business owners have more challenges than ever to keep their business compliant and their customers happy. Finding just the right marketing solution to get profitable and loyal customers to support your business creates a lot of sleepless nights for the 32.5 million small business owners operating in the U.S.
A pain point often can be turned into an opportunity if addressed correctly. Business owners, much like society in general, are resistant to change. Change can be good because it can help create cost and process efficiencies and could result in high business profitability. The are millions of new entrepreneurs, such as myself, entering entrepreneurship because we have identified and interviewed target customers (through customer discovery) to find out what their true pain points are and have developed solutions that we believe will help solve their must solve problems and they are willing to pay for this solution. So it always goes back to a central point “What is your pain point?” Consumers want their pain points solved whether it is finding a good electrician, mover or making it easier for them to run their own businesses.
If you are a small business owner and customer acquisition is a “must solve” pain point, please checkout Dealium. Dealium, which will be launching in Q1 of 2022, is a SaaS B2B Referral Marketing & Social Commerce Platform that connects small businesses with new customers through referrals from their existing customers using our proprietary algorithm-based referral code sharing technology incorporated with their customer’s SMS, Email & Social Media. Dealium creates brand awareness, brand exposure & new customer acquisition opportunities for our business subscribers while allowing their customers to save time & money searching for reputable local small businesses.
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