Problem Solving Products can be a great choice for a business to grow their sales and get high profit. Using products having high marketing potential can easily help a brand to get stable sales. These products include tools, solutions, or services which are specifically created to resolve a pain point of an individual or businesses.
These products have higher market value and are more likely to attract easy sales and customers attention. In this blog, we will learn more about Problem solving products and how to find the best ones to sell in the market.
What are Problem Solving Products?
Problem Solving Products can be a real world tool, services or innovations which is specifically created to solve a particular problem or make a task easier for the users. They are generally inspired by the pain points of the customers.
For instance, Many individuals such as students or professionals struggle to find good career opportunities due to lack of skills or guidance for tech and finance roles. The blockers or problems could be no proper training, limited experience to real world projects, zero placement support or career guidance.
Here, PW Skills is a problem solving product which provides an affordable learning platform where students and professionals can easily get industry driven courses, mentorship, hands-on labs and real time projects, placement assistance, and more.
Read More: What is Product Marketing? The Ultimate Guide
Key Characteristics of Problem Solving Products
Some of the key features of Problem Solving products are mentioned below.
1. Focus on a Specific Pain Point
Problem solving products are used to address a specific pain point of a group of people. Generally problem solving products are inspired from these pain points and people’s problems which is also a reason for its higher chances of getting successful in the market.
2. Provides Measurable Results
The biggest advantage of problem solving products is that they generally give measurable results where we can easily notice the impact. For example, Grammarly is used to help users in writing with clarity and reduces grammatical mistakes.
3. Saves Time, Money Or Effort
With a well defined product you can easily save enough of your time when compared to a situation where you did not have that product. For example, an automation tool in machine learning can both save time and repeated efforts of the users in working on repetitive data.
4. Creates Long Term Value
Problem solving products are used to deliver many benefits especially for a long duration by helping users grow over time. For example, grammarly helps users to improve their writing skills over time and provides them with any task.
Read More: Product Concept: Definition, Types And Examples
5. Users are Prioritised
Users are the key element in the concept as the problem solving product cycle being made is based on the pain points of the users. These products tend to solve the customers existing issues using a well optimised tool, framework, or product.
8 Points to Help You Find Best Product to Sell
Check some of the important proven methods which can help you find problem solving products easily.
1. Solve Pain Point
Products which solve user’s problems are often the most successful ones in the market. You can collect insights on particular products through social media reviews, and more. You can also make improvements in existing products which claim to solve people’s problems but fail at many points.
2. Spot a Upcoming Trend
If you manage to find a new upcoming trend then it can be very helpful in getting you a competitive edge and leadership position for the product. However, many other people might also notice the upcoming trend but your goal must be to address it before they become usual or regular.
You can find your trend potential or upcoming trends on social media, Google trends, Trade publications, technological updates, current events, and more.
Read More: Product Vision: How To Define Yours In 4 Steps?
3. Address an Undiscovered Market
You have to look for products which might go unnoticed by the current brands and you can identify and address these gaps to get a product which customers can easily buy.
4. Consider your Experience
If you have experience in a particular niche and you think a particular product can produce a successful business then you can move ahead with the product. For example, if you are a teacher, then you can easily create well optimised courses with good values which students will like and review.
5. Find Product Opportunities in Keywords
You can also use various tools such as Ahref, Moz, keyword surfer, and more to find products with good volume and comparatively less competition.
6. Browse Online Marketplaces
You can research online marketplaces such as Amazon best sellers, Etsy, eBay to find better products with real time insights for better product opportunities.
7. Improve an Existing Product
You can also look for problem solving products already in the market with flaws which you can use to make improvements and create your own version which is better and can solve people’s problems in a much better way.
8. Research Products with Higher Profit Margins
Products with higher profit margins can extract more sales and value in comparatively shorter time. These products also with good demand provide you less risk. Prefer products with low cost and high Return on Investment (ROI).
How to Find the Best Problem Solving Products?
While deciding for a product for your business you can find the best product solving product using the following methods
1. Identify a Clear Problem First
First you have to find the real problem of the users whether the problem is personal or a whole group of people are suffering from these issues. After you identify the problem work on the feasibility of the product whether or not making “problem solving product” is possible in the real world.
2. Create a Shortlist Based on Credibility and User Reviews
Now after selecting the problem solving product you have to check its market need, real users feedback, and more. It is advised to look for products having features or real time feedback on platforms like Amazon, Reddit, App Stores, Trustpilot, etc.
Make sure you give priority to products where there are enough reviews about a product. You can also list one or more than one product in your problem solving products based on the user reviews and credibility.
3. Compare Features, Usability and Others
Once you have more than one problem solving product selected from different sources, you have to compare them based on different features preferred in the product.
- Will this product solve my exact problem or just general?
- Is it time saving or will it take more time?
- Can I scale the product if my needs grow?
You can use feature comparison tables to score each product. Sometimes even a product with fewer features might be easier to use and better overall.
4. Test The Product Thoroughly
Conduct trials or demos on the product you selected which will help you understand if the product works as promised. Evaluate the real impact of the product i,e. Whether or not the problem is actually being solved. Also, check whether there are any hidden costs of the product. Build a complete overall scorecard of the product.
5. Seek Expert Opinions
Connecting with the people or professionals having a good familiarity with the product or its categories can provide you with insights that are not there in the sheets like customer review experiences, hidden downsides, customer support.
You can reach out to a big community using LinkedIn, Slack, Discord, Facebook and post questions about the shortlisted products. Analyse the comparisons which can help you gain more confidence over the product.
6. Re-evaluate After Usage
You can choose products which best align with your needs and objectives but you can take a follow up checkpoint after a week, month, or quarter of use. You can review the product for months and decide whether to move ahead with this product or does it not solve the problem.
Also Read:
- Technical Product Manager | Definition and Overview
- Product Research and How to Do It Effectively
- Product Launch Strategy: A Comprehensive Guide for Success
- What Is Digital Product Development? Complete Overview
Learn Product Management With PW Skills
Become a product manager and discover a wide range of career opportunities with PW Skills Product Management Course. Learn integrating AI into your product development projects and boost your productivity by 10x more. Build your career with a wide range of opportunities from complete career assistance with module assignments, quizzes and more to help you strengthen your concepts of product management.
This course is especially tailored for individuals who want to explore diverse opportunities in product management. Get in-depth tutorials, case studies, industry mentors, and more. This product management Course will also offer industry recognized certifications after you complete the course.
