How can you identify the core problem and solution in your pitch?

The presentation aims to define the problem your product solves by identifying the target audience for strategic marketing. Understanding the nature of the problem and why the solution is crucial helps comprehend customer needs. Analyzing existing solutions is key to pinpointing competitors' weaknesses, leveraging insights to highlight your product's advantages. In the issue report's final stage, articulate how your product addresses the problem and its unique benefits. Emphasizing customer value is essential to attract attention and set your product apart. By addressing these elements carefully, you create a concise and impactful issue report, enhancing the overall effectiveness of your presentation.

Many customers will not be able to describe or identify their true problem. We all need outside perspective to really understand a problem. Go beyond just asking by watching and clarifying what you see.

I just finished a book "Good Leaders Ask Great Questions" by John C. Maxwell. The book offers many excellent examples of open ended questions to unlock and gain a deeper understanding of problems. One strategy is the five whys to go five levels beyond the first question. Why is it important to solve this problem? Why is solving this problem important to customers? Why is solving this problem critical and valuable to the company? Why is solving this problem important to the overall market? Why does solving this problem increase customer value? Digging deeper, being curious, and asking more insightful and open ended questions will bring more clarity and create a stronger, more robust problem statement for your pitch.

In school, for years we have been trained to find answers to the questions which are well defined, But this startup landscape demands a skill set which requires one to find patterns, identify data points that matters and spend all the time in finding the right question, which mostly solves half of the and shows us a path to achieve the required solution and possible challenges on the way, moving parts etc. This is a very subjective skill set, which varies from industries and people, having a generalised answer to this wont do justice to the beauty of it's complexity :)

Crafting a clear and compelling problem statement is crucial for a successful pitch. A well-defined problem statement sets the stage for the entire presentation. For example, in a pitch I developed, we began by highlighting a specific challenge faced by our target audience, which immediately caught the attention of our stakeholders. We showed how current solutions were inadequate, thereby creating a strong case for our product. This approach not only demonstrated a deep understanding of our customers' needs but also established the context for introducing our solution. Remember, a good problem statement doesn't just describe a problem, it paints a picture of the need for a solution, making the rest of your pitch more impactful and relevant.

I think about this as the value your solution will bring and then you test that value. You can also test the worthiness of the value and what they would trade off for that value to understand how important it is.

?? Clearly communicate how your product uniquely solves the pain point ???. Present a crystal-clear solution statement, articulating how it enhances the user's life or workflow. Highlight its distinct advantages and seamless integration into the user's world. A compelling solution doesn't just fix a problem; it elevates the user's experience. ????

To pinpoint the main issue in your pitch, precisely describe the pain spots, explain the implications to generate urgency, cite credible sources for validation, and make an emotional appeal to make your message relatable. Clarify the main solution, emphasise its unique selling proposition, show that it is feasible, quantify the benefits, address any potential drawbacks, and conclude with a strong call to action.

Identifying the core problem is akin to unraveling the plot – why should our audience care? Now, let's spotlight the hero of our narrative – the solution. Imagine our product as the protagonist. How does it swoop in to tackle the problem? The solution statement is our script, laying out the plot twists. What unique benefits and features make our hero shine? Why is our product the chosen one in the competition arena? This isn't just a pitch; it's storytelling. The solution statement becomes our narrative backbone, showcasing the value we bring, highlighting our uniqueness, and weaving a tale that aligns seamlessly with the customer's journey.

By addressing the problem, emphasizing the advantages and outcomes, and highlighting your product's unique selling proposition, your solution statement will effectively demonstrate the value your product brings and align with the customer's goals. It helps create a compelling pitch that stands out and captures the attention of potential customers.

Imagine pitching a health app: Problem (Hook): Example: "In our fast-paced world, professionals struggle to find time for fitness, leading to health issues and stress." Solution (Product Introduction): Example: "Our health app brings personalized, quick workouts to your fingertips, fitting seamlessly into your busy schedule." Evidence (Proof of Concept): Example: "Already, 90% of beta users report increased energy levels, demonstrating the app's positive impact on their overall health." Call to Action (Next Steps): Example: "Join us in revolutionizing health and wellness. Try our demo today and let's create a healthier, happier future together."

A way to expand the problem-solution framework is to do a strategic positioning of the product as follows: - What is the overall problem to solve - Who experiences the problem - What is your solution to the problem - Three distinctive challenges the customer experiences that stops them from achieving their goals - Three differentiators your company provides for each challenge (could be things like happy customers in the segment, proven experience etc) - Three differentiators your product provides for each challenge (i.e. why/how is your product better than other products) - Brand essence, i.e. your values and how they map to why you're passionate about solving the problem - Unique value proposition: Short, crisp and succinct summary

Utilizing the Lean Canvas is especially helpful in distilling complex ideas into actionable insights ??. Focus on the Problem and Solution blocks to clarify your product's purpose. Ask yourself, 'What specific customer pain points am I addressing?' and 'How does my solution uniquely resolve these issues?' By simplifying your approach, you can effectively communicate the core of your proposition, ensuring it resonates with your target audience and stands out in the competitive landscape ??. Remember, clarity and relevance are key to captivating your stakeholders and guiding your product evolution??.

The value proposition canvas consists of two main, interdependent parts: the value proposition and the customer profile. While the value proposition is typically first on the canvas, a customer-centric approach recommends starting with the customer profile section. A frequent error is to assume that there is only one type of customer or to combine multiple value propositions and customer profiles on a single canvas. To avoid this, it's necessary to create a distinct canvas for each customer profile you identify. Regarding the value proposition canvas, it's crucial to ground your understanding in data, determining what the customer's pain points are and verifying if the gains you propose are genuinely desired by the customers.

When crafting a pitch deck, focus on a compelling title, clearly defining the problem, and emphasizing your solution. Showcase market potential by detailing market size, competition, and growth opportunities. Highlight product or service details and key success indicators for effectiveness. Utilize visuals, support slides, and maintain brevity for impact. Convey a clear message, avoiding complexity in each slide. These elements are crucial for creating a concise and effective pitch deck.

I use pitch decks regularly (every pitch) this can either be sent on to your prospect or presented. Whilst the [pitch deck needs to describe the entire scenario (briefly). The 2 most important factors for success I have had is: 1. How easy is it to integrate or use the solution? 2. What are the potential gains (improved process, cost reduction or profit growth). Obviously proof is vital so analysis is key.

Keep refining. Set a date for when you can refine until and then keep refining by getting additional input to that date. You will notice when the feedback starts to be similar and you can almost predict what it will be. That is when you do not need additional refinement.

User quotes are one of the most powerful ways to impress the depth and pain of the problem. It instantly shows a few things: 1. You took the initiative to test. 2. There is a market for your pain. 3. Depending on the statement, the depth of the pain being experienced.

Reference stories are always a great help, where your solution has helped solve other problems, be careful not to "name-drop" too much, but knowing your prospects competitors, and mentioning advantages over them, will help.