Tag Archives: groupon

Problem Solving

14 Jan

Problem Solving

There are hundreds of products launched every day around the world. Whether we’re talking about the latest technology in electric cars or Pajama Jeans – someone is looking to help you spend your money. And it doesn’t just stop at products – the continuing maturity of the web has made it possible to offer services that we couldn’t have dreamed of 10 years ago.

THE AGE OF MODERN CONVENIENCE

With so many products and services hitting the market everyday, I’m amazed that  so many fail to ask the most fundamental question in business: Does my product or service solve a common problem?

If the answer is “no” you should probably scrap it and move on to something else. If the answer is “yes,” you still have about a hundred other questions to answer and a ton of work to do, but at least you’re on the right track. Why do you think that Billy Mays was such a good pitch man? He sold products he believed in and that he thought solved problems faced by everyday people in a simple and cost-effective way. Love him or hate him, the man was a marketing genius.

SAVINGS MADE EASY

One of the best example this year that I’ve seen of a problem-solving product is Offermatic. They only officially launched a month ago, but they’ve been getting a ton of press in Venture Beat, Reuters, San Francisco Chronicle and Techcrunch to name a few. We’ve even covered them over at MediaTrust’s Relevantly Speaking:

It’s no secret that the fragile economy has forced people to save money wherever they can. This climate of uncertainty has given rise to deal sites like Groupon and Livingsocial. Those sites are great, but they are becoming a dime a dozen. Where’s the innovation?

One of the things that I love so much about Offermatic is that they take the work out of saving money. When you ask people why they don’t use coupons or rebate services they usually tell you that it’s too much work. You have to seek out the deal, clip or print out the coupon and remember to redeem it at the time of purchase. Offermatic took the savings model and eliminated those obstacles. There’s no deal to seek out or coupon to present. Instead, Offermatic’s service analyzes your purchase history and sends you offers that make sense to you. From there you activate it and the savings happen in seamlessly with money going right back into your account automatically.

INNOVATE DON’T DUPLICATE

By  all accounts Offermatic appears to be wildly successful to date. I think it’s because they’re not just another “me too” service jumping on the savings bandwagon. The team there took the time to assess the marketplace taking a look at what worked, but also at the pain points that might slow consumer adoption. They looked at the biggest hurdles in the coupon space and eliminated them.

How is your company innovating in the marketplace? What problems are you solving for your customers?