Customer pain points in short are those problems or issues that a prospective or a present customer faces.

The goal of any business firm is to establish a long term and cordial relationship with the customers and understand their intent and opinion in order to shape their business activities in accordance with their (people) belief.

Identifying how to present your brand and how to avoid customer’s dissatisfaction or pain point can be demanding especially during implementation of the right customer’s experience techniques.

Customer’s pain point thus refers to problems that are related to customers. This problem can be in any form ranging from lack of financial etiquette which may lead to lost of their interest in the products. In some cases, some prospective customers don’t even know if they or not have a pain point.

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Basically, business is all about making provision for the needs of the clients while as well identifying solution for their pain point. These solutions which are provided by companies are the goods and services in which they rendered.

For instance, a company may proffer financial advisory services to curb customer’s problem for example, some marketing strategies includes making the customer believe he or she has a particular pain point in which can be solved if they purchase the goods in question.

What Is A Customer Pain Point?

Customer pain point can be explained to be a specific customer’s problem or potentials experiences identified during an interaction across different touch points.

The basic step for any business must undergo if they must prosper is to understand the customer’s desire and must be part of your business customer service strategies. By identifying this pain points, business and entrepreneurs can therefore designed the appropriate plan that will convince the customer’s that their problem can be mitigated through the particular services rendered by the business.

Types of Customer Pain Points

As a business owner, if you couldn’t figure out what are the pain points of your customer’s, it will be difficult to provide solution for their problem then.

Every businesses, whether small, medium or large enterprise produces product to solve customers’ problems, therefore, having an in-depth customer pain point analysis and evaluation became imperative to arrive at the best way to do so.

There are primarily 4 types of customer’s pain points which are:

• Financial,
• Productivity,
• Process, and
• Support.

Financial Pain Point: This pain point occurs when a potential or prospective customer thinks that the cost to get the solution to their pain is too expensive.

Productive Pain point: This happens when customers get tired or couldn’t hold anymore in spending too much to solve their current problem. That is, they are finding the current solution to their problem as taking them too long to actualize.

Process Pain Points: Similar to productivity pain point, this occur when customer realize that they have to develop their own internal processes if they must tackle their current problem efficiently. This is the most common pain point in business to business sales than business to customer’s sales.

Support Pain Point: This pain point evolves when prospective customers think they are not getting adequate support they deserved during the sales process.

How SMEs can discovers customer pain points and convert them into revenue

Customer experience is directly proportional to revenue generation. It can impact the financial stability of small and medium enterprise if care is not taken thus, it need business owners attention.

It is important for small and medium business owners to strive to understand their customer pain points and to solve them and used them at their own advantage through the maximization of profits or revenue.

In a simple term, a customer’s pain point is customer’s current problem they are facing within the marketplace. This problem maybe, finding where to purchase a product they desperately need or have a personal problem with the way your organisational service is rendered after patronizing your products.

Whichever problem that your prospective customers may face, discovering them and knowing what they need and taking action to provide the solution that will literally solve their problem can help you to refine your product or service to meet the standard that the customers preferred.

As a small or medium business owner, it will be of advantageous if you could identify these pains and develop a corresponding solution. This will increase your sales, give your business more exposure, generate more customers while the new ones will confidently entrust their loyalty to your company.

Below are various ways that can be used by SMEs to convert customer pain points to maximize their revenue
Make A Depth And Qualitative Customer Research To Identify Their Pain Point. To do this, you have to attentively listen to your customers to identify and rank their pain point.

However, the process to do this varies and there are numerous methods you can get the needed information on what the customer’s really need. Although the process may be rigid and complex while the issues that are to be solved maybe generated from different category.

You have to carry out an open communication with your customer, create a friendly atmosphere with them that will make them feel comfortable and trust you with their feeling honestly.

To do this, you can make use of social media as it has the features that can convince the customers to reveal their feelings without much struggle.

Another method to do this is organizing a focus group. Either current or potential customers who are present in the event can therefore provide valuable information into the various layers that leads them to your company. Endeavour to ask them about their experience while patronizing your company and from their response, you can realized the major reason why they prefer yours over others

Carrying Out Qualitative And An Depth Market Research

The marketing or sales teams are the one who constantly interact with the customers. Therefore, business owners should then listen to their feedback to get valuable insights on what the potential customer pain point, which may be a potential sales problem or opportunities that may arise.

For instance, good use of the feedback produced by the sales team will help to identify the pattern that was used which lead to a successful or unsuccessful sales.

The sales team might notice that many of their customers have developed a preference for another company’s goods. This maybe because, they think your company price is way too expensive than the others.

What customer’s are usually interested in is result. That is, finding an efficient and effective solution to their worries. If your sales team could give them enough reason by explaining to them the effectiveness of your goods and why it is unique from the other, you might be surprised that they would still prefer your products to the other that is less expensive.

The pain point here is financial pain point. The major problem here is your sales process. If your marketing team is effective in convincing the customers, your business might experience increase in purchase.

Conclusion

While it is quite complex to identify customer’s pain point, but it is something company must do if they actually wanted to maximize their profit, generating new customers while sustaining the current ones.

Finding, identifying and issuing a solution to these pain points enhances customer’s experience and build trust between the public and the business.

Every companies or business specifically small and medium enterprise should know that the in-depth information about their customers. With this information, it will become very flexible to adjust and improve sales and production of goods.
Company’s like small and medium enterprise should made themselves as a solution to the problem of their customers.