Creating a problem, then solve that 'need' discussion.

[Carson Yim]

Hi all!

I went out with my buddies one night for some drinks, in the middle of it I brought up MJ's book and how I thought this one line was gold to me. Basically only one friend was perceptive, he was the team leader of my college group(his family bg is pure fastlane material). I showed him this one line in the book on my kindle(Yes, I carry my Kindle even to bars), and he immediately recorded it down. He commented on how brilliant it was, and the night went on.

"Stop chasing money and start chasing needs. Let me repeat that, because it’s the most important thing in this book: Stop thinking about business in terms of your selfish desires, whether it’s money, dreams or “do what you love.†Instead, chase needs, problems, pain points, service deficiencies, and emotions"

Just last night we hung out again. We began talking about fastlane ideas and blablabla, and he told me he thought of something interesting by digesting on that MJ quote. He's a part time sculpting lecturer in my local college, and he started that sculpting workshop with the college. He was thinking what other needs he could solve in his sculpting workshops, then he realized he was the one who created the problem in the first place.

Basically, he was the only guy who was a sculpt-maniac in college. People started to notice, and wanted him to start a workshop. So he did, and he was the one who was bringing in all the supplies for the students which helped a local art supply company make extra revenues each month. He observed that, if he multiplied that particular 'problem' he can maximize his profits.

Then, this was when he noticed it was not even a need to begin with. It was just a 'desire' that had to be filled up, thanks to him creating this 'hole' in the college community.

That's when he arrived at this line, "Instead of only looking for needs to solve, why not created more problems(which turns into a need) and provide the solutions?"

He was so happy, he actually went out alone to a bar for a drink and typed this new perspective down.

Needless to say, I found this rather enlightening. Even though it's quite fundamentally just a perspective shift.

Here are a few of my own observation,
1. A lot of luxury brands are not needed, but somehow they created this problem for a portion of the market where the people 'needed' this part of their life filled.

2. People generally don't have a clue what they want, I'm sure they just want novelty at the end of the day. Consumerism.

3. People know what they need, but they typically won't do anything until their livelihood is threatened which usually translate instantly into sales.

3. A lot of gurus out there do a great job at making you realize you have a problem, which they then translate into a need. By which, they introduce their other products.

People buy-buy-buy, but realize still that their problems seem to persist. Or worse, the more they buy the more they feel paralyzed by all the information they just purchased. I've been there, and frankly what I did was try out every possible solution and then assess the likelihood of it solving my problems.

Doing that wasted a lot of my time, money, and effort. I ruined my relationship too, the GF was freaked out by my aggressiveness to break free from my 925s trying out business partnerships, MLMs, shifting jobs, holding 3 jobs, etc. It didn't work, because like MJ pointed out. There were too many uncontrollable variables.

Basically, the whole point is that if you had to make people realize that they are in a problematic situation is that you must also have the solutions that work for them! If they weren't aware that they had problems before this, they are quite unlikely to know the solutions post-awareness as well. Make sense? Results talk.

That's just what I think, I'm open for discussions to challenge my own views.

With that said, I do realize that solving a need has an exponential potential when compared to all these smaller niches. There is still money to be made though.

What do you guys think? I'd love to hear it!

People rarely know what they need. They know what they don't like.

When others hear whining, and complaining, you can begin to hear the subtle harmonic undertones of an unmet need.... ah music to my ears.

I think there is massive opportunity to create a fastlane biz out of listening for the fire sirens, and showing up with a fire extinguisher

Don't confuse the product with satisfying the need. The need more often than not is hidden. To take the classic marketing example, we do not need the drill, we need the hole in the wall.

The majority of our buying decisions are made to solve some emotional need. We justify them on logic.

I do believe that you "need to stir up their nightmares", make them aware of their emotional needs and then offer your solution.

 

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[DeletedUser2]

Starting a need? then solving it?
im thinking start a building on fire and sell insurance?

3. People know what they need, but they typically won't do anything until their livelihood is threatened which usually translate instantly into sales.

people rarely know what they need.
they know what they don't like, (working 925) or that they are uncomfortable, ect. but need. no. if they knew what they needed, it would be much easier to identify it, and supply it.

THIS is your focus. learn to translate whining into a "need" see the problem outlined by people, but not solved, as the beginning of a need. listen to people complain, alot, but listen to the subtext.

"this Gym is just too Far away, I have to drive the kids to far.... "
this turned into a "day care" at the gym and membership doubled. hmmm someone one was listening to the subtext.

this is the skill you have to develop with almost the same focus as a musician. when others hear whining, and complaining, you can begin to hear the subtle harmonic undertones of an unmet need.... ah music to my ears.

3. A lot of gurus out there do a great job at making you realize you have a problem, which they then translate into a need. By which, they introduce their other products.

what really good copy writers know, is if they can hear that need of a niche, they can write to it, exposing the need a group has, but had been unaware of. then filling that need with a product. brilliant.

Years ago, I used to take a newspaper, and open it randomly, (as long as it wasnt ads.) and would challange my friends to see the business oppertunities on every page. most couldnt.
But as i trained my own sense of Need, i would see one in almost any article.

New leash law enacted by city council? how bout a dog walking company.

Bids needed for new road through city? how bout a consulting gig to a local contractor, with a payment only if they get the job, based on a %?

New Animal Shelter is out of funds? how about a animal product launch, using local radio stations, in event style marketing, with you getting a share of the revenues generated, by adoption fees? paid on the back end?

some of these could never be fast lane businesses. however they could provide funds that could be rolled into a fastlane biz

as your "ear" for needs develop, you begin to bring other elements into play, like scale or magnitude. accelerating your business. sooner or later you can listen to the rails as in the old west, knowing ahead of anyone else, when a freight train of opportunity is coming your way.

I think your friend tapped into an unknown need. the need to be creative. the need to self express. in a medium that generated interest from others. the sales of sculpting material is a side effect, but not very scalable, or duplicate-able

however, creating a dvd series is. one on how to sculpt, one on how to launch a local sculpting community, one with instructions on how to become a sculpting dealer.

I think there is massive opportunity to create a fastlane biz out of listening for the fire sirens, and showing up with a fire extinguisher

its all about training that ear...

 

[John C.]

There is a line in MJ's book that I really love. "Money won't cure money problems." Most people think they have a money need. They really have some other problems (spending/earning/wasting/etc.) We often look at the symptoms and not the underlying causes.

When you say there is no need for many luxury items, you are looking at the surface. You are correct that no woman "needs" a $1,000 handbag. The handbag is not her need. Her need has to do with sense of self, how others see her, where she thinks she fits in.

Don't confuse the product with satisfying the need. The need more often than not is hidden. To take the classic marketing example, we do not need the drill, we need the hole in the wall.

The majority of our buying decisions are made to solve some emotional need. We justify them on logic.

How do you put this to use? Stop looking at the perceived need and look at the underlying emotional need. I would not try to create a need - there is ample need out there. Most products/services don't do a good job of focusing on the benefits/results - they focus on the features of the product. What the consumer is looking for is to satisfy some basic emotional need. Identify the need - again the book gives a great list - make them feel better, help them solve a problem, educate them, make them look better, etc.

Again, I don't think you have to create a need. I do believe that you "need to stir up their nightmares", make them aware of their emotional needs and then offer your solution.

 

[Carson Yim]

Hey zen*******, great reply!

I'm going to reply in point form,

1. It's true people rarely know what they need, not unless their livelihood is threatened. e.g. When someone is about to lose their job, they know they NEED to do something about it. That would be enough to set them hunting for solutions on their own. Especially those with emotional threat, that's why it's one of the 3 biggest niches online.

2. The part about people knowing what they don't like is real, I would sit with my college friends who have been working for a while now and they would whine about what they didn't like about their job. Yet, they return to their jobs the next day. I have some who can see the problems present in their company, but they self-talk themselves down. Sometimes, seeing a need that can be solved requires courage to put yourself out there too. Most of them usually stay safe and wait for someone to do something about the elephant in the room.

3. Creating the DVD series by packaging his knowledge is a great approach! That crossed my mind a couple of months ago, I didn't give too much thought to it. There is another college in another state, and the students there have been asking me to get him to go over there. When I really consider the benefits, it's a sound plan. It's basically 'multiplying' him by 10 or more, and solving more needs in the other state's college community while 'maximizing' his profits. About being easy-duplicable, I'll see if I can figure something out that can benefit the college. Hmm.

4. Using the newspaper as a practice for spotting needs is a great approach! Thanks for that!

Hey John C, here goes.

1. What MJ pointed out about money is true for me, because at one point I was earning twice more than my other colleagues but as my income grew so did my expenditure. Suffice to say, I finally did something about it after a painful lesson. Never too late huh.

2. Thanks for the re-framing example, I realized now that being acute towards the subtext is vital. I'm a visual learner, so it's natural that I would look at things superficially. Now I see, we want the hole in the wall. Not the drill. As MJ pointed out in his book.

3. 'Stirring their nightmares up' is a brilliant tool! Many successful entrepreneurs did that, it works.

I'm going to quote the noteworthy points from both John C & zen*******'s replies in my first post. Cheers!

 

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