Problems Worth Solving - A Real World Example

On this episode I talk about: What the 'problem worth solving' framework is all about How I followed the process to find a real problem worth solving The target market we selected for discovery (and why) What the results of each step look like in practice What to do after you find a problem worth solving
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Episode TranscriptHey everyone, Sean here. Today what I want to talk to you about is a real world example of the episode I've recorded and shared yesterday, called problems worth solving. And in that episode, I walked you through how to identify a problem worth solving. Today I'm going to talk you through a real world example where I've used that framework in order to identify one. So if you haven't listened to that previous episode, and you don't know what I mean, when I refer to problem solving, go back and listen to that episode first, because this one will make a lot more sense. Okay, so we talked about the framework Right? Which is starting with a target market, talking to them about their problems and challenges, better understanding how they're solving those problems and challenges today are what I refer to as the existing solution, and then getting a better handle for the impact of that problem or challenge in terms of what is it costing said individual? And as such, having context around all of the answers to those questions, gives us a better idea to be able to understand whether or not there's enough opportunity there. It makes sense for us to invest in a solution to improve the value that the target market customer or user or client is ultimately going to get, meaning that we can move the needle and scale impact with a solution like that before we invest big time and money building something. So that's an overview of the process. This example that I'm gonna share with you comes from the nonprofit client that I worked with to help scale impact. Ultimately, we built a software application to specifically address the challenge that we found with a specific target market. In this case, it was their non profit program clients, it was the clients that were enrolling in their program and the value or a specific challenge that they clients were experiencing. When they were trying to get the value out of the program. Now in this case, the program was to help them build essentially financial assets and wealth to help pull themselves out of poverty and help an underrepresented population that struggles with challenges related to the clients in the program. When people are enrolled into the program and do well in it and they graduate from it, they've been able to make pretty dramatic transformation. So the value is definitely there. However, there are issues related to under utilization and people getting to and through the program in particular. So then my nonprofit client wanted to specifically see what they could do about understanding the challenges that the clients themselves were having, so that we could figure out what we may be able to do to scale impact for them. So I invested in performing discovery with the nonprofit program clients, which translated to one on one conversations with them so I can better understand the challenges and I could go through the discovery process with them. Ultimately, what I found out when doing so was that one of their biggest challenges was related to not having enough time with their coaches. Now this program that they're enrolled in, it requires them to meet with and spend time with financial coaches so they can learn more about how they can build a better financial future for themselves by improving their credit, paying down debt. Learning about all these thi