Habitual Problem Solving
When we think horizontally about companies redesigning the Everyday Economy, we tend to look at two dimensions: The first is the habitual nature of a product or service.Is this a company that consumers or business users interact with nearly every single day?Typically a consumer will go to the store and reach for a brand.If the consumer grabs the same brand repeatedly, this is almost always habitual buying, not brand loyalty.It’s helpful to plot it on the axes below (including a few well-known examples).There are a few extraordinary companies that exist far on the upper right-hand corner of the graph.
Habitual problem solving is when the consumer relies on past experience and learns to convert the problem into a situation requiring less thought.
Is this a problem that huge swaths of the population face or will face at some point in their life?
We think about both of these dimensions when deciding how excited we might be about a potential investment.
Does it become ingrained in the daily life and daily choices and behaviors of an individual?
The second is the ubiquitous nature of the problem or opportunity.