Wednesday, September 24, 2008
Needs. vs. Wants
After years of frustration, we have come to understand with regard to marketing ourselves, there are two specific issues to be looked at after ensuring the human element is addressed. Every marketing strategy must deal with two important concepts.
Many have argued that they are the same and can be interchanged. We agree to a point. Let's examine the two from a HBBH perspective. One of the more common mistakes when developing a marketing strategy is our assumption to address what people need vs. what they truly want. We do a demographic study, identify population dynamics, do a financial feasibility study and voila, think we have the answer. All the proof in positioning the business can then scientifically justified. This is a serious error with many marketing strategies, as it doesn’t provide a complete understanding of the market. Just because the data states scientific potentiality for possible business success, doesn't mean it will. People’s mindsets and beliefs (often influenced by trends) is the foundation in deciding whether to buy something or not.
People purchase based on perceived wants, and many of us market based on perceived needs. We need to change our focus, find out what people want, what they are willing to spend their money on. It often doesn't matter what you feel or sense they need, a person usually purchases based on a current desire, or want.
Fact is, most live for today, and purchase accordingly. What can you do for someone today, should be your first question requiring marketing attention. By addressing today's want, allows for you to nurture tomorrow's needs.
We have heard the "I know what they need" from many struggling entrepreneurs. The problem is, it usually is your belief of what someone else needs, not necessarily the community. Before any business begins or wishes to increase current sales, engage in a very clear want survey. Find out what people want and see if your business service or products deliver this want. If not, it will be necessary to adjust quickly.
Andy and Dick