Connect with us

Insights

People Buy What They Crave NOT What They Really Need

Published

People Buy What They Crave NOT What They Really Need

Traditional marketing relies on researching what people NEED even though most people already have their needs satisfied.

Which means if you remain “needs focused” you will eventually end up competing on PRICE as the other attributes of your product are the same as other providers – if 2 products are essentially the same in terms of features, price is the only thing left to try and distinguish one from the other.

Competing on price is an ugly place to be. Customers love low prices; organizations not so much, as profit margins are squeezed and competitors can easily copy.

We need to turn from needs-centric research to “DESIRE research”.

What a person craves, covets, aches (for), hungers (for), itches (for), sighs (for), yearns (for), lusts (after) and longs (for).

These are the drivers behind what people spend their money on these days.

This is the new game that will separate successful companies from the mediocre and dying ones.

Desire-based offerings are personalized (no two people want exactly the same thing) and premium priced (people are generally prepared to pay more for an item they long for as opposed to what they need).

The basis for competition suddenly changes; price is no longer THE most important element.

The question becomes “Which organization best delivers personalized desire-based offers?”

A nice place to be.

Long term sustainable competitive advantage is possible.

Related: 6 Steps to Improve the Marketing and Sales Relationship

Do you study your customers’ innermost desires? 

Observe and ask them.

Build your marketing machine around what you discover.

Continue Reading

Trending