How to Boost Your Business Marketing Strategy using Needs & Wants

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People may decide to buy a product or service because they need it. But they choose which brand to buy, or company to buy from, based on which one meets their wants. This is the Marketing Strategy that works in every business and you are lucky getting it here.

We all need a particular product or service at a point in time but our buying decision is made by our wants. Take for instance, I need a car, just as every other person would, the kind or brand of car I will go for will be determined by my WANTS. I want a Fast running car, a car that consumes Less fuel or a Flashy car. Those features or qualities are the secondary desires which are called WANTS and are responsible for driving my purchase decision. The earlier we get to know that communicating our product/service as WANTS is what is necessary out there, the better we make more sales – this is crucial for every kind of business.

The structure of most businesses today is trying to meet the needs of their customers instead of focusing on meeting their wants.

If customers made purchase decisions based on need we would all be driving Model Ts and Henry Ford would have been right, “The customer can have any color he wants so long as it’s black.”

People may buy a product category due to need. However, they purchase a specific brand or from a certain company based on wants. In other words, needs define the total market and wants define the market segments. For example, people buy a watch because they need to know what time it is. One person buys a Rolex because they want the status and prestige associated with owning a Rolex while someone else buys a Timex because they want dependability inexpensively.

To successfully market your product or service, identify a segment of the population that has the need for your product but whose wants are not being met or are not being met well. Ask yourself these questions:

  • What wants are my competitors filling?
  • How can I meet a different set of wants?
  • Does (or could) my product or service meet wants in the areas of speed, affordability, ease of access or use, level of service, prestige, or dependability better than my competitors?

Then design your marketing message to address these wants and see the uprising in your business turn over.

Drop your products/services in the comments below and let’s see the WANTs you should be addressing in your marketing campaigns. Also share this post using the social icons below for others to benefit.

by Abbey Oyetunji, an IT expert who has grown businesses via Technology.

Also read:  ESSENTIAL INSIGHTS FOR SUSTAINING YOUR BUSINESS (2)

6 COMMENTS

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