A lot of marketing research has been devoted to answering the million-dollar question: “Why do consumers buy what they buy?
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” (Peter Drucker)
Once you understand what makes people buy things, you know how to sell.
It is highly imperative to recognize that customers buy solutions, not products or services.If customers could diagnose their own problems and come up with workable solutions on their own, they would do so. The reason that they’re turning to you and your firm is that they’re stuck and need your help. Therefore, you must be able to bring something new to the table so as to help your customers with solutions.
The truth is, customers don’t start out shopping for price; they don’t even start out shopping for a specific product. Instead, customers want to buy solutions that will give them the outcomes to meet their needs.
Although often misunderstood, marketing concepts are straightforward, and they are relevant to every part of your company. Marketing is essentially the art and science of getting and keeping profitable and valuable customers, and the hub of every business. This requires that you fully understand the problems and concerns of your market and are able to clearly explain how you can help them solve these problems. It is crucial to understand that marketing is an ongoing process that applies to every contact with your target market.
The “Amazon era” of technology and e-commerce has made cost and convenience a forefront of retail and consumer product business for over a decade. Certainly, low prices, ease and efficiency are top motivators for many consumers when choosing stores, brands and products.
But these are not the only motivators. Social media is about understanding consumers and relating to them in a way that they understand.
It is imperative to assess and determine what your own customer motivators might be. In an era of innovation, ideas explode across all markets. But not all fill a need – and needs of all kinds play a huge part in consumer behavior.
Psychologists often argue that a person may have several reasons for buying. In basic marketing, one framework we use to understand needs and wants is Maslow’s five-level hierarchy of needs. Maslow suggested that physiological needs are at the bottom and self-actualization needs are at the top. “It is quite true that man lives by bread alone — when there is no bread. But what happens to man’s desires when there is plenty of bread and when his belly is chronically filled?
To conclude, Whatever the need or want, your Marketing Strategy should first identify and then satisfy the needs of the customer.
A great marketer can turn any want into a need.