During the course of discussions, many of my clients have told me – they are unable to sell their products because customers do not need the product. My response to all of them is – that’s not the case. They may not want it, but they need it. Let us understand the finer details.
We need food, we may not want five star food all the time. We need transport, may not want a car. Need is so basic, almost everyone would like to fulfill it. The difference lies in other factors – like affordability, time requirements, etc. If asked, I would also like to go on a trip to moon. Who wouldn’t? But then the amount of money I will need to fulfill this is beyond my means.
My advice to my clients – convert the latent needs into wants. First bicycle rider was put behind the bars for violating the laws. Who had thought then that this is going to be future? It applied to cars till Ford came into picture and built the cars for masses. Didn’t we need transport earlier? We had needed it, but were limited by choices. This applies to all the products across the spectrum. All the products (except fad, and to some extent fashion) are governed by the set of rationalized wants to possess them. Human beings purchase products based on three basic factors – time, money and status. If you are able to differentiate your product on all or one of these three, your sales graph is likely to be northwards.