Have you ever wondered why some people keep spending on variations of the same product or service without ever feeling truly satisfied? Chances are on some level, they have deep-lying needs which aren’t being properly met. In the realm of business marketing, the concept of presenting consumers with solutions to their problems is a useful way of thinking that you can put into practice in order to avoid such excessive spending on superficial purchases. Here are the key lessons from this principle.
The business perspective
Any business conducts extensive research before a new venture; entrepreneurs and developers want to increase the odds of success, after all. Thus, it’s a common practice to study the market before making a significant investment or commitment to a new product or service. When a business asks itself, “is there a market for this?” they are really figuring out what existing problems their idea will solve – and for which slice of the market.
The end result of such a business strategy can be both subtle and effective. When you buy a pair of Nikes, your decision-making may be based on factors such as design, or your recent interest in running. But the real question is, why Nike instead of similar products from a competitor? The company has gone to great efforts to brand itself as a solution to a specific problem, and that problem isn’t simply the need to have a pair of shoes on your feet; it’s the need to be more motivated and ultimately, successful.
Turning things around
As the previous example shows, many consumers may be unaware of the underlying influence of problem-solving in their purchasing decisions. Sales personnel take this into account when profiling their prospects; some people already know what their problems are and what products they are interested in, while others are completely unaware that there’s a problem. As a consumer, you can take charge by fully understanding your motivations behind wanting a specific product.
For instance, buying a home usually invokes the standard considerations of location, price, and neighborhood livability. But if you examine the reasons why you choose to live in a specific area, such as Utah, you might find that it’s due to a longing for a greater connection with the outdoors. This not only helps you be more deliberate in choosing a location, it could also lead you to build with purpose; architectural design for houses will take landscaping, sustainability, and the surroundings into account, moving beyond convenience to craft the living experience you really want.
Benefiting from awareness
As you may know from experience, not all people are self-aware to the same extent; it’s something which takes effort, and many would rather make impulse purchases to satisfy their immediate wants. But in a time of increasing economic volatility, it’s vital to have smart financial habits. Being aware of one’s underlying needs will help address the root cause by purchasing the best solutions. Not only do you potentially make a single effective purchase to save money; if you rethink your approach, you could even find ways to address your needs by making lifestyle changes instead of resorting to expenses. And in the long run, finding the exact solution to a problem will provide better satisfaction with every decision you make.
By studying consumer psychology, businesses have learned to frame their products and services as solutions to various problems in the market. Turn things around and take control of your spending habits by becoming the problem-solver and addressing your real needs with each purchase.