A business based on selling want-based products?

[Xeon]

In Unscripted , MJ talks about CENTS, with N being Needs, meaning to solve problems. Some examples of businesses that fulfil the Need commandment would be:

1) People NEED their homes to be clean : Home cleaning companies
2) People NEED someone to take care of their pets while they're at work: Petsitting companies
3) People with sensitive teeth who NEED to lessen the discomfort: Special toothpaste like Sensodyne
4) People NEED to reduce hair loss : Anti-hair loss pills

However, the books didn't talk much about products based on Wants. iPhones + macbooks, jewellery, super cars, luxury sunglasses, VR gear and that frilled dress from Forever 21 are all wants.

Does anyone have advice (e.g: mindset, marketing etc.) for someone who's selling want-based products?
Anyone here with this sort of want-based business whom I can follow their account here? Thanks!

 

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[MJ DeMarco]

For WANT based products, everything is dependent on branding and novelty. To create a WANT, you have to tap into people's emotions and clearly demonstrate novelty, or differentiation. The first iPhone was novel and clearly different. People WANTED it.

Someone pays $300K for a Lamborghini because of it's aggressive styling and speed.

For $200K less, you can get the same performance in a Chevy. (Corvette.)

But people still pay it.

 

[MidwestLandlord]

My .02 cents...

Still needs. Just not physical or logistical needs.

Social status.
Attractiveness.
Personality.
FOMO.

Etc.

To me that's where copy writing can really shine, selling to fill a need that is somewhat intangible.

Some of your examples of course have tangible and intangible needs. Luxury sunglasses protect your eyes, improve comfort, etc, (tangible) but do so while making you look good (attractiveness), everybody else has them so you should too (FOMO), and all the cool wealthy celebrities have them (social status)

Emotional needs essentially (aren't they all?), but still needs nonetheless.

 

[inputchip]

The best marketers find a way to turn those "wants" into "needs".

"Wow, if Brad Pitt uses that Cologne and hangs out with women like that, I need to try it!"
"Steph Curry is the best 3pt shooter in the world, I need his shoes."
"Hmm, all the cool rich kids have the new iPhone, I need one to fit in."
"I could get this Timex, but all the wealthiest people have a Rolex, I need one to show how successful I am."
"Did you see that video of the guy getting a workout playing VR? If exercise can be that fun, I think I need one."

 

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[Scot]

I talked about this in a call with @Andy Black

I hate the word “need” because the only real need anyone has is food and shelter.

I prefer the term white space. Look for that space in a category that is being underserved.

For example, my business is targeting a specific diet that currently doesn’t have many prepackaged foods for it.

Look for the underserved market, the unmet solution for a problem. They all fall into that need category.

 

[ALC]

While we are there, do you prefer Product/Physical business or Services ?

 

[socaldude]

I think you are over thinking the semantics.

This is tricky because in the mind of someone buying a $1,000 iphone its a NEED. "I gotta have it!". They don't say to themselves "I really don't need a new iphone but ima buy it anyways"

When I think of "Needs" I think of the demand curve on the supply and demand chart. I think this is a better representation.

You can't have supply unless you have a customer who demands its.

The demand curve expresses actual sales. This is key.

If you have a failing business in effect the market is saying that your supply is a waste of resources and not needed.

You need to remember that all sales involve the human element of purchasing decision. Even if its not a luxury item.

So when people buy over priced luxury items its only their perception of increase "self esteem" or "status" or whatever.

 

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[socaldude]

Heres the demand curve for a luxury items.

The key is perception in the consumer. If you price too low then perception of luxury decreases.

If you wanna understand luxury products read the works of economist thorstein veblen.

 

[AllenCrawley]

"I'm in the wantin' business. I sell stuff that touches the heart, touches the emotion." - Colonel Littleton

Nothing wrong with having a wantin' business. As MJ already stated, you have to tap into people's emotions.

 

[advantagecp]

People need social acceptance. Thus 'wants' become 'needs'.

 

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[Xeon]

People need social acceptance. Thus 'wants' become 'needs'.

Thanks, those two lines are incredibly badass!

 

[Deleted50669]

If we're talking about needs, there's a whole model for this, Mazlow's Hierarchy. I've posted about it elsewhere, but it bares repeating:

https://www.simplypsychology.org/maslow.jpg

From the perspective of the model, this thread is distinguishing among basic needs (food, water, warmth, rest, safety, security), psychological needs (prestige, friends, relationships, belonging), and self-fulfillment needs (achieving potential, exercising creativity, etc.). It's a hell of a lot easier to sell to basic needs, since basic needs are something people must statisfy to live. Food isn't a hard sell, but because of that it's a flooded market. But there are also ways to turn basic needs into wants. "I want cannolies imported from Italy. The cheese filling is sweeter than the American made garbage."

It's also difficult to determine where a car fits in. Depending on where you live, a car is either a basic need or an esteem need. "I live in NYC, and I like showing off my Ferarri with my finance friends." vs. "I like in West Texas, and I drive my Prius 40 miles to the nearest market." All of a sudden a car is something that is either a want or a need, depending on the geography or the underlying motive (prestige or food).

 

[MTEE1985]

Thought I’d bump as I’m reading Cashvertising because it also touches on the “Needs” and brings up interesting thoughts of a needs business vs. a wants business.

1. Survival/enjoyment of life/longevity (diet products, exercise products, vitamins)

2. Food/Beverage (touched upon above)

3. Freedom from fear/pain/danger (personally view this as a mindset I.e. personal improvement opportunities)

4. Sexual Companionship (dating apps, toys etc. maybe something that brings couples closer together rather than finding one night stands?)

5. Living conditions (real estate, Airbnb, but also items in the home? Furniture, bedding etc)

6. Superior Feelings/Winning (now we’re talking Lambos, Rolex etc.)

7. Care of loved ones/protection (anything making your family feel safer, for me personally this is toddler/infant products such as pool gates here in AZ)

8. Social Approval (trendy items, whatever looks good on social media, this is where your home run is if you get an influencer to tout your product.)

Really interesting stuff, I’d love to hear from anybody’s experience in needs vs. wants. Both B2C as well as B2B because the B2B is obviously a whole new set I.e. website, lead, marketing etc.

 

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