Considering an (emotional) product for a fastlane business that has high demand but doesn't solve a real problem?

[circleme]

How would you rate a product that does not solve a clear problem, but is much more in the direction of "nice to have" and "emotion-triggering"? I'm talking about things like art. Here a need is satisfied,
but no real problem is solved - maybe only I see it that way and overlook the problem.

The reason for my question is that I have come across a product that is already on the market, and which
which in the end solves no problem from my point of view. It is the typical "I don't need it, but want it" product,
that triggers a certain emotion in people. Like art in the form of a painting. Based on the market insights
I can say that the problem has a very high demand. I also think that it is CE(N?)TS-able.

My twist: I make it better than the already existing option and differentiate myself by the quality.

At the end of the day, however, even the new version of the product doesn't solve a problem. It does, however, evoke similar emotions as the previous one.
Would you consider a product like this or go purely for products that solve a real problem?

To me, the value generated by this seems very low. However, the market just shows an incredibly high demand.

I look forward to your input.

 

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[mikecarlooch]

https://www.youtube.com/@theandretaylor

This guy has a great channel on selling "feelings" and luxury.

 

[fastlane_dad]

How would you rate a product that does not solve a clear problem, but is much more in the direction of "nice to have" and "emotion-triggering"? I'm talking about things like art. Here a need is satisfied,
but no real problem is solved - maybe only I see it that way and overlook the problem.

The reason for my question is that I have come across a product that is already on the market, and which
which in the end solves no problem from my point of view. It is the typical "I don't need it, but want it" product,
that triggers a certain emotion in people. Like art in the form of a painting. Based on the market insights
I can say that the problem has a very high demand. I also think that it is CE(N?)TS-able.

My twist: I make it better than the already existing option and differentiate myself by the quality.

At the end of the day, however, even the new version of the product doesn't solve a problem. It does, however, evoke similar emotions as the previous one.
Would you consider a product like this or go purely for products that solve a real problem?

To me, the value generated by this seems very low. However, the market just shows an incredibly high demand.

I look forward to your input.

I don't think you are fully then comprehending what 'problem' this product is solving.

It might be status, it might be coolness, it might be exclusivity - but there is a way to look at what problem it is actually addressing or solving.

Emotional products - many times 'nice to have' - are the best products to sell IF you can develop the brand, position it correctly and price it properly.

What problem does a ROLEX solve? Surely there are countless watches and gizmos that can tell time way more accurately and with more reliability. It is through their history, marketing, promotion and heritage that they are able to command the premium price tags. Same with countless other brands.

Think about this in a whole different light and you will be way onto your way to making the next billion dollars!

 

[circleme]

It might be status, it might be coolness, it might be exclusivity - but there is a way to look at what problem it is actually addressing or solving.

Thanks for your very valuable input fastlane_dad.

I apparently thought too one-sidedly here and would not have seen these points as a problem before.

 

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[Kevin88660]

How would you rate a product that does not solve a clear problem, but is much more in the direction of "nice to have" and "emotion-triggering"? I'm talking about things like art. Here a need is satisfied,
but no real problem is solved - maybe only I see it that way and overlook the problem.

The reason for my question is that I have come across a product that is already on the market, and which
which in the end solves no problem from my point of view. It is the typical "I don't need it, but want it" product,
that triggers a certain emotion in people. Like art in the form of a painting. Based on the market insights
I can say that the problem has a very high demand. I also think that it is CE(N?)TS-able.

My twist: I make it better than the already existing option and differentiate myself by the quality.

At the end of the day, however, even the new version of the product doesn't solve a problem. It does, however, evoke similar emotions as the previous one.
Would you consider a product like this or go purely for products that solve a real problem?

To me, the value generated by this seems very low. However, the market just shows an incredibly high demand.

I look forward to your input.

Rich people buy arts to solve financial needs.

 

[Andy Black]

How would you rate a product that does not solve a clear problem, but is much more in the direction of "nice to have" and "emotion-triggering"? I'm talking about things like art. Here a need is satisfied,
but no real problem is solved - maybe only I see it that way and overlook the problem.

IMO, people buy because they want the product/service, and may or may not need it.

It feels a bit like navel gazing though.

Your market is the people who already spend money. Someone bought a top of the range gold cart? Great, they may buy your top of the range golf clubs.