Taking the time out to really understand who it is you are marketing to is an essential first step for any home business. But go ahead and create a product or service that your customers may need but don't want is business suicide.
There is a very fine line between fulfilling your customers' needs and satisfying their wants and desires. And most self-employed professionals and home business owners unfortunately only go out to fulfil needs.
Now needs are important, don't get me wrong. If you were unique in what you offered with no-one able to copy cat your idea, then you would be laughing. But getting yourself noticed in a crowded market place (which to be honest is most of you, isn't it?) and marketing yourself above the noise of other brands is tough. If you have been to a busy networking event where no-one knows you, you will know how challenging it can be to really stand out and be counted.
So what is the real difference between fulfilling a need and satisfying a want?
Stress management in the workplace was a very interesting example that came up at a marketing workshop that I ran recently. Many companies are beginning to be realise that stress management is an issue within their business, but how many will actually decide to spend money on resolving this? And how many would decide to spend money on a self-employed consultant without much of a track record?
If you think about the impact of what stress levels can have on a business, such as high levels of absenteeism, high costs of employing temporary staff to cover sick leave and lower levels of productivity, you can see there may be more compelling issues to address. And if you were able to offer solutions to these problems, suddenly your product becomes far more desirable and marketable.
Imagine you were a HR manager. What would you prefer to spend your money on? A stress management programme that helps your staff become happier people or a training programme that offers to reduce absenteeism, reduce temporary staff bills and increase productivity by addressing stress levels in the workplace?
Essentially the same process but packaged in a very different way.
Want another example? Many coaches and therapists tell me that they want to work with women to help improve their confidence. Absolutely. I am sure many of you will agree that many women (perhaps yourself) feel they lack confidence and I can see why this is a popular niche. But again it is a fulfilling a need rather than satisfying a desire.
Now if you develop programmes or products that helped these women to get better paid careers, get out of a failing relationship or become a better parent, all because you have helped them increase their confidence levels, you have suddenly got desirable outcomes that often have a higher price tag and are easier to market.
If you are still struggling with the difference between needs and wants, just think back to the last time you used the excuse of a lack of money to say no to something, but then found yourself buying a new pair of sling-backs in LK Bennett. There is every chance you didn't need another pair of shoes, but you certainly desired those ones and they just had to bought!
People will buy what they need, absolutely. But when you have limited time, limited resources and know that there are at least another dozen other self-employed professionals out there offering exactly what you are offering, you want customers googling you, phoning you up to be put on waiting lists and banging down your door.
You want customers who may not genuinely have the money to spend with you, but by jove they will do everything in their power to find the money to get what it is that you offer.
(c) Karen Skidmore, 2008. Reprints are welcome so long as by-line and article are published intact and all links made live.
Karen Skidmore publishes her weekly CanDoCanBe Attitude newsletter for coaches, consultants, therapists, trainers and solo-professionals. If you would like the latest practical, no-nonsense marketing advice to help you attract more clients, then sign up at www.CanDoCanBe.com TODAY for free!
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