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How many times a day do you catch yourself saying that you need something? People are social creatures and as long as they live, they are going to need certain things just by virtue of them functioning. But what is the need? A need is referred to as a necessity for a person to be able to live their life comfortably and without any inconvenience. For example, people need water to survive. Water is an essential part of our bodies therefore we will not be able to function properly without it. Seems easy, right? But what is a want? A want is something that appeared simply out of desire. It is not something that is required to live but is desired by a person for some self-fulfilling reasons. Wants are normally influenced by social, environmental, and cultural factors. For example, desire to update to the newest iPhone would be a perfect example of a want. A person doesn’t necessarily have to buy the newest iPhone. Even if they need a new phone, they could find cheaper alternatives. For example, iPhone 13 instead of an iPhone 15. This is a perfect example of how the wants and needs connect in the customers’ minds. We should always live by the words of Akio Morita who once said: “Our plan is to lead the public with new products rather than ask them what kind of products they want. The public does not know what is possible, but we do. So instead of doing a lot of marketing research, we refine our thinking on a product and its use and try to create a market for it by educating and communicating with the public”. To read more about his way of satisfying people’s needs visit https://proechosolutions.com/understanding-your-customers

But why is it important for marketers to understand how needs and wants influence buyers’ decision making?

We are marketers and our main goal is to make sure that our products are performing and that our business stays competitive on the market in a long term. Although, with that being said, we have to know what products the customers are buying and why they are buying these items: is it because the customers need it or is it because they want it. Marketing is not only about promoting the product, but also about understanding the psychology of a customer and working around it to make the business prosper. Jerry Grzegorzek in his article “Satisfying Needs and Wants of Customers” stated that Businesses must satisfy needs and wants of their consumers in order to be successful on the market. Also, the success of a business activity will depend on supplying a product or service that consumers need and want to buy. Feel free to visit https://www.superbusinessmanager.com/satisfying-needs-and-wants-of-customers/ to learn more about the needs and wants of customers. 

When it comes to buying behaviors, the customers are more likely to satisfy their needs and then move on to the wants then to do it vice-versa. For example: if someone needs to buy a car and wants a MacBook, they will first buy a car, only because it is the more important and more meaningful purchase in the moment. This is why business owners and marketers have to be strategic with the products and services they offer. Is it something the customers will use often? How do we make our product stand out? Is the product we are promoting a necessity or a desire? All of this should be questions that the brand-new marketers and business owners should ask themselves while working on their marketing plan. 

Let’s see how the companies work around customers’ needs and wants

Let’s take Ralph Lauren as an example. First of all, Ralph Lauren is a brand focused on a customer. The company goes above and beyond to learn who their customers are, what is their background, interests, hobbies. Also, Ralph Lauren wants to know how people feel about their products and services. This is why the company utilizes surveys and Customer Voices program to make sure that the customers get the experience they deserve. Furthermore, Ralph Lauren wants to make sure that their shoppers are satisfied not only with the experience in the stores or online, but also the styles, colors, quality of the product. With that being said, if a customer wants a specific item a Ralph Lauren representative will always go above and beyond to make sure that the client is satisfied. Also, if the customer needs a specific item sent to them in a timely manner, Ralph Lauren will do anything in their power to accommodate the customer. Visit https://bainsshaleen07.wixsite.com/luxpert/post/consumer-insight-and-brand-emotion-of-ralph-lauren to Learn more about what Ralph Lauren does to satisfy customers’ needs and wants. 

Overall, it is all about customer service. By learning your customer in a long run, you are able to determine their specific needs and wants and satisfy them by creating a strong marketing strategy for their brand.

Conclusion 

It is crucial for us as marketers to learn about our customers their wants and needs. Doing so will not only increase our sales and make us stay competitive on the market, but also it will increase our customer retention and help us build our client base.  

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