Needs, Wants and Desires

How often do you question yourself  “I need this product/ service” before purchasing any product/ service.

When you start a business it is easy to think that customers will buy our product because we are offering better features, affordable price, good after sales service, etc.

Your customers do not want to buy a product just because you make it available to them. They are trying to fulfill a need or solve a problem. Hence it is very important for you to understand the needs, wants and desires of your customers to make your product more saleable and your business profitable.

On successfully completing this exercise, you will be able to:

  • Figure out your priorities and thereby build a USP for your product
  • Tailor your products and services to better match your customer’s requirements
  • How to use this information to sell/ market your product to customers
  • Improve efficiency, effectiveness, and bottom line of your business compared to your competitors

Action: Build your USP with Needs, Wants & Desires

You can follow the below mentioned steps for building your USP

  • Prepare an exhaustive list of the all the features that you want your product to have.
  • Prepare 3 columns as Needs, Wants, Desires and classify the feature list (each item) as Needs if it is critical to the product, Wants if it is supplemental to the main product and Desire s if it is outside the main product. Reflect on your problem statement while doing this
  • Once all the features are sorted, look at each column and the features in them and verify their importance once again as High, Moderate & Low.

Make a copy using Google Docs-> File->Make a copy option. Classify your product features into Needs, Wants & Desires (keeping your problem statement and customers in mind).

Additional Tips:

  • Follow this “find a need and fill it” advice
  • Review your needs, wants and desires regularly
  • Speak to a few customers to understand their needs, wants and desires
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