'Want' vs 'Need' in Branding and Product Development

A NEED is something you can't exist without.

A WANT is something it would be great to have.

Most daily purchases are NEEDS. They're the things like bread, cooking oil, milk, school socks and shampoo.

Most occasional purchases are WANTS. They're things like perfume, high heels, holidays,

Balancing Want and Need are important for human existence and society. It would be very hard, psychologically, to live in today's world existing purely on what you need to stay alive. So, there are multiple trade-offs along a scale that is affected by biological needs and psychological wants in different measures.

That means there are multiple factors that a customer takes into account before making a final purchase decision.

For example:

• Bread:

  • Need = Plain white sliced bread

  • Want = Sonoma 18-day fermented multi-grain

  • Trade-off = French baguette

• Products such as skin cream:

  • Need = Moisturisation

  • Want = Gorgeous container, HLA, Known Brand

  • Trade-off = Oil of Olay or Lancome

But you WANT to use this

You NEED to look after your skin

From these two examples, you should be able to recognise that there are a huge number of products in every single product category that could be the result of a trade-off.

Most product categories bunch into a bulge in the middle of a bell curve - mid-priced, mid-quality. The further down the NEED side of the scale, or up the WANT side of the scale, the fewer products you will find - until you reach the worst of the worst and the best of the best.

In other words:

• Eggs:

  • Most basic Need = Basic supermarket caged-reared egg

  • Most indulgent Want = Fabergé egg

  • Where most sales get made= Free Range Eggs & Easter Eggs

Where on the scale should I pitch my brand?

First of all, what is it, and what does it do? How much competition is there that affects you? What are the other brands in your field? What is your point of difference to these other brands that will allow youour business the space to breathe and grow.

Even though there would seem to be less competition at the far ends of the scale, that's not a good place to be, especially if you are boot-strapping it.

Most products and brands that occupy the far ends of Need and Want are made or owned by long established companies with a lot of volume capacity or money to burn on advertising. Companies selling cheap clothing, like K-Mart, scale their business for volume sales of generic, low-value product. Companies selling High-End fashion, like Bulgari, scale their businesses for exclusivity and actively price their products up to reflect their unique nature. K-Mart is ubiquitous in Shopping Malls. Bulgari keeps its sales to locations where high net worth individuals gather to congratulate themselves and eat canapes while they shop with glasses of champagne.

How to Value your Service or Product.

Everything breaks down into a balance between value vs volume.

Need

A product that aims toward the Need state is going to have to be inexpensive, which means you're going to have to sell a LOT of it. Do you have the ability to scale? Quickly? If you've got a product like this, you need to be making a deal with a factory and getting a Sales Manager. This sort of product is called a commodity. They cover the absolute basic needs and exist on extremely low profit margins per item.

A service that someone Needs to be part of would be a service such as Early Childcare where there can be various levels of service, from basic meals and strict carer ratios to sports facilities, daily clubs and sensory areas. What are the demographics in the area you are planning to set up your service? If you have a service like this, you need to be engaging with local mothers groups and working on your social media. Can the people who live in your area afford what you are proposing?

NEEDS vs WANTS

Want

The more your product or service satisfies a Want rather than provides a Need, the more you are adding extra benefits. The more benefits you add, the more you can charge. You have to do that up to a certain point in order to make a profit. However, the more 'soft' benefits you can provide - through rarity, experiences, interaction, exposure, brand/logo recognition, the more the perceived cash value of an item. Focussing on benefits to add differentitates you from the competition. You have a product with a difference, and you know exactly what that difference is. YOU HAVE A BRAND.

A service that would be a 'Want' could be a number of things. This is because we are getting away from a person's immediate pressing needs. Pressing needs are something we all have in common. But once those needs are met, you have the right to an opinion on what you buy or get involved in. Those Wants can be very diverse. Some people might Want handbags. Others might Want to sponsor a child or get involved with Greenpeace. If you choose to develop a brand or product as a start-up you should be aiming in this sweet spot. There's so much more space to breathe.

As long as your product or service is functional and does what you claim, the more you add benefits and create your niche, the more you will understand your customers. You've started the conversation, now continue it by involving them in the direction of your brand.

You can now engage with them as part of their tribe.

Esther Goldsby for Carolina Jimenez.

Get in touch with us here: