Tuesday, August 29, 2017

Businesses, Brands & Human Needs

The primary purpose of a business is to make money, right? And shareholders are a business' most important stakeholder, right? And the marketing and sales functions exist to generate additional revenues, right? So, ultimately brands exist to increase sales and profits, right?

Partially right, but it is always important to remember that any business, in fact, any organization truly only exists because it meets one or more human needs. The needs can be functional, emotional, experiential or self-expressive. The organization and its products and services can solve a problem, reduce pain, increase comfort, free up time, lower costs, improve self-esteem, heal an illness, distract, entertain, assist in a difficult task, aid in learning, support a lifestyle or hobby, increase a person's success, impart knowledge, reduce weight, increase beauty or one of a myriad of other things, but they meet human needs. And strong brands do this in unique and emotionally compelling ways.

As marketers we would be wise to always remember that. How does one increase revenues, profits and shareholder value? By consistently meeting human needs. And how do brands do that? By consistently meeting human needs in unique and emotionally compelling ways. Remembering this will make all of the difference in the world. 

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