Today’s episode of Five Minutes With Jack helps you to define the golden trifecta of product marketing.
In my last episode I discussed how there are only two types of marketable products and they are needed and desired. The smart marketer of course wants to sell to the want vs. the need because needs are commoditized, fully of competition and have low margins. Wants on the other hand are more niche based, have higher margins and allow you to compete with big competitors by leveraging brand affinity with your audience. Today I will tell you something even more important, when it comes to “desired product” all highly marketable products fit into at least one of three classifications. These are
- Profit Yielding
- Life Changing
Many would be quick to add “educational” but all three of the above can and often are educational. The three points above though are what drives the mind of the consumer in every buying decision when the item is a want vs. a need. Examples are
- Movie Ticket – No one needs this! You might learn something but most movie tickets are sold because people want pure and simple entertainment.
- Profit Yielding – An example would be software that tracks your online sales, conversions, etc. You don’t “need it” as in you won’t die without it. You buy it because it can make you money or prevent you from wasting money. It is a desire not a need driving the buying decision.
- Life Changing – The classic example is weight loss products be they physical (a pill) or informational (a set of DVDs). Loose 30 pound you definitely change your life.
When you understand these three classifications, marry them to the concept of selling to your customers want and add that to a business where you are following your passion you have a true recipe for success.