Millionaire Mindset series 16: Know What People Want

People buy what they want, not what they need – and this is a major mistake that inexperienced entrepreneurs make. They tend to create a product or service they think people need, rather than observing and noticing what people want and are already buying.

This is one of the little-known secrets of wealth creation. If you want to make a lot of money, you need to understand human psychology and human desires. You must understand what people want– money, sex, power, status, food, security, fun, entertainment, travel, relationships, more clients, to overcome health problems, etc.

Unfortunately, most of our time we function by assumption. We assume that reality works in a certain way, only because it used to work like this for a while. We think we already know what people want from us, only because we presented some set of skills. Or, even less than a set of skills, some socially accepted labels. I’m a designer. I’m a trainer. I’m a translator.

This label may be useful in lowering the confusion, in giving some anchors, some common ground to conversation, but it’s almost never what people really want from us. The fact that we know to do something, is irrelevant, as long as we don’t connect it to what the other end of the conversation is expecting from us.

However good your product or service is, the simple truth is that no-one will buy it if they don't want it or believe they don't need it. And you won't persuade anyone that they want or need to buy what you're offering unless you clearly understand what it is your customers really want.

Knowing and understanding customer needs is at the centre of every successful business, whether it sells directly to individuals or other businesses. Once you have this knowledge, you can use it to persuade potential and existing customers that buying from you is in their best interests. Knowing specifically what buyers want, savvy leaders can build and deliver the precise solutions to meet customers’ needs.

You can learn a great deal about your customers by talking to them. Asking them why they're buying or not buying, what they may want to buy in the future and asking what other needs they have can give a valuable picture of what's important to them. Strong sales are driven by emphasising the benefits that your product or service brings to your customers. If you know the challenges that face them, it's much easier to offer them solutions. You can also offer products at the right locations, at the right price, and with the appropriate warranties.  You can deliver the right features and support to create positive buying experiences.

It should be crystal clear to all of us that thoroughly knowing and understanding our customers and delivering what they want is the ultimate key to success. In conclusion, whether our sales are increasing, are flat or declining, we should, without fail, spend quality time with our buyers to understand what’s on their minds and respond appropriately.