page contents

Understanding Customers Need For Maximum Profit In Business

Understanding Customers Need For Maximum Profit In Business

Understanding Customers Need For Maximum Profit In Business
Understanding Customers Need For Maximum Profit In Business

“Understanding human needs is half the job of meeting them.” Retort Adlai Stevenson, former Governor of Illinois.

To build a successful business you must understand or have an understanding of what people want – their core drive. Harvard Business School Professors, Paul Lawrence, and Nitin Nohiria, in their book, Driven; How Human Nature Shapes Our Choice, states that humans have four core drive that greatly influences our daily decisions and the choices we make.

Thus, as an entrepreneur, to build a successful business, you need to understand what influences the reason for buying a particular product.

Here are the four human drives.

Understanding Customers Need For Maximum Profit In Business

The Drive To Acquire:

This is the desire to obtain, collect physical objects, as well as immaterial qualities like status, power, and influence. Businesses build on this drive include, retailers, investment brokerages and political consulting companies. These businesses promise to make us wealthy, famous and powerful. Thus, they appear to our drive to acquire any of the above.

The Drive To Bond:

This is the desire to feel valued by forming a relationship with others, either on a platonic or romantic base. Businesses of this nature are, websites that do dating services, and conferences, etc. they offer to make us highly regarded, liked by others, and attractive to others too.

RECOMMENDED: How To Evaluate A Market For Business Profitability

The Drive To Learn:

The majority of us join business communities online are motivated by the desire to learn to make it possible for them to join. And if that desire is not met, you find them leaving. Fact! The drive to learn is the desire to satisfy our curiosity to learn the things we don’t know, relearn the things we know but will be lost if there is no reminder and unlearn strategies that are not working in other to function well as entrepreneurs.

READ: Types Of Customers In Business

Examples of businesses built on this principle are, book publishers, training workshops and communities of this nature. They promise to make us more knowledgeable by offering us a tip.

The Drive To Defend:

The desire to protect ourselves, our loved ones and our properties jealously against danger. And that is why companies that are into security and access control will flourish in Rivers State following the incident of serial killing and the police directive to hoteliers to safeguard their environment with CCTV securities.

Read: Question Algorithms For Business Startup

Another category of business that will thrive under the drive to defend are the lawyers, insurance companies and martial arts training centers.

Further, there is yet another drive to which the duo missed:

The Drive To Feel:

The desire for intense emotional experience, sensory stimulus, pleasure, entertainment, and anticipation. Businesses built on this drive include restaurants, concerts games, movies, and sporting events. They offer us the promise to give us pleasure, thrill us and give us something to look forward to.

Hear now is the deal.

Whenever there is an unmet need in people from any one or more of these human drives, know that there is a market opening for any product or service that will satisfy it. Thus, the more drive your business appeals to, the more profitable it will be.

And this should serve as a yardstick for measuring whether your business is going the right direction or needs to be repositioned. Every successful brand is selling a / combination of products that promise to give; money, power, love, knowledge, protection, pleasure, excitement and status.

The more clearly you preach to your potential customers of how your product or service satisfies one or more of these drives the more attractive your business will become.

Uchegbu Ifechukwu Princewill

Uchegbu Ifechukwu Princewill

I am an avid reader with the notion that every knowledge acquired is essential to human existence. I'm a budding writer, passionate about research to the extend that if I am not surfing the internet, I would be doing something else to gather more information.

Leave a Reply

Your email address will not be published. Required fields are marked *