More 2 Marketing

Susan
More to marketing. Welcome to more to marketing, a podcast on marketing, product, and everything between I’m your host, Susan, and today we’re going to be talking about a good old faithful. Maslow’s hierarchy of needs. This is that triangle. We’re at. The very top is where self actualization needs occurs. If you’ve done everything right. It’s one of those basics like slot, which is great to understand because. It really does bring you back down to. That basic so. What could help you create and deliver the right marketing mix and product mix for your customer needs and also help your business. As well, but. What is this? So Abraham Maslow created the hierarchy of needs and then marketers adapted it. The traditional hierarchy in haze was actually back in the 1970s. If you’d believe it. And very much focus on psychological. Its outcome is pretty much the essential elements of business should focus on to success, to have success in today’s world, particularly if you’ve got a customer centric landscape. The psychological theory categorises human behaviour needs in this hierarchy. With the most basic and primal ones at the very bottom, and then the higher up you go. That’s what I was talking about. You’ve got the self. Actualization at the top. In the context of marketing, though, it’s all about the adaptions to this concept to prioritise for businesses and brands to be successful, to achieve, to achieve that success that thereafter. And to understand where approach belongs and that could help you in how you position yourself to and all those peas that we’ve talked about previously, but they’re still be in and go what all these different levels in this triangle. So like I said. The very bottom one. Is pretty much going to be your psychological needs. Your basic needs, also known as your functional needs, and at the base of this triangle, the of the marketing hierarchy. It’s all those basic things that product or service must fulfil to be considered considered even viable for the market it is in. This includes things like the features, the quality, performance and reliability, making sure that the customer expects a product to work as it’s. Promised and meet their basic needs. So examples here include literally just food and transport. Those really basic ones to be able to help with your hunger, thirst, and also your transportation. So consumers need food for sustenance. They need to make sure it has essential nutrition and satisfies their hunger. Like a loaf. Of bread. And when it comes to transport car, when you’re buying a car, the consumers usually told that it’s the cars going to be reliable, safe and fuel efficient. A basic, reliable car that gets you from point A to point B to fulfil their functional transport needs. And like I said, functionals all about that basics. So that’s your bottom level. The next step up. Is your safety needs so the safety needs here is all about security protection. This function needs to be able to meet a customer’s need for assurance and safety in the purchase of their their purchase decision making. This includes elements like your warranty, your customer service, your after sales service, anything that falls into those kind of categories. Businesses must establish that trust and provide security for their customers. So here you could think about some examples of the home security systems or even insurance products. Customers invest in home security systems to ensure safety and protect their loved ones and their property. Insurance is similar. Insurance products like your life insurance, health insurance, or car insurance. They provide a financial security and a Peace of Mind in case of an unexpected event. It’s very important for that safety need, so once this needs being met, the next one up is social needs. So social is all about that sense of belonging, sense of love. Sense of making sure that person feels connected. This need relates to how product or brand fits the customer’s social contacts. Customers often seek products or brands that reflect their values, aspirations and lifestyle. Effective branding messaging can address these social needs. Examples here is you’ve got your social platforms and coffee shops, so social platforms such as Facebook, Instagram and Twitter fulfil customers social needs by allowing them to connect, share your experiences and stay in touch with people, family and friends. Coffee shops like, say, Starbucks or at the coffee shop, where you may go, offer just not coffee, but also a social space for people to meet. Potentially work, relax together and catering to that customer’s social interaction needs. Now the next level up Level 4 going up the way. Easily estimates this goes beyond social needs. Customers seek recognition and self esteem through their purchases. Now brands can really fulfil these needs by making customers feel valued and appreciated. Loyalty programmes, personalised experiences and recognition can enhance the customer’s self estate. Naturally, we go here to luxury brands and some other different ways we can achieve this is through career coaching services, so high in fashion brands like your guccis and Louis Vuitton’s cater to customers desire for status and stuff, esteem. Owning a luxury item can boost one’s self esteem and social standing. Now, with career coaching services that offers career development and coaching can help individuals improve their skills and advance their careers. Meeting their esteem needed. By boosting their self confidence and professional success. And lastly, that very top one. #5 the very apex of this triangle self actualization needs. This is all about self development and realisation. The level is about helping customers fulfil their potential in achieving their personal growth. It involves offering products or services that provide unique and meaningful experiences. That go beyond the functional and emotional aspect. Brands can connect with customers on a deeper, more personal level by addressing these needs. Examples so education and definitely adventure travel here. Universities and online platforms offer courses and programmes and empower individuals to achieve their fullest potential, fulfilling their self actualization needs. Me, myself. I’ve done this. I did my MBA online. Companies specialising in adventure travel experiences like hiking expeditions and the wildlife safaris catered to customers seeking personal growth, self discovery and that unique experience that they can share with all their friends and have forever. Now they’re the five that are within the pyramid. As we know it today and how marketers have adapted it. So psychological needs safety needs, social needs. It’s being needed. Self actualization needs. But there is one that’s starting to emerge that may need to be added in the future, and that’s called transformational needs. Some adaptations have added this already and it involves customers transforming their lives or achieving significant personal or socialised goals through the use of products or services. This level is usually associated with brands having a very strong mission or purpose. But to summarise the hierarchical needs. It’s not only just stood the test of time, it’s still compelling in the application of even today’s modern marketing product worlds. Because guess what, everyone still has needs. And this offers a structured framework for businesses and brands to really understand and prioritise the evolution evolutionary needs of their customers in today’s digital and customer centric landscapes, from fulfilling the basic needs to fostering self actualization. And even this newer 1 transformational. Experiences demonstrates how businesses can build lasting connections and create meaningful impacts on their customers lives. As we navigate this ever changing marketing landscape, the marketing hierarchy of needs continues to be valuable. Compass guiding businesses towards success by mean the diverse and evolving needs of their customers. Thank you for listening to this podcast and water marketing. Don’t forget to follow to hear the next one. More to marketing.