We spend a great deal of our time and energy trying to convince people to choose us—often without giving enough consideration to why they might. It turns out that there are only three reasons people buy anything and every product or service falls somewhere on this buying hierarchy.
If you lose your house key, you want to replace it at the most reasonable price with the minimum of fuss. Products and services at the base of the pyramid are replaceable commodities.
We will often pay a premium to save time or money for things like next day delivery and pre-prepared meals. Brands that consistently solve our convenience problem can become meaningful.
Some products and services become meaningful and create value in our lives beyond their utility. They change how we feel or what we believe about ourselves when we use them. All beloved brands live at this point on the buying hierarchy. Starbucks, Lululemon, Apple, Nike, Disney, Zappos, Airbnb and the brands in your life that there are no substitute for.
The goal of every business is to be at the tip of the pyramid, creating both meaning and value.
Where does your brand live on the buying hierarchy and how can you make it more meaningful to your customers?
Image by Susan Frazier.