Introduction
Why do people pass over perfectly good items in the clearance rack? Do you want to find out what people want? Why do people work hard to pay full price for a luxury car?
People want what other people want. This is called the greed factor.
F.O.M.O.
If you are trying to discover what people want you have to understand human nature. Human nature forces us protect our own self interests.
We don’t like missing out on good things. This primal response to scarcity s called F.O.M.O. or the fear of missing out. We place more value on things that are rare or scarce simply because of how much effort we have to go through to get it. More importantly, how hard it would be to get it before someone else gets it first.
Clues about what people want
Things that are easy to get are generally treated with less value. No one rushes to the garbage can to see what treasures lie within. Therefore, no one puts a value on getting to digging in the garbage.
However, if a bank vault happened to crack open, people would fight each other. They’d all want to be the first to grab a stack of money.
It’s natural to want to stake your claim on something others are pursuing even if you don’t know what it is. whenever people see scarcity or a rising demand for something . We don’t like missing out.
Confidence from knowing what people want
A good friend and business partner of mine went into a Ferrari dealership and saw that the salesmen weren’t rushing to smother the customers. He asked the salesman why they didn’t engage the customers once they came through the door? He said,
“Driving a Ferrari is a privilege so they wait on us.”
It sounds like a total departure from what the average car buyer experiences. Regardless, it is true.
The more people want a Ferrari, the more people want a Ferrari.
How to benefit from knowing what people want
How can knowing what people want help you? Is there a way to capitalize on the greed factor? Of course there is!
Show the demand for whatever you are offering. Let the potential customer know how other people are treating your product or service. Explain how people are asking even begging for what you’ve got.
It’s natural to want to stake your claim on something others are pursuing even if you don’t know what it is.
Show them that the supply is limited and compared to the demand, is already spoken for. “Well if everything is spoken for, there’s nothing left. Why would they continue to want it?”
Because you showed the frenzy in the crowd. You showed the public buzz for your offering.
Social Proof
One of the ways you can show the marketplace that there is a buzz for your product or service, is by showing what other people are saying about it. This is called social proof.
Have you ever heard someone plug a restaurant?
“It’s a good restaurant. Trust me.”
Depending on how refined their palette is, you’d take their word for it. On the other hand, if they said, “This restaurant always has a line out the door.” Doesn’t that tell you something? Either:
- They are making great food
- They are giving an exceptional experience
- They are winning people over
Build the buzz
Regardless, they are doing a great job. People vote with their feet. Advertise the line and people will imagine the type of experience they’ll have.
- You can snowball the buzz by starting a buzz!
- Then as the crowd hears about the buzz you will put the spotlight on the crowd, that’s watching the crowd
- that’s watching the crowd that started the buzz.
Document the buzz and it will grow and document it as it grows.
Conclusion
Knowing what people want can help you tremendously in your business ventures. Take the time to research what people want before trying to offer what you think they want.
This will greatly increase the accuracy of hitting your target. When have you seen an example of F.O.M.O. or Social Proof?
