How demand profiles drive growth and innovation
We are living through a pandemic that has driven tremendous change in people’s lives. One impact has certainly been that how people make decisions about the brands they engage with and purchases they make has undergone tremendous change. Last month, we discussed how important it is during this pandemic era for organizations to listen to their customers, understand their needs, and design experiences to meet and exceed those needs in order to survive and flourish during these times. One tool that we believe will give organizations an advantage is demand profiles.
Why are demand profiles so compelling? Because they help you understand your audience based on their core needs. Unlike personas, which are often correlation-focused and create representations of your key audience segments, often based on demographics, demand profiles are causation-focused and drive an understanding of how your customers make decisions. This is incredibly important to understand during the pandemic era.
Market demand is driven by consumer desires and constraints, and the solutions people use to make progress. Understanding those desires, constraints, and means of making progress define demand profiles, and allow us to focus on the core needs of our audiences. With this knowledge, we can more powerfully tailor marketing, messages, and experiences to directly meet and exceed the needs of those we serve.
With demand profiles, we focus less on demographics and attitudes. Instead, we focus on understanding motivations, obstacles, and pain points in decision-making and purchasing. We dig into direct and indirect competition. And, by understanding the progress a person is trying to make, we can better understand what makes people switch between brands and products.
This is powerful, because, through demand profiles, organizations can accomplish a lot:
- Demand profiles fuel sustainable growth — Aligning with meaningful market value and customer needs and reducing the likelihood of churn.
- Demand profiles fuel innovation — Identifying market gaps and underserved customer needs.
- Demand profiles create market awareness — Understanding the direct and indirect products and services that create consumer markets.
In the last six months of the pandemic era, consumers’ needs, motivations, and definitions of progress have changed considerably. As a result, the way they make decisions and how they will engage (or not) with your organization has evolved. Demand profiles provide the tool you need to understand how your audiences are making decisions. This critical information will allow you to design the most effective experiences and communication strategies that will drive success today and into the future.
How are you creating a better understanding of the motivations and needs of those you serve? Leave a comment or drop us a line at email@example.com.