The Need/Frequency Matrix
In a previous post, I talked about how we could approach marketing a luxury good-type product that falls in the lower left quadrant. Let’s revisit the Need/Frequency Matrix and look at the opposite side. The top right quadrant.
Frequent need products
These are products that humans need on a regular basis and which are usually not optional. We gotta have them. Or else we’re screwed! Some Consumer Packaged Goods (CPG), hygiene and health products come to mind here.
· Toothpaste
· Socks
· Milk
· Medication
If you’re marketing a “frequent need” product, you’re looking to do three important things:
1. Grab the attention of consumers by distinguishing your product from the hundreds of other choices out there
2. Tell a story that will ingrain your product into the minds of your audience
3. Create a belief in your brand values and connect with your audience on a deeper level so that they become brand lovers
Chances are, your audience is broad and segmentation is going to be tricky. So you want to use storytelling and branding to create a belief in your brand. How it will help your customers. How it can make them feel better. Look better. Help them help others. Solve a problem or pain point. Your product is probably not unique, and you have a lot of competition, so the key is to distinguish yourself in a creative way.
Basic human needs
Source: https://www.simplypsychology.org/maslow.html
Frequent need products often fall into the lower-level basic human needs:
· Food
· Water
· Warmth
· Rest
· Security
· Safety
Sell the experience and the mission
When I think of soap, I think of Dove. Why? Because their story resonates with me – real beauty is found in confidence, self-esteem and cruelty-free products.
When I think of socks, I think of Bombas – one pair purchased, one pair donated and extreme comfort. Bombas used their one-for-one giving social cause messaging and comfy design to be memorable and distinguish themselves.
When I think of shoes, I think of Rothy’s. Comfortable and trendy shoes made of recycled plastic bottles.
As part of the story, use your existing and potential customers as actors in your story. This is where User Generated Content (UGC), testimonials and influencer marketing really kicks in! All 3 of the above brands heavily involve their prospects and customers in their marketing efforts.
Don’t forget the value of your existing customers
Your existing customers are more valuable than those that haven’t yet purchased from you. Remember that. Always. They are also cheaper to market to than prospects. Keeping existing customers, increasing their demand for your product/s and leveraging them to do word-of-mouth advertising for you is a top priority. Know your Customer Lifetime Value (CLV) and work on improving it. A frequent need product or service is something people need to keep buying again and again so it makes no sense spending marketing dollars filling the funnel with leads (even if they do convert into customers), without a solid retention strategy in place.
Build a strong brand, give your customers a reason to talk about it. Create such a strong connection to your mission that they wouldn’t even think of switching to another brand.
Take risks and innovate
It’s great if you’re attracting loyal customers and retaining them but don’t get complacent. Today’s consumer of frequent need goods is not going to stay loyal if your product or service starts to lag behind and if something better enters the marketplace, they will switch in a heartbeat.
Generation Z, in particular, has been cited as being less brand loyal than their millennial counterparts. So, while they value brands that have a social cause and a strong “why” behind their message, they are likely to jump ship if they find a better option.
Understanding your customers’ needs and reducing friction is the name of the game here. Keep innovating on ways to offer a better and more seamless experience to your customer base. This could mean improving your product or service itself or the way in which you sell, deliver, support it.
The 70/20/10 system is a good rule of thumb to follow when it comes to innovating. Spend 70% of resources on improving your core business, 20% on improving your adjacent business offerings and 10% on discovering transformational innovations for your business.
In this way, you strive to stay current and relevant and mitigate the risk of being disrupted.
At first blush, you might think that selling a product or service that people have no choice to not buy is simple. But to really capture and keep a loyal customer base, creativity and innovation are key. Being in touch with your customers’ needs and continuing to not just satisfy them but to delight them will ensure yours is their go-to purchase. Even if it is a pair of panties!
