There are trillions of products and services that consumers have the option to choose from. No matter the industry, vertical, or platform, the power of choice is greater than ever before. What makes one product or service more appealing than another? Hint: it has nothing to do with features or lowest price.
A company's "why" is the single most important asset they have. Companies that find and hold tightly to their "why" are the ones that succeed time and time again. Whether it's a social cause like Warby Parker and Toms Shoes, or an obsessive dedication to customer service like Zappos, a company’s why is what leads it towards success.
There's a really powerful quote from one of my favorite authors, Simon Sinek, that says, "People don't buy what we do, they buy why you do it." And as you can see in today's economy, there's a lot of businesses that have extremely powerful "whys".
The "why" behind their product is what drives the consumers, it's what drives new business to engage with them. It starts to build that relationship with them. Just because you have some cool widget or some new idea that sounds really good, doesn't mean it's actually going to engage real people in the real world economy. So understanding the why, behind the products and businesses that you have, is going to help set you up for success.
Now it's not just as easy as, "I do this because." A lot of the times that's how we define our "why". Defining your "why" can actually take a lot of time and take a lot of trial and error and testing things out. Just because you think you have your "why" doesn't always mean that that's what's going to really pull in your audience, that's not really going to resonate with the people in the real world. So how do businesses go about finding why they do what they do, in order to build a product or service that people want to engage with for a long time? Let's talk about that a little bit.
Most entrepreneurs or new business start because they've uncovered a pain point. They've uncovered a problem where they've come up against themselves, time and time again. And they want to find a solution. And once they've found a solution, they realize, "Hey, there may be other people that have the same problem as me." So a lot of times in start-ups or small businesses, they start to define these problems and they start to build a product right away. Because they believe if we can get a product to market, people are going to buy it because people have a problem.
Well, that's not always how this process works. We've got to find why that problem is such a big deal. If it's not that big of a problem or the pain's not enough for them to change, that product probably is not going to take off as fast as you think it is. Finding your "why" helps you get to the bottom of the pain point. Why is this such a pain in somebody's life and how is solving this problem going to make their lives better? And that's the key in starting to find your "why". This is where you need to interview potential customers, interview potential people who have similar pain points as the products or service you're providing is going to solve, and understand what that actually means to them.
This is where companies like Toms and Warby Parker took sunglasses or regular glasses and tennis shoes and were able to attach it to a powerful meaning of people's desire to give back. They realized that people wanted fashionable sunglasses at a low price, or fashionable glasses at a low price, but they also realized, in the process of doing that, people had an innate power to actually want to provide value to the world around them. So they're doing this for a deeper reason than just providing a product or service. And it doesn't always have to be attached to a cause like that. Sometimes your "why" can just be attached to something very personal, because it's going to make their life last longer, it's going to make their life better, it's going to give them more time for their families.
So there's a number of different "whys". And the only way you're going to find that out is by searching inside yourself and understanding really why you want to do this, because it's not all about the money. You can make money doing a ton of things. But why do you want to do it through the channel that you're doing it and then lastly, what's the impact on the "why" that it's going to give the people who are doing business with you?
All right I'm just going to wrap it up for this week's episode, hope you guys enjoyed it. Please subscribe to the channel and stay tuned for additional videos as we continue to push these out, and until next time, Happy Marketing.
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