A Lesson in Value from Maslow’s Hierarchy of Needs

In business, your product or service must fulfill a need that clients are seeking. Otherwise, no one would buy it! If you make sales, you’re meeting someone’s needs. Part of successful business and marketing, in particular, is understanding your client’s needs and working to meet them even more fully.

To help understand human needs better, take a look at Maslow’s hierarchy of needs. This basic psychological theory assumes that humans must meet some basic needs before seeking fulfillment in other areas. The needs are often displayed in a pyramid with sections from the base to the top reading:

  • Physiological needs (food, water, air, etc.)
  • Safety (shelter, employment, etc.)
  • Love/Belonging (friendship, family, etc.)
  • Esteem (respect of others, self-esteem, achievement, etc.)
  • Self-Actualization (creativity, problem solving, morality, etc.)

Try to identify what your business does for your clients. Which needs does your product or service help meet? Your product or service may fall under more than one category, which is great!

Understanding this is key to discovering the value your clients see in your product or service. If you’re still not 100% certain what your clients value most about your product or service, ask!

Why all the work? Understanding the needs of your clients means you will be able to tailor your services or products to meet them even better. Furthermore, you’ll be able to adjust your marketing to address the need your target audience has and highlight how you’re meeting it.

Curious to learn more? Our eBook, The Magic Number: Creating Your Personal Algorithm for Success, goes into much greater detail about leading your business to new heights. Download it for free today!

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