Want to know why that in a pandemic people don’t spend money; why their spending habits may shift and why their priorities change?
Hands up who here has heard of Maslow’s Hierarchy of Needs?!
And you know how much I love to dig into the psychology of everything so let’s go through it…..
Maslow’s hierarchy of needs is a pyramid which takes up through people’s psychological needs starting with the basic one at the bottom and the more complex needs towards the top.
(pssst… stick with me and I’ll tell you how to apply this to your business!)
So, at the bottom of the triangle we have our
🔺PHYSIOLOGICAL NEEDS
(air, water, food, shelter, sleep, clothing, reproduction)
Next up are our:
🔺SAFETY NEEDS
(personal security, employment, resources, health, property)
Up Next:
🔺LOVE & BELONGING NEEDS
(friendship, intimacy, family, sense of connection)
Next one:
🔺ESTEEM NEEDS
(respect, self-esteem, status, recognition, strength, freedom)
And at the top:
🔺 SELF-ACTUALISATION NEEDS
(desire to become the most someone can be)
The theory goes that we can’t move up the triangle until our lower psychological needs and desires are met. For example, someone isn’t going to spend money on fulfilling their esteem needs if they don’t have shelter or clothing. And someone isn’t going to spend money on a sense of connection if their employment needs aren’t being met.
So, where does your business sit? Which need does your business fulfil? Which psychological need do you provide?
And what does your client have to have fulfilled before they are interested in meeting their internal desire to use you to help fulfil their need?
PROBLEM IS…
That right now as much as we all thought we were good and safe and moving forwards; our SAFETY NEEDS have been pulled out from under us.
The country is in poor health, we have high unemployment and people are in danger of losing their resources and property.
So right now; peoples higher needs can’t be met until their safety needs are fulfilled again.
Now, apply this to your business and let me know what your thoughts are?
Inge x
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