One of the first things I learnt in economics was the difference between needs and wants, and how price indices were calculated using a ‘basket’ of essential items, items you needed to buy on a regular basis.

A want is a nice to have. It’s something you’d like, something you may even lust after, but you don’t need it. A need is something you must have, and if you don’t get it, something else you don’t want to happen will happen .

As marketers, we need to develop and highlight products and services that people need. If people want them, but don’t need them, we don’t have compelling products or services and we don’t have a sale.

As sales people, we need to create or accentuate need in the minds of the buyers, as they won’t buy unless they have to, unless they need to, unless they see a return on their expenditure or a problem taken away.

We all should gravitate towards needs, scarcity and value. We should eschew wants, dearth, and lack of value.