Why do we keep buying things?
Theodore Levitt, a marketing professor at Harvard, once said, “sell the hole, not the drill”. He expanded on this by adding, “people don't want to buy a quarter-inch drill, they want a quarter-inch hole”.
It’s all about solving a problem people have. Until recently, this was the fundamental reason people brought things. Now though, people are buying technology products that are just a little bit different. Probably a little bit faster with a slightly different design.
This is happening because some of the sharpest marketing minds out there are doing everything they can to encourage you to part with your money. If we look at this closely, they’re likely to be exploiting three key things to help them do this.
Reward
Those sharp marketing minds are doing everything they can to produce that pleasurable hit of dopamine. They want to get you excited. They want you to crave that new product by creating a compelling story about why it’s there and how it makes a difference.
Status
Those sharp marketing minds will then encourage you to create a story of your own. One where people will treat you differently because you own that new thing. How they will be impressed. They want you to create an exciting vision of the future, where that product really makes a difference. It also helps if you fear missing out if you don’t own it.
Safety
Have you noticed how so many tech products now are focussed on keeping you safe? Monitoring your health and even calling for help if you can’t. While they can be really helpful, those sharp marketing minds might make it seem you’re in danger without them. My advice, think carefully about what you really need.
So what should we focus on?
All of this adds up to something significant. We often buy things to fill a hole that tends to just get bigger. We don’t really need anything like the quarter-inch hole Theodore Levitt mentioned. We want a reward, we don’t want people to look down on us and we all want to feel safe and secure. Will a single product really do this though? Also, do these things really matter?
I think it helps to consider all of this before you’re tempted to part with your money. What do you need it for? So many people are buying fancy new drills that will create the same quarter-inch hole as the one they have. Does it really matter what it looks like of if it does it slightly quicker? I’ll let you decide.