Nir’s Note: A few weeks ago, I wrote a brief post summarizing some thoughts for a potential book chapter. I asked my readers for help and you delivered! The comments were fantastic and I received several insightful emails. Therefore, I’ve decided to continue with the experiment with the article below. This week’s post is much shorter and less developed than my previous essays and is intended to solicit more of your thoughts and feedback for a potential book chapter. Give it a quick read and tell me what you think. —
The world has become harder to resist. Products are getting better at giving people what they want and – for the most part – that has been good thing. Yet, the historical trend-line shows products are also becoming more habit-forming.
All products alleviate customers’ pain. Even products used to gain pleasure must first generate desire, a unique form of discomfort, which the customer will pay to satiate.
The engine driving the evolution of marketing and advertising for the past 125 years has been the increasing speed with which companies adapt products to better meet customer needs.
The Age of Scarcity (prehistory – 1930s): For the majority of human history, the basic necessities of life were expensive and rare. Human populations growth was mediated by the limitation of resources. Keynes formulation of Say’s law was that “supply creates its own demand” and in a time of scarcity, goods sold quickly to those who could afford them. Though commercial communication traces back thousands of years, the term “marketing” only made its debut in 1884. Prior to the industrial revolution, products attracted consumers mostly by being available. The limited supply meant high prices and only the well-off had any discretionary spending power.