The Marketplace Democracy: How We Vote with Our Wallets

With just over 2 weeks before what will likely be a very tight US presidential election, there’s a lot of talk about the importance of voting.

But have you ever considered that we vote every single day — not just at the ballot box, but with our wallets?

That’s right. Every purchase you make, every review you leave, every brand you engage with — it’s all part of a vast, ongoing “election” in the marketplace.

Consider this:

  1. Products as Candidates Just like political candidates, products compete for our approval and support.
  2. Purchases as Votes Every time you buy a product, you’re casting a vote for its continued existence in the market.
  3. Reviews as Campaign Speeches Your product reviews influence others, much like political endorsements or criticisms.
  4. Brand Loyalty as Party Affiliation Sticking with a brand is akin to consistently voting for the same party.
  5. Market Share as Electoral Votes Popular brands win “electoral votes” in the form of market viability and expansion opportunities.

This “marketplace democracy” has some interesting implications:

  • Every Purchase Matters: Just as every vote counts in an election, every purchase influences the market.
  • Informed Consumers are like Informed Voters: Research before buying is akin to studying candidates’ platforms.
  • Boycotts are like Protest Votes: Choosing not to buy from a brand sends a powerful message.
  • Start-ups are like New Parties: They challenge the status quo and can shake up the established order.

In “I Need That,” we discuss how understanding genuine customer needs is crucial for product success. In a way, it’s like a product’s “political platform” – the promises it makes to its constituents (customers).

Your challenge: Before your next purchase, think about what you’re “voting” for. Is it quality? Ethics? Innovation? How might this perspective change your buying habits?

Remember, in the marketplace democracy, you have the power to shape the world you want to see – one purchase at a time.

Here’s to making votes count — at the polls and at the checkout,

Laurier

P.S. What’s a product you’ve “voted” for recently by making a purchase? What drove your decision? I’m curious to hear your thoughts!