If you aren’t familiar with the 5 p’s of marketing, then it’s time to learn them before you make some vital mistakes in your home business. If you have been in the marketing industry for any length of time, you probably recall that there were also 4 p’s of marketing at one time. Either way, these are consistent principles that you MUST grasp in order to grow your business successfully online or offline.
Even if you believe this is antiquated, nothing has really changed when it comes to building relationships and building relationships that are long lasting. Propelling your business forward into greatness is something only you can do, and only something that you are responsible for. No one else is going to make it happen for you, so why not take the initiative now?
I am going to share with you what the standard 4 p’s are, and other considerations you need to make in order to give your business a solid foundation, and ensure that you are doing everything possible to make your business a success.
The First Four of the 5 P’s of Marketing!
- Product. It’s essential, and if you don’t have one, you can’t have a business! The product is what you build your business around, but not on. Make sense? You still need a foundation, but you simply need to know what it is that you want to offer.
- Price. Even if you don’t think this is relevant, think again! Price is essential to establish because you’ll need to know what your margin is. What do you have to pay for your product to stock it? What do you need to charge in order to generate enough revenue to pay that back and make a profit? Price is always important, so don’t be fooled.
- Place. Where will you sell your product? Is it going to be in a place where your niche market lives? If you are running a brick and mortar business, location is always important. You’ll want to study demographics to ensure that you get to know more about the population where you intend to place your business and product. Yep, location is always relevant in the 5 p’s of marketing.
- Promotion. What method will you use to promote your product? Online marketing? Newspaper? Craigslist? There is something to be said for broadening your horizons, and if you play your cards right, you’ll try your hand at one strategy first, master at it, then move onto another one. If you have the money and you can remain organized while outsourcing some of the work, you can try two to three methods of marketing and promotion at once. However, remember to keep it simple, it’s all about maximizing your marketing dollars.
The New 5 P’s of Marketing
What has changed since the business world began? In my opinion, nothing much has changed, because relationship should always be a part of everything you do from day one. This means “people”. Without your prospects, you have nothing, and they are the lifeblood of your business.
Don’t try to reinvent the wheel; it’s not necessary! Focus on creating value for people and you’ll win every time, no matter what your business is.
If you would like to learn more about how I market online, and how you can get started today with the 5 p’s of marketing, simply go HERE right now to connect with me personally, and I’ll share with you the secrets I’ve learned from my mentors.
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