The Four Ps of Marketing: Product
Last week, I gave advice about how to use Sign-up forms for event planning and management. Your Sign-up forms can be used for your invitees to RSVP to your company’s event. Once your guests register, you can send them additional notifications about your event, such as reminders, directions, or menu choices.
Today, I’m going to begin a discussion on the Four Ps of Marketing: Product, Place, Price, and Promotion. While the fundamentals of marketing have held constant over the years, the techniques used to manage the Four Ps have dramatically changed. New markets have been opened, laws have changed, and what was once the smart distribution method is no longer the most profitable. Understanding these key marketing basic can significantly help your business increase profits and assist you in navigating the current trends of the marketplace.
The first of the Four Ps is Product. If you want to make money in business in general, you have to do one of two things. You have to either create a new product or business model, or invest in a business that is creating a new product. In my book Zero to One Million, I outline in detail a ten-step process to build your company from scratch to $1 million dollars in sales. Creating and developing your product is a major step in this process, and it requires some strong market research and evaluation.
If your product fulfills a need or want, has either niche or mass-market appeal, has a high perceived value and can be sold easily, your business has a higher probability of succeeding. You can use your email newsletter to highlight different aspects of your product, ask for customer feedback, or announce product improvements. At iContact, you can do all of this in one place.
As an entrepreneur who wants to build a strong relationship with your customers, you should consistently improve on the product you have created. Over time, this constant improvement will allow you to be able to expand the scale of your marketplace and create a lasting and profitable organization for yourself.
Thanks for reading, and I’ll be back to continue our discussion on the Four Ps of Marketing in a few days.