Marketing has traditionally been defined by the “Five P’s”
Most of the time you can hear marketers saying we need to get the right product at the right price, at the right place and at the right time. Success in home business comes from offering a quality product or service to a target market, which is a group of customers a business has decided to aim its marketing strategy. I call it your Niche and don’t forget, Happy customers will become repeat customers and will stay with you depending what business you are doing.
A product can be either a tangible good – physical asset such as land, equipment or goods or an intangible service – nonphysical asset such as a trademark, copyright, coaching training. You need to find the right product for YOU. You have to identify yourself to this product to be able to sell it and get your audience to believe YOU. As I always say, you need to be the product of the product to be more authentic. If you do your own product, the appearance and texture is very important. Do some research for the labeling, packaging and test it well before you put it on the market. You don’t want to invest in machine and not being able to use it because your product might not have all the requirements for legalization and shipping in your country.
The price should cover your cost to produce your product, with the shipping cost and taxation and get some profit. Be sure to check the market and prices from your competitors. If you do a multilevel marketing, the company will give you the price but I would recommend you to see other companies with similar products and see if the price match to stand out from your competitors. Same with your compensation plan, try to get a business with a plan with loads of benefits. Price influences target audience, check which type of population you want to target.
How are you products and services distributed? This is important that you know where your products are coming from to make sure you can provide with a right time for delivery. The distribution system is very critical. If you customers wait too long, they won’t order a second time. You target audience need to feel comfortable using your services if you have to use a third party to deliver ( auto-responder, programs,..)
How are you going to provide information that will help your audience to choose if they want to take advantage of your services or your products? Promotion includes elements like advertising, social media marketing, e-mail marketing, SEO marketing, videos and the list can go on… You need to take it in consideration when pricing your own products. You need to maximize your ROI (Return on Investment), so be aware of your marketing strategy before you do the pricing. Of course you have free advertisement, word-of-mouth advertising that should balance your promotion costs.
Who is doing your product? Who is helping marketing your product? If as an affiliate, who do you have in your team? Can you trust them to be as ethical as you? How is the support from the company you represent is treating your customers? All of that has to be taken in consideration, because you can have the best product, the best compensation plan but if your customers encounter some problems and rudeness on the other side of the phone, or email, you are going to lose them. Nowadays there are so many products, and online businesses, the competition is very strong so try your best to avoid any complaints. Know your business, trust your company and don’t lie to your clients.
By following the “Five P’s”, you will reach your goals and provide the right product, with right pricing for your Niche. Develop well your marketing strategy and be always on the look out for new products, change and evolve with the market needs. With the growth of social media, something you might promote today with one platform might be different in a year time. Same with your website, you need to keep the dynamics and see what is effective in time. You can do some survey from time to time with your customers and see what they are looking for.
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(Source of 5 P’s Here)