Why Care about The Five Ps of Marketing?
Most people starting out in network marketing have never having thought much about marketing, or ever having heard of the Five Ps of Marketing (or even the original 4 Ps of Marketing).
They get excited about a product and/or opportunity first, and go forth with every bit of excitement and energy they expect from others, armed with reems of duplicatable information from their company.
But many then turn to the internet to ‘market’ their product and opportunity, and soon find themselves either tripped up by all that there is to learn, or by making the mistakes of so many before them and alienating their online connections just as they might their family and friends offline.
For any sort of marketing however, offline or online, there are basic skills that some might take the time to learn, those of communication and personal development primarily, that will be most likely to make the biggest difference in their success.
It is worthwhile to at least pay at least cursory attention to the fact that marketing is indeed at the heart of a company’s decision to use the direct marketing model for their company, as opposed to the more traditional marketing methods.
As it should be for those building network marketing businesses, the five Ps of marketing is not necessarily their focus.
The focus in this case is relationships and leadership, training and duplication.
But for some, building an organization requires reaching out, increasing your reach, widening your net, may require some actual marketing, and so learning some of that becomes sometimes cumbersome.
However, it’s not hard to conquer if you find focus, and start with the basics, such as the 5 Ps of Marketing.
Putting the Five Ps of Marketing into Context
- A marketing plan is your road map to implementing your promotional ideas and measuring your success along the way.
- Marketing is how you can grow your business in more ways than the traditional, using a variety of methods and much more creativity.
- Marketing takes time, but done right, it will bring your business growth in new and return customers, new prospects and business partners, and increased income.
So some some basic Marketing 101 might be a good place to start, or at least be aware of, having started down this path…..
Before I describe the five Ps of marketing, it is best to start with a little history.
There has been a ‘build it and they will come’ premise since the dawn of the industrial age, which still carries weight today.
But often it is with the Market in mind that successful products were born.
The product would never be a success unless the market demanded it. So, in fact, market selection has always been the key to a successful business.
A large target market is often the key to the highest sales numbers in any company. So if you have given serious thought to this before jumping into an opportunity, you’ve at least considered one important long term aspect.
So before it became the five Ps of marketing, there were really initially 4 Ps of marketing formerly defined, which were as follows:
1) Product: Not so surprising, the first P is Product. You want a product that stands out, above the fold, has a unique selling proposition. Analyze your competition; establishments or products like your own & those that compete with alternative products so that you’ll know how others in your market are succeeding.
2) Price: The price must be competitive, reasonable, and fit the budget and income ranges of the market to which it is intended.
3) Place: Where you will sell this product, be it in a store, at various public venues, or online.
4) Promotion: Advertising and promotional action plans are necessary for any product’s success. In the direct marketing field, this is largely up to the company representative and often augmented with duplicatable sales tools from the company.
But in the last 40 or more years, something of a transition has taken place, and some which is reflected in the fact that the network marketing industry has been so successful and has endured over time.
5) People - The focus of marketing has shifted from being product centric to relationship centric, particularly in the last 15 to 20 years. Businesses and entrepreneurs have realized the power of relationships.
The power of relationships cannot be ignored as it is people that drive the success in any business.
Secondly, the product, price, place and promotion, especially for an excellent internet marketing coaching and income system can be found here at the DotComSecretsRoadmap.
So while you are making a plan for your business success, be sure that you’ve considered the 5 Ps of marketing, and stay focused on the 5th one.
After finding a product that you believe in (which may also be your opportunity), one priced well enough to ensure strong customer sales, provided through channels achievable for your budget (online, drop ship, store front or whatever), then before you go into the promotion, be sure that you’ve got that number 5 covered.
Build rapport and create a sound relationship and you’ll find success in building a business that lasts, and keeping the five Ps of marketing in mind will help keep you centered!