small business marketing

The 8 Ps of Small Business Marketing

In an article by Mark Morgan Ford in Early to Rise he writes about one of his clients who is a constant articulator of powerful, small business marketing ideas.

Discussing the difficulty of starting and growing new businesses he offers a synopsis of their “Four Ps” s to make these businesses work.

More...

  The 4 P’s

  1. 1
    Program:       You need a small business model that works; one that can produce reliable, long-term profitability with an acceptable level of investment and risk.
  2. 2
    Product:       You need products that are easy to sell the first time and even easier to sell thereafter. In other words, you want to sell products that give people what they are looking for at a price they can rationalize.
  3. 3
    Prospects:       You need people to sell to. And you need a sufficient number of them to meet your business' long-term goals. Where do you find enough quality customers? Advertising? Sales calls? Mailing lists? Websites? Keyword searches? Telemarketing? Finding potential buyers is a big part of any business.
  4. 4
    Proposition:      Every market is unique. So is every product. Figuring out the optimum way to sell your unique product to a given market segment is your first and most important priority. Until you do that, you can't produce profits.

After much thought Mark Morgan Ford realised that these 4 P’s weren't quite complete.

4 more Ps to be considered:

  1. 1
    People:        Every business, no matter what it does, where it's located, or how automated its processes are, depends on people to create and maintain its profits. Taking a business to the next level - even to keep it from falling backward - is accomplished by hiring, promoting, training, and nurturing a team of key people who work skilfully and efficiently. You have to find them and then motivate and hold onto them.
  2. 2
    Promotions:        Discovering the right proposition for your business is the first - but only the first - priority of selling. To keep your business profitable, you have to produce a continuous flow of successful, customer-grabbing promotions (create sales offers that attract attention, offer benefits to the customers, and persuade them to buy your products). A business that can't produce breakthrough promotions on an ongoing basis is a business that is doomed to mediocrity or even failure
  3. 3
    Procedures and Processes:       If you get the first six Ps working right, your business will never suffer from a lack of sales. But if you don't have effective operations - order-taking, fulfilment, accounting, and customer service - your profits will always be half of what they should be... and your stress will be double what it needs to be.

Putting the Eight Ps to Work 

Now the fun part...

Take a few minutes to use the 8 Ps to analyse a business — to think deeply about what works and what doesn't. You can use your own business (if you have one) or the business you work for or the dream business you would like to build.

Start doing this business analysis by clicking on this link.

Your Small Business Marketing Action Plan

By turning those Bs into Cs into As - turning your fledgling business into a thriving one - doesn't require a huge capital investment. It simply requires a few smart and effective ideas

In this age of change and uncertainty it is important to develop a second stream of income. Allocate learning time every week. Build a simple business plan. Make at least one new influencer contact every month - and use those influencers to help you launch your action plan.

Thanks to the internet, there is virtually nothing you like to do that can't be turned into a profitable venture. There are dozens if not hundreds of small businesses you could start this year.

Avoid getting into something you don't understand.

No matter what type of side hustle you decide to start, have a specific financial target and plan to reach that target by figuring out what you have to accomplish every month to get there. Then break those monthly targets down to weekly milestones.

There's no reason to quit your job and risk your life savings. Start slowly, from your home, investing only modest sums, working weekends or at night, and build your small business idea until you can figure out the best products and how to sell them.

When that's done—and that should take about a year (maybe less)—you'll be ready to hop onto that 25% ROI (return on investment) train... potentially doubling your money every three years.

About the Author Patrick Millerd

Passionate about helping small and medium size businesses achieve success - reducing the number of SMB's that fail. Helping SMB owners find their path to financial and personal freedom. Every day a learner and excited by all the opportunities available today.

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