Why It Is Important To Your Business
The Marketing P's
Over and over again we hear about the Marketing P’s. This
is often referred to as the “Marketing Mix”. All four
Ps must work together to create the right marketing mix for your business.
The term “marketing mix" was developed by Neil Borden (Borden, N.
1964) who first started using the phrase in 1949. Borden claims the phrase
came to him while reading James Culliton's description of the activities
of a business executive:
(An executive is) "a mixer of ingredients, who sometimes follows
a recipe as he goes along, sometimes adapts a recipe to the ingredients
immediately available, and sometimes experiments with or invents ingredients
no one else has tried." (Culliton, J. 1948)
What are these four P’s?
Product. what are you selling to the marketplace? This
includes the appearance, functionality, customer support, as well as
the packaging of the product. Your product could be a service.
Place. This is where and how your product is distributed
and sold. This is the “who”, “what”, “when”,
and “where” of your marketing.
Promotion. This is the advertising and selling part
of Marketing. This also includes publicity and personal selling. A promotional
plan can have a wide range of objectives, including: sales increases,
new product acceptance, brand recognition and creation of your corporate
image.
Price. This is how much you charge for your product
or service, including any discounts. There are also special considerations
in pricing when you are dealing with a service. Additionally, with a service,
price can be varied according to level of service.
The 4 C’s of Networking
You know about networking—now learn the strategies that will help
you make the most of your networking opportunities! The 4 C’s of
Networking will show you how to generate, recognize and take advantage
of the networking opportunities that exist around you everyday.
In our society today, one of the key “buzz” words you hear
in the business world is Networking. Networking
is making “contact” with other people; to interact or engage
in informal communication with others for mutual assistance or support.
That is an understandable concept. Make contact and communicate.
Make it easy for people to refer business to you.
Charm (definition) – I learned this “Southern
Style”. Southern charm includes a touch of humor, caring
about other people, curiosity about everyone, and a sense of grace. ‘Yes
ma’am’ and ‘No sir’ are a sign of respect in
the South. But so is humor and laughter.
Connections through Business Cards – I always
carry a pocketful of business cards. But you would expect that,
would you not? I also have a business card case of other people’s
cards. Carrying a selection of other people's business cards
gives you a much higher chance of being able to converse about something
that is important to a potential contact. People are much more likely
to be interested in talking to someone they perceive as meeting one
of their needs, and much more likely to think well of someone who gives
them truly useful information.
Contributions - Contribute to group conversation.
Contribute ideas, thoughts and tips. Be genuine. To be a successful
networker, you should not always seek a direct return. Approach any
situation to add value for the other person. You might know someone
who can help them or give them business. It is this genuine approach
which brings long-term results.
Communication - Word-of-mouth is a key networking
source. Conversing with people is more than just “talking”,
it is active listening. Meeting someone once is rarely enough
to bring you business -- repeated communication is how you make the
connection. You always want to follow up with prospective customers,
of course, but you should also follow up with potential referral sources.
Timely and consistent follow-up is the key to successful marketing.
- Do not just record the contact details – follow up with them. One
of the keys to networking is to help others.
- Have the courage to approach people you have met before and reintroduce
yourself. Some people may take a few times before they remember who
you are.
- Create an opportunity to meet again.
Dempise Coffman started a poem with these words…
Some men seek great fortunes
Others long for fame
The only thing I really want
is for you to share my name.
Networking is actually having fun and enjoying people while you work. Enjoy
what you do and success will come to you. Network…it can
work for you!
