Whether you are thinking of starting a business, business is fully running or even considering the Network Marketing industry, these 5 P principles still apply. These principles will always be needed to sustain and evaluate the needs of the business, these principles are the foundation of the Success or Failure of the business. These 5 principles are:
Place – Are you based online, Are you going to have a building, a market etc. Whether it’s online or a physical place will you be visible to the your customers, members for them to see your product or services
Product – What is your product or service, will it meet the customer or member’s needs, what are you going to offer with your product/service that others won’t.
Price – Are you going to be competitive with your product/service i.e. be in line with the market price etc. This will depend on your experience and the value you place on your product/service, its important that you place value on your service especially if it’s your own efforts such personal training, manual work such as building, electrician, plumbing. With products you can be more in line with the market place rather than under cut, under cutting by a large amount could de – value your product, over pricing could lead to minimal customers unless your selling high-end products and that’s your niche otherwise go with the marketplace
Promotion – When it comes to promotions and special offers, if promotions are less than £100 always refer to promotions as a percentage or see what is greater for example, today a personal trainer charges £50 a session promotional price £25 per session, by saying 50% off today rather saving £25. If you are selling furniture original is £3000 and you say 30% which is £1000 off, it will be better to say save a £1000. As it will seem the customer/member will be getting more VALUE for money
People – Building rapport with your customers/members is vital when starting out in business whether they purchase from you or not, giving advice/consulting with them shows courtesy and you have their best interest in mind. Identify the customers needs before recommending and up selling on products/services. Ask qualified questions in order to satisfy they experience with. More importantly WHO are you targeting i.e. mass market (everyone), sports people, single parents, millennials etc.
HNH TRAVEL2SUCCESS 