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Understanding the 4P’s of marketing is critical to every business and will make or break a company. Wasted and Misdirected funds will drive a company out of business fast. I’ve added anther “P” – It’s the critical 5th.
Understand The 5P’s of Marketing (normally 4)
Product/Service – affordable, reliable, etc.
Price – competitive within market area
Place – strategically located within market (ground and/or online)
Promotion – method of advertising, highlighting business, specials, and/or niche
Persuasion – ability to sell the product/service (if you’re not excited about your service or product – I won’t be either.
Latrice Lovelace – www.lvisions.org
It’s so easy to forget the basics while applying new techniques and using technology to enhance services, promotion, advertising etc. All will be in vain if you fail to apply the basics below:
The Business Card – Exercise Extreme Caution!
Every one have business cards these days and I’m amazed at how many are extremely ineffective. If your business card leaves a person confused and unimpressed – What’s the point? Keep it in your pocket.
Networking is a big part of growing your business. Your business card will say alot about you. A business card is the first tangible item you will give to a potential client. It must be professional, of high quality, and can not leave room for questions about what it is you’re offering.
Business Cards should not be:
These sounds pretty basic one would think. Pay attention to the next card you receive and you’ll see my point.
All Marketing Collateral Must Convey What’s In It For Them!
Don’t tell me its a great product/service but please tell me how I will benefit or how much I will save.
Latrice Lovelace – www.lvisions.org
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