A lot of people nowadays no longer just rely on their day jobs. While some may be earning enough from their 9-5 work, it is always better to grab business opportunities that give you an edge in building a brighter future for your family.
Whether you're starting a business from scratch or availing of a franchise, the basics are the same.
THE 4Ps OF MARKETING
Building a business and sustaining it means familiarity with the 4 Ps of marketing.
– Product
You must have a clear picture of what you want to offer your market. You should know what products or services are in demand. You may also offer a unique product that other companies have yet to offer.
But before finalizing your product, you need to first conduct a market study to find out how your product may fare. Your product’s potential buyers must also be identified.
– Price
It is vital to come up with a competitive price that will entice customers to purchase your product or service. The price of the product will directly affect how it will sell in the market. The cost of the product should also make your customers see its value.
Setting the price of the product must be based on the value chain costs, distribution plans and how competitors price a similar product.
“Price is what you pay. Value is what you get.” – Warren Buffet
– Promotion
No business can survive without promoting its product. Sales promotion, advertising, and special offers should be part of your marketing scheme so that your product will be known.
Besides traditional media, you can also tap Facebook, Instagram, Twitter and other social media sites which have become very effective tools in promoting products and services.
– Place
You can’t just put up your business anywhere. You have to consider if the location you have chosen is accessible to people. It should also be easy to deliver your product to your customers from your place of business.
THE 6 Ps OF BUSINESS VIRTUE
Besides the 4 Ps of marketing, you should also be familiar with the values that successful entrepreneurs nurture.
– Patience
Success does not come overnight. You need a lot of patience to deal with the obstacles that come along your way.
– Perseverance
When problems arise, you must never be scared and always focus on your goal rather than being scared.
– Persistence
A good businessman is able to endure the pain and hardships that come with the business. Saying “NO” is never an option.
– Precision
You must know exactly how to initiate your plans and carry them out.
– Productivity
Becoming productive in your business means not wasting time. Try to keep up with the latest technology and latest innovations related to your business. This will help you come up with better strategies to make your business successful.
– Positive attitude
When you have a positive attitude towards life, everything will fall into place. Positive Mind + Positive Heart = Positive Life
Keeping in mind all these "Ps" will help you succeed in your business. Should you need advice on how to start with your business, shoot me an email and I’ll gladly respond as soon as I can.
(Armando Bartolome is known as the Philippines’ Franchise Guru, a business mentor to numerous micro entrepreneurs who are now themselves big names in the industry. This article is reposted with the author’s permission and was previously published on The Business Mentor column posted by ABSCBN News. For questions and more information, you may contact Armando "Butz" Bartolome by email:philfranchiseguru@gmail.com or on Twitter @philfranguru. His website is www.gmb.com.ph)
