Classical marketing theory extols the virtues of the 4P’s. These are product, place, price, and promotion. While you should be equally concerned with all four of these important aspects of marketing, many marketers fall in the trap of concentrating on just one or two of these marketing mix components, much to their detriment.
In order to succeed in your home business, it is important to adapt a sensible marketing strategy by giving quality thought to all areas of marketing. That way, you will not run the risk of losing potential business through faulty communication, wrong placement, or even by selling the wrong product to your market. just because you happen to like the product or it’s creator is not a good enough reason to sell a product.
Take the matter of promotion for example. Marketing is not all about promotion, but in any business, especially home businesses that have small budgets, understanding how to do promotion is very important.
Do not forget that promotion is all about communicating with your prospective customers. Your job, should you choose to do it properly, is to communicate with your prospects on, how best to access, use, and benefit from your product or service.
Marketing communication involves four basic tenets that you should know well because knowing and using them properly is crucial to the success of your home business. These four behavioral stages of marketing are: Awareness, Interest, Desire, and Action. Let us look at each one in more detail.
Building awareness of your product or services may seem redundant, but as one of the foundations of good marketing communications, you need to understand it. Telling your customer that he will make twelve thousand dollars a month by signing up with ABC Company is nonsensical if he or she does not know what ABC does.
You will first have to build awareness of what ABC, Inc is so the potential customer becomes aware that you are actually talking about ABC, Inc., a fortune 500-ranked company in California that provides Internet domain names, web hosting, and email hosting services, and not Agricultural Biotechnology Cooperative from upstate New York.
Having educated the customer about your product, your next job is to build interest in the product or service. This is where you will explain how your services or products can help your prospect.
As an example, you may want to explain that your associated company, A-B-C Company is offering the customer a unique domain name that the customer can keep for life, so that he can offer his own products or services on the Internet to a worldwide market of potentially one billion people.
When your prospect understands that the longer he keeps and promotes the domain name, the more valuable it becomes, he is more likely to buy. By owning one of your domain names, over time he or she will be strategically placed to sell profitably to an increasingly digitally-connected world.
Creating Desire for your Product or Service
Now, your next job is to build desire for the product or service that you are selling. It is at this point that you will want to bring out the “big guns”, so to speak. Your aim here is to build desire for your product. You will want to target the customer’s greatest possible frustration and show how your solution can help him or her at a reasonable cost.
If the customer needs a domain name but the best choice for a dot com domain name is taken, perhaps a dot.ws domain name is available from your company, if you were promoting ABC,Inc., for example. Or perhaps, your prospect is in need of increased disposable income. In that case, you will want to give him a detailed presentation of the business opportunity that is available at A-B-C, Inc.
Showing him how he can earn money using this simple home business opportunity inside A-B-C, Inc, would probably help him solve an immediate problem.
Don’t just leave things hanging. Invite the customer to take action now and secure a solution his problems. Remember that the customer may be ready to buy. If you do not ask him to take action now, someone else will, and you would have educated the customer for someone else to reap the rewards of your labour. That is not a comforting thought.
Building a home business can be quite challenging. Having the right information can make your business more enjoyable and profitable. Create your own fortune in your desired niche, but do remember that Marketing is partly about communicating with your prospects, and that the steps to successful marketing communications involve awareness, interest, desire, and a call to action.