Halfway Around The World On A Wing And A Prayer

Image via Wikipedia

Starting a business is difficult work but the rewards are seemingly limitless. One of the most important aspects of running a flourishing business is successful marketing. Marketing runs beyond advertising, although advertising certainly is a big part. Understanding marketing before opening your own business is easy if you can remember the “Four P’s of Marketing”.

The first “P” of marketing stands for “Product.” The product is whatever the business is selling, whether an actual physical product or a service. This “P” is mainly about product quality, meaning that it meets the needs of the generic for precose rel=”wikipedia” href=”http://en.wikipedia.org/wiki/Target_market”>target market. Product quality will also differentiate between your product and other similar products, so it is important to make sure that the product quality is up to par.

The second “P” of marketing is “Price.” Obviously, any business wants to maximize their profits in order for business to thrive. This is as simple as understanding supply and demand. Setting the price of the product at the equilibrium of where supply and demand meet will ensure the maximum profit. This may be a case of trial and error for a new business, but it’s smart to do your research beforehand and find out pricing strategies of other similar businesses.

The third “P” of marketing is “Place,” also referred to as distribution. Essentially, this is where you will sell your product to the public. There are multiple options for distribution: selling one-on-one yourself, selling the product to retailers or wholesalers or selling online. Often, a business will start out by selling one-on-one or online and reach the point where they are able to sell to retailers. The place where you choose to sell your product is one of the most important aspects of marketing.

The final “P” is the one that most people think about when thinking about marketing. This, of course, is “Promotion.” Many will consider promotion to be advertisements such as magazine ads, television ads, and newspaper ads. These are all promotional marketing strategies. Other promotions will include offering deals and sales on the product in order to lure people into buying. As long as the product is of good quality, they will return to purchase it again at the standard price. Promotion is all about getting your product out into the market.

The Four “P’s” of Marketing are easy to understand and will add to your business when they are correctly implemented. That is why it is necessary to understand marketing prior to starting your own business.

Related articles by Zemanta

• 9 Strategies to Boost Your Sales Copy to Make More Money!

Just as a singer/songwriter like Michael Jackson or Sir Paul McCartney, writes a song once then gets paid a neverending stream of royalty income – or like the writer of the Harry Potter series – writes an irresistible novel then gets paid over and over again as thousands or millions of copies fly off the downtown book shop shelves!

Those royalty incomes are all variations of residual income. Or passive, automatic, monthly or annually recurring income. It’s a rather exciting prospect isn’t it? Many authors, playwrights and songwriters enjoy this recurring residual, royalty income! You can too, as a home based business entrepreneur, working with a telephone and the Internet from your home office. This is what I’ve done since 1997.

Do you fully understand, then, the business model, ideas and concept behind residual income? It is really quite a smart and yet simple business model: “You do something once then you generic for nexium get paid many times over again, for that clever initial action!” It could be the action of referring someone into an online business, like a nutritional MLM, for example.

Certainly, there are many types of home based work online and internet businesses that use the residual income model. For example, nutritional MLM or multi level marketing businesses that typically sell supplemental nutritional products, women’s cosmetics and household goods, like home cleaners, etc., all use the Residual Income Model. It first appeared in about 1950 and has made millions of dollars for business owners and top sales performers. It is also known as referral marketing.

They are a type of referral marketing where you refer someone once to a global home based business compensation matrix or structure then you get paid monthly recurring income at a certain percentage while they remain a paying customer of the company. The simple, compressed matrix works best. Not a complicated binary structure. It looks good in theory but does require a lot of supportive work behind the scenes to make sure your referred downline of customers does not collapse or disappear!

The critical importance of nurturing your workers:
They will all need your constant attention and coaching support, believe me.. Most people seem to work best with frequent leader’s help and reinforcement. You can even devise a system of rewards and incentives, like the large multi-level marketing companies always do. They offer holidays away to Hawaii, for instance, and frequent conferences with hotel accomodation.

Other very smart Internet marketers with online Australian small business ideas create their own passive income systems. I recently joined one such online business called “Passive Profit ROBOT”, created by Jeff Alderson of Florida, USA. I am extremely impressed with this system. It has genius-like simplicity because all I have to do is pass on a free marketing report, by referring people to my unique referrer web URL. That’s all I need to do! It is a very simple system where you refer people using The Internet, then you get paid regularly as they purchase marketing software and business information products through the Paypal and Clickbank merchant systems. Joining these merchant payment systems as an affiliate is a breeze too!

Geoff Dodd
Business Investigator
Perth, Australia