PERFECTING THE 10 P’S
People’s perception of the value a product or service is influenced by its packaging.
Perfecting the 10 P’s are about focusing on each Key Performance Area of the business and perfecting it incrementally. By closing all the lights and then shining a flashlight on one specific object eliminates distractions and allows you to clearly see the strengths, weakness, opportunities, and threats in each section.
The Ten P’s are:
- Policies & Procedures
We’ll start with the Product because that is your company’s whole reason for existence. Before worrying about any other area, we first must make sure that you can deliver a high quality product or service flawlessly.
The People represent all the people in the transaction. This includes your customers, your employees, the communities you serve, the prospects that you promote your products to and every other human being who affects you delivering quality products and services to your customers. In this area we focus on each type of person involved and strategize on how to make better choices that will result in better overall results.
The Place is your marketplace. This can be your location, where you deliver to, how accessible you are, or the market you serve. Depending on the type of business you’re in, an improvement in any of these areas can dramatically affect your business.
The Price is pretty straightforward, it’s the dollar amount that you want in exchange for your product or service. Priced too high and you will lose sales, priced too low and you are drastically losing profit. Pricing is a very important factor when it comes to your bottom line.
The Promotion represents all of your marketing. A business will not survive without promotion, let alone thrive. We create as many profitable channels of promotion as possible. In other words- once you create a marketing campaign that consistently produces more income than it costs, you keep that ongoing and start on your next channel. The more profitable channels you have, the more money your company makes.
The Profit is one of the most important Key Performance Areas out of all 10. Besides all the good your company does for the world, your business exists to make a profit. Profit is a combination of your pricing strategy and your promotion. The more items you sell at the right price increases your profit.
The Packaging is an extension of the Promotion. People’s perception of the value a product or service is influenced by it’s packaging. In Nuero Marketing, science has proven the fact many times that the higher the perceived value of your product or service, the more a consumer is willing to pay for it. The more they are willing to pay, the higher your profit margins. Many companies overlook this important point but it doesn’t matter how great your product is if no one perceives it to be.