One of the core principles of marketing is the 4 Ps. In the digital era of non-stop constant ads, we’re being bombarded with it. Every company has a strategy and if the budget allows, there is a mass amount of dollars being invested to get you to buy.
I believe somewhere in the world this sentence is said about 100 times a day, “I had a really great idea.” And then the dialogue goes back and forth with a trusted confidant.
It looks something like this:
Confidant- “so what was it?”
Great Idea- “if I tell you, you can’t tell anyone. Ok?”
Confidant- “ok. I won’t.”
Great Idea- “so this is my idea… [the great idea]. So what do you think?”
Confidant- “that sounds cool. Why don’t you get some help with it and make it into a business?”
Great Idea- “I don’t want them to steal it, so I’m working on a non-disclosure agreement (aka, NDA).”
Confidant- “oh, ok.” [a year later] Confidant- “so how’s the business coming along?”
Great Idea- “I’m still working on my on NDA.”
Confidant- “have you made any other progress on it?”
Great Idea- “well, some but I’m being careful to I speak to about it.”
I’ve lost count of how many times I’ve had this conversation with someone. We all have great ideas, but some of us don’t know how to implement them into reality. In my opinion, the idea isn’t that great yet. Not until you have a recurring customer give you a raving review. When starting a business from a simple idea, you’re not thinking of the framework or the logistics of repeat customers. Not unless you have a marketing background. One of the core principles of marketing is the 4 Ps. In the digital era of non-stop constant ads, we’re being bombarded with it. Every company has a strategy and if the budget allows, there is a mass amount of dollars being invested to get you to buy. Within 30 to 90 seconds, they have told you the following: 1. Product (what they’re selling) 2. Price (how much) 3. Place (where you can purchase) 4. Promotion (why it’s a special offer) In this podcast, I go into explaining this a bit more. Even though we had some great episodes on marketing in the past, I wanted to break it down a bit more for those who want granular nuggets.
Nathan A. Webster, MBA