Tag Archives: Management

Savvy Management of Your 4 P’s

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This month we have been discussing the value of distinguishing your target market in the most Blog6.17.15 Marketing Mixspecific details possible. By now, you have a good snapshot of who your target market is and what makes him/her tick. You may even have a photo of your target market person.

So, what is the value of such research? Knowing your target market will point you in the direction of distinguishing your business from your competition so that your specific clients can find you and do business with you. It is the trim tab which will allow you to attract the type of clients you want to attract.

Your next step is to research your competition.

Here is what you want to know about your competition: what are the companies and services that are offering services similar to what you are offering? What are you offering that you do better than they do? What would have the customers choose to work with you instead of with the competition? (What do I do better or differently?) And what do I offer that the competition doesn’t?

By taking the time to do this type of research on your competition, you will discover what you didn’t know that you didn’t know about them. It will also allow you to uniquely place your services in the market place so that you stand out. You can then begin to market your business in a way that raises a beckoning flag to your client saying: Come Here!

You can then apply your research in developing your marketing plan. Your plan will be comprised of the following marketing elements. This mixture of marketing elements is referred to as the ” 4 P’s”: products, place, price and promotion.  Essentially what you want to create is the “4 P’s” to be tailored specifically to your market or your “one person”. You are highlighting your difference from the competition which specifically matters to your one person. When they see your marketing, they will say to themselves: “This is exactly what I am looking for.”

Most likely, you will have to go through several iterations in order to have the perfect element mix. And, that is okay and normal. It is worth it because when you nail it you will notice that your flow of clients is increasing—after all, they have been looking for you.

Is It Time To Let It Go?

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3.26.14We have been investigating the brilliant wisdom of Peter Drucker utilizing the “12 Keys to Entrepreneurial Success “as a path to better understanding what it takes to be successful in our lives and our business.

Peter Drucker was a leader in the development of management education and invented “management by objectives”.  He wrote dozens of books about business and management.  He was awarded the Presidential Medal of Freedom in 2002.

Key 11: “Most of the people who persist in the wilderness leave nothing behind but bleached bones.”

I don’t know about you but this one is hard for me.  I often cling to a business idea or possibility when I know with some certainty that it is a dead end.  I stand in admiration of people who can easily change their minds as often as they change their underwear. 

And yet, I persist in pursuing the dream.  You too?  Perhaps it’s time for us to take Drucker’s wisdom seriously. 

We actually do have to know when to quit pursuing something that is not working.  And yes, it is hard to do.  I think we need some guidelines to know when to quit, let it go, and, in the words of Kenny Rogers’ song: The Gambler, “You’ve got to know when to hold ‘em; know when to fold ‘em; know when to walk away; know when to run.”

My guide for knowing the best time is asking myself a key question: Is this the hill I want to die on?  And no it’s not.  Is this the idea, the possibility that gives you life, or does it deplete you and leave you panting for air?

There is nothing wrong with you for failing and quitting.  Failures are good.  Failures teach us what not to do.  You can always be proud of yourself that you did try.  You got results, you just didn’t like them.  It didn’t work…so what?  Go on to the next thing and create newly.

Key 12: “Finding and realizing the potential of a business is psychologically difficult.”

This key is powerful.  We can add the word “self” to this key and see where it fits both our life and our business.  Knowing this key gives us the ability to move forward.  It also points to surrounding ourselves with mentors, committed friends who are listeners, and who are 100% for us winning.  We don’t need many but we certainly need to develop some people who we can count on 100% to be on our team.

Right now, look around your circle of friends and see who you know you can count on.  Acknowledge them for being there for you.  Look, too, at who you are 100% for.  Be sure to let them know that they can count on you. 

Now it’s your turn.  In the comments below, say how you will apply Key 11 and Key 12.  I look forward to reading your comments!