- WHAT IS NETWORK MARKETING AND HOW DOES IT WORK? - March 7, 2022
- 4 FUNDAMENTALS OF NETWORK MARKETING YOU NEED TO KNOW TO RANK UP FASTER - March 1, 2022
- How to deal with rejection and use it to your advantage - February 20, 2022
What are the 5 P’s to network marketing success and how do they promote your business?
In today’s training, I share all you need to know about the 5 P’s to network marketing success.
Success in network marketing comes from joining a network marketing company offering a quality product or service to a specific set of people or we can say; target market.
It sounds easy enough, but many new network marketers are often inconsistent and ineffective in their marketing because they don’t understand things like the marketing mix and how the 5P’s to network marketing work together to find your market and entice them to buy.
The 5 Ps To Network Marketing Success
What we used to know before now and as said by marketers is the 4 P’s of marketing, but recently a 5th P, People, was added.
So, The 5 Ps to network marketing success are:
What products or services do your network marketing company provides?
Be specific. What are the physical attributes of the product or the details of the services you provide?
Explain the features of your products and services and how they specifically benefit your market.
What are the specific benefits of the product in the marketplace and what is the psychology behind it?
Also, include how you differ from what your competitors provide.
Many network marketers doesn’t even know that they have competitors that are not even network marketers! Now you know… Lol
Understanding how your product solves your market’s problem in a way that is different from your competition is crucial.
And having the full knowledge of it will help and give you an edge over others.
What is the price of your company product or service?
To make profit, how much do you need to sell and what level do you need to be to get the needed commission to make a profit?
It needs to be enough to cover your expenses and make a profit, and yet fit with what the market is willing to pay for the quality of product and level of service your company provide.
This is crucial and important as it gives motivation to you and the market.
Where are your products and services sold?
How are your products and services distributed?
How will you get them to your customers, prospects and clients?
For example, are they digital goods sold online and delivered through an autoresponder system?
Or you do you use a third-party such as Amazon’s fulfillment program?
Do you also use the services of DHL or local transporter.
How do you get these products and/or services to your customers or prospects?
All these needs to be put in mind.
What methods are you going to use to let prospects or potential customers and clients know about your products and services?
To do this, you need to understand your market, including where it can be found and how you can create marketing messages that it will respond to.
Pointing out how your product will solve the market’s problem is the starting point.
Will you use the online promotion or offline marketing method or both?
Think about that too.
If you want to do the offline promotion, get our cold market prospecting formula here
Or if you choose the online method… Get our Facebook Marketing Made Easy Blueprint Booklet which have helped a lot of network marketers build their brands online and helps them to attract more customers here.
Who is helping you in your business?
Who will help you in your business?
Who are the team members that will help you make the dream work?
The people and services that you use in your business can impact your success.
If don’t know what you are doing, no one will follow your leadership.
If your product or service delivery systems fall short (i.e. the digital product isn’t delivered), you’ll have complaints.
Your prospects have a choice in who to do business with and they prefer companies/leadership that provide easy-to-use systems, offer customer service when needed, and are attentive and responsive to their needs.
Happy customers will become repeat customers and will refer new business.
And possibly join you.
By following the 5P’s you can ensure you’re effectively reaching your market and providing the products and services they need.
The better you understand and target your market, the less time and expense you expend in reaching them.
You don’t want to waste time or money on shotgun approaches to marketing.
The 5P’s will help you focus on what you need to do in marketing, and also, give you clues when things aren’t working.
The 5P’s of the marketing mix are all part of your bigger business and marketing plans.
These tasks might seem boring and tedious but are necessary to help you focus your activities, and better understand and reach your market.
And like other aspects of your business and marketing plan, the 5P’s aren’t static. They change and evolve with market needs.
Because the 5P’s are dynamic, you’ll want to conduct activities that help you stay focused on what’s working and what’s not.
I hope you got some value out of today’s training. If so, can you do me a quick favor? Like, share, and comment below. It’d be great if you’d give me some feedback!
P.S.: The Feedback on The Cold Market Prospecting Formula has been awesome click here to check it out. https://naijamarketingpro.com/goodies4/
I hope this is helpful to you?
Let me know what you think in the comments below. And, feel free to share this with your teammates.
More Resources For You:
CLICK HERE TO GET THE FACEBOOK MARKETING MADE EASY BLUEPRINT which has helped a lot of network marketers build their brands online and helps them to attract more customers for their sales and network marketing business.