Business Performance Coaching

Over the last few weeksI have talked about the 5 main elements of the the Marketing Mix, Product, Price, Place, Promotion, and People, I hope that some or all of them have been of help when considering your own business.  Let me give you an example of how following these principals can help a business.

Recently I came across a business where the owner really was questioning the value of the services their business was providing and how much they should be charging for them, when they asked their customers about their thoughts on this, most of them thought they didn’t charge enough!!

This particular business had no clear product range which made it hard for the business owner to target specific markets and price accordingly and of course with no clear markets to target it made it very difficult to do any form of promotion.

In a situation like this, what is the solution; using historical data on prievious work completed and the amount charged for each of the jobs the product mix can be developed.  Once this is done, gaps in the product line can be identified and addressed (if viable) and a pricing structured built around it.  With this information the business can then be proactive in promoting the full range of products to the desired market(s).

Of course any business will have to look internally to ensure the people were in place to cope with any increase in business due to any promotions put in place, but once this was done, the business owner will be able to, with confidence, hit their choosen markets running knowing that the increased business coming their way would not put the business under excessive pressure leading to an adverse effect on the quality of their product.

With this particular example it is easy to see how the principals fo the Marketing Mix can help any business.

If you have been following the series, I would appreciate any feedback, good bad or indifferent regarding the usefulness and quality of the information