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In 1960, E. Jerome McCarthy introduced the 4 P's of Marketing as a way to describe the mix of factors required to successfully market a product. McCarthy labeled the 4 P's as Product, Price, Place (distribution), and Promotion. The idea was that if you could identify the right combination of these elements, your marketing would succeed. Since then, many have proposed that there are really 5 P's, suggesting Positioning, Packaging, or People as additions to the mix. For consultants, coaches, and other professionals marketing their own services, I don't find that the classic 4 P's provide much guidance in making the right choices about marketing. Here are a different sort of 5 P's for the typical independent professional, who is both the product and the one marketing it at the same time. 1. People To make realistic decisions about marketing, you need to have a clear definition of your target market and understand their needs. Only then can you know who you should be delivering your marketing messages to, and what you need to communicate. With a solid definition of your target market and a well-defined message in hand, you can reach out directly to the people who might become your clients, and ask other people to pass your message along to those they know. 2. Positioning What this targeted messaging requires is that you become very specific about not only who your offer is for, but what it will help them do, and why your solution is the right one for them. You must position your business in the mind of your prospective clients as the best possible choice for exactly what they need. Broadcasting a muddy or generic marketing message won't be enough. Your clients need to understand "what's in it for me?" 3. Personal credibility Writing articles, giving talks, media interviews, and volunteering in your professional association or community will all contribute to your credibility. But one of the best ways to build trust is also the simplest. Allow clients to get to know you better before pushing for a sale. Casual phone or email conversations, having lunch or coffee, meeting at business or social events, and connecting at networking meetings will contribute to the know, like, and trust factor that makes people buy. 4. Push plus pull Pull marketing, on the other hand, is focused on building affinity and connections. To attract clients in your niche, you might develop referral partnerships, become visible at networking events, get booked as a public speaker, have your articles published, land media interviews, or build a content-rich website. You'll find it much easier to make a sale when clients contact you as the result of hearing about you from someone else, or after sampling your expertise for free. 5. Persistence You have to connect with people over and over again before they will remember your message. Your positioning will only be established when prospects hear about you more than once. Building your personal credibility depends on different types of exposure over a period of time. And both push marketing and pull marketing require repeat contacts in order to pay off. Try putting these 5 P's together into a personal marketing mix of your own. As an independent professional, I think you'll find them much more pertinent, persuasive, and powerful then the classic four. Copyright � 2007, C.J. Hayden |
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