The New 4 P’s of Marketing

The New 4 P’s of Marketing

The traditional 4P marketing concept which you guys learnt in the textbooks just isn't good enough for our world of fitness business anymore. Remember the old day 4 P's? They stood for PRODUCT, PLACE, PROMOTION and PRICE. In recent times however, the ever growing influence of Internet has rendered these classic principles moot, keeping in mind the new relationship that businesses have with customers.

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Here are my NEW 4 elements of marketing. They're for you, Fitpreneurs, to S.A.V.E. your business models:

 

1. Create a 'SOLUTION', not just another Product.

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Your customers don't really care about the features that your product is offering or its usability if, at the end of the day, your product simply fails to SOLVE their problem. Solve their problem and you'll end up earning their business AND their loyalty.

 

2.  It's about 'ACCESSIBILITY', not just Place.

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Keeping in mind how fast technology is growing, the location of your business keeps losing importance as you read this article. Increase the accessibility of your business, which allows you to operate “always, everywhere and at all times” through the Internet.

Your clients want your business to be easily accessible.

They want reassurances that you and your team are ALWAYS available, irrespective of time and location.

Increasing accessibility of your business allows a greater pool of clients to consider you as a viable option. Folks double up-power up the availability aspect by installing Chat Support pop up windows, having their phone number and emails listed on their contact forms.

Don't waste time - start increasing your accessibility NOW!

 

3.  Forget the Price, concentrate on providing 'VALUE'.

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Price is just a number. It is a waste of time trying to find the "perfect" price for your product. Your clients will simply choose the startup next door, which is offering the same service online, for free! You should much rather invest that time in increasing the value of the service you are providing. Clearly articulate the benefit of your product relative to your prices. Your IDEAL client is more worried about value, than they are about prices. Work on building a service which provide the BEST benefits your client is looking for- and they will give you their business without thinking twice about the price.

 

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4. The secret lies in 'EDUCATION'-not the usual Promotions.

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An ancient doctrine of marketing(The Rule of 7) teaches us that our clients need to interact AT LEAST 7 times before they eventually purchase or register with you!

How can you reduce that number of contact points?

The way to do it is by providing education regarding your service. When you provide your client with FREE and USEFUL information, you create a much stronger relationship with them than any of your advertisements or banners could ever do. As an example, give your attention to this article, which you are reading right now. You would be highly inclined to subscribe to this blog and start considering our services because you can see that we are focused on our customers' needs and not our own. Apply this concept in your own business and provide your clients with relevant information. This allows your to create a sense of trust long before any purchase is made.

 

 

The world is moving fast. If you continue to embrace the ancient 4P model you, my friends, are running a serious risk of drowning yourselves in a repetitive and counter-productive race. Start implementing the S.A.V.E. concepts immediately and wait and watch your business take off into the stratosphere of success.

Don't say I didn't warn you!

For more information, click on fmiguild.org

To learn about our annual MBA summit, where we personally tutor attendees with tailor made lectures and content held in Long Beach, California ,try fitnessmbasummit.com

 

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