The 5 essential keys of every business

They are: Product, Price, People, Place and Promotion.

1. PRODUCT:

Tap into something that people MUST buy or things that people DO buy.

1. Needs

2. Wants

1. NEEDS: things that people must buy, they are necessities, and they can't do without it, things that are part of their daily life. Examples are foodstuffs, bottled water, pure water, soap, toothpaste, Tooth brush, pen, books, body and hair cream, clothes and shoes, food ingredients, smartphones and laptops (anything digital) etc.

2. WANTS: things that people buy out of ego or to satisfy their desire. Examples are beverages, sweets and biscuits etc.

You would have noticed that companies are increasing daily in these two categories either bringing a new product or rebranding the existing product because they know that the larger percentage of people's money goes to these two categories of product and they follow where the money is because the law of product says "he who has the product has the money" that's why many companies are coming up daily to sell one or more products. Product is targeted at a particular problem and the law of riches says “the more problem you solve, the richer you become.”

It’s important that you know THE PURCHASING RATE of the product to know if it will be profitable to you; are people buying it daily, weekly or at a certain period of the year.

2. PRICE

What are you charging for your product or service? You must check the price of your product, is it affordable for my prospect? Do well to check your competitor’s price and figure out where you'd like to fit in on that spectrum.

3. PEOPLE

Who did you designed the products for? Mothers, kids or students? Etc. You must find out who are your prospects?

4. PLACE

Where are your prospects? People are found in a particular place; you can’t found students in a mechanic workshop, you will need to go to schools to meet them. This is where the primary locations and secondary locations of your designed prospects comes in.

1. The Primary settings:

Primary settings: are places that you are connected to -

Church/mosque

Your street/town

Place of work/campus

2. The Secondary settings:

They are places that are not within your reach and sometimes you're not connected to. With the help of social media: Facebook (ads), WhatsApp, LinkedIn, Instagram and others you can connect with your prospects and sell your product.

5. PROMOTION:

In this 21st century there are different ways to reach your audience irrespective of your location anywhere in the world. Using ads like Facebook ads or Instagram etc. You can target your specific audience in their respective location; states or country even their age range.

What methods are you going to use to let the audience know about your products and services?

Advert: TV, radio, press, bill boards, social media- Facebook ads, Whatsapp TV etc.

Via referral: everybody is connected to somebody. Reaching out to two people can be your link in reaching fifty people. The power of referral is great and it's very essential to every organization/business.

And other methods