The primary definition of marketing includes the wide range of activities involved in making sure you continue to meet the needs of your customers and get value in return. The “P”s of the marketing mix form the core of your marketing strategy and involve such things as people, product, positioning, price, placement and promotion.

Next up for our discussion here, “Product”. The affluent buy based on a different set of values than that the average consumer. It’s critical to understand how to create your “product” (or service offering) so that it meets their needs and desires.  Here are the important considerations.

“P” is for Product: What are you selling? What are the features of your product or service? What are the key benefits? How will you package your service to “productize” it?  Knowing your product and service thoroughly is essential to being able to market it to your prospects. Get completely clear about what you are offering, to whom, why they need it, and how it answers your prospects needs or problems.

Although people generally know what they want, few people actually know what they need.  What the  “P”s of the marketing mix can do for you and your business is help establish a need, build credibility, and ultimately drive sales and build profits.

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