The 4 Ps of Success In Business
An entrepreneur is a person who is willing to undertake a change journey, sometimes biting more than he can chew because he is confident of his abilities to figure things out. While every aspiring business owner endeavors to thrive and succeed, there are certainly some key components that a truly successful enterprise includes in his recipe. This is what sets him apart from the rest. These components are fundamental in nature and act as the building blocks for a stable business. Their error-free construction and intersection create a magical effect on the business, irrespective of their order. It is always advisable to seek the expert support of the top business coach in this regard. Success comes from the strong foundation of 4 Ps – Product, people, process, and positioning. We are all aware of them but let us perceive them with a novel perspective:
1. Product: Think of the product or service as an experience in the life of your customer. It extends beyond the concept of an idea, notion, or even function. After ensuring high quality and after-sales service, ponder over these questions. Does it add value? Is it different in unique ways than other similar ones in the market? Is it delivering what you promised continuously and consistently over a period of time? Are your customers referring the product to their close ones? When these questions are given due regard, the chances of product success exceed by far!
2. People: Visualize a customer or any other party who has vested their interests in your business, visiting your company. Think of the energy and hospitality they will receive right from the entrance, through the set of protocols, till they meet the concerned person. In a similar vein, think of the internal hierarchy and how the staff interacts. The success in this domain is contingent upon the culture and attitude of the people that habitually prevails in your organization. And that is why it is significant to recruit the right human resource for the established task, to create effective channels of communication, to upskill them, and build an environment conducive to growth and positivity. And yet this pillar of success extends further to the outside parties and customers. The way you nurture your relationship with them determines your business growth. As Zig Ziglar said: “You don’t build a business. You build people, and people build the business.’
3. Process: It is hard for an egg to become a bird. But it would be harder for it to learn flying while remaining an egg! Whether it’s a start-up or a growing firm, things need to be systemized and a method has to be defined well to achieve the goals. Without concrete processes and systems to determine what to do, the best efforts can prove futile. Every function in the organization such as making sales, customer service, answering a call, etc. need a process for smooth and effective running. And when the time comes, it is best to automate them.
4. Positioning: Positioning is the place your product holds in the minds of target customers. It is directly allied with the Unique Selling Proposition proposed by your product. It will determine whether the product prominently stands out in the market or blends in with similar other ones. Highlight your strengths with an effective positioning strategy to build a strong brand image.
Do you need professional access to the above approach? Connect with Uma Mansharamani, the best business coach in India.