Small Business Lead Generation: Mind The 4 Ps!

In the most basic context, the success or failure of an organisation depends on its ability to sell its products or services in the market, since the revenue earned from the same ensures that it continues to exist and make headways in its domain to achieve further success. When it comes to a small business, lead generation is one of the most important aspects of ensuring sales in the B2B domain, in particular. A successful sales strategy can work wonders for even the most mediocre product or service.

For small business lead generation initiatives, the 4 Ps need to fall into place – product mix, price mix, place mix and promotion mix. Coming to the first point, product mix refers to the manufacturing of the product that is being sold – one must take care of multiple factors like market conditions, requirements of the target audience and availability of options to the end user. The same procedure is followed with regards to the service being rendered. Coming to the price mix, it refers to the cost at which the product or service is being sold. An organisation must ensure that the offering is neither undervalued nor overpriced, otherwise the results would certainly be most unfavourable. A great deal of planning goes into this process, so as to ensure that the production, distribution & advertising costs, as well as other overheads, are factored into the whole equation.

The next criterion is the place mix, which talks about the location at which the product is being introduced. This is equally important as the rest of the lot, since the place at which the product is introduced is of paramount importance. One can’t hope to sell raincoats in a desert, or half sleeved T-shirts in a snowy province! Lastly, the promotion mix in small business lead generation refers to the kind of promotional tactics are used to sell the product.

The appropriate combination of all these would virtually guarantee success for any product or service.