Whether you are launching a rocket, a new product or a new business, the four “P’s” apply. What are they? Product, Production, Preparation, and Propellent. Without these critical functions your rocket or your business endeavor will never get off the ground or crash and burn. Ninety-nine percent of new businesses fail within the first year because of poor management and/or lack of capitalization.
First there is the PRODUCT (or Service). This is the design of the rocket, product or company. The idea is based on a need and the belief that it will work. In the business world, the “Product” (or service) may be introducing a new item into the marketers’ existing product line, or in many cases, launching a new company to market that product. Henry Ford had an idea and started the Ford Motor Company based on the Model T. Another “P” as part of this process is “Protection”. While ideas fall under the copyright laws, patents and registered Trademarks are recommended. Consulting with a marketing professional at this point is advisable.
Next is PRODUCTION. An idea on paper is no good unless you can produce it. Initially developing a proto type, field testing it and working out the bugs is essential to have a viable product or service. Next comes, how will the product be mass produced for sale? Innovators that are Engineers, Fabricators and Craftsmen may decide to setup a manufacturing or assembly facility. Subcontractors are often contracted to produce components. In the event that the inventor does not have the desire, capabilities or capital to produce the product, the idea can be sold, but that involves a legal transaction. We have taken an idea to fruition and built it, be it a rocket or a widget.
Then comes PREPARATION which can also be called Planning. Now we get ready to launch. As in space travel, many factors are involved getting ready, having everything in order and a launch at the most opportune time. Here is where the expertise of outside specialists is essential. NASA’s engineers of various disciplines are called upon to assure the launch will be successful. A Marketing Consultant is essential in objectively planning the marketing strategy, developing the advertising, PR and sales promotion components and implementing a coordinated campaign at the most opportune time.
The final “P” is PROPELLENT, which in the case of a rocket, is the fuel and the manor which it is utilized. In marketing it is the budget. The greatest product, service or business startup in the world goes nowhere without adequate funding. Getting a rocket or business off the ground is not enough. There must be sufficient financial resources to propel to the targeted objective. This is where many businesses fail. As part of the Preparation process, an experienced Marketing Consultant will advise and recommend an strategy with financial options.
In summary, there is no guarantee that a product, service or new business will succeed, even the best planned rockets sometimes blow up. But, to increase your odds of success and avoid costly oversights, a Marketing Consultant can provide advice, direction and reduce the risks of failure. Tom Smisek Marketing Consultants is an Orange County CA based firm.