introduction
If you are interested in business or want to start a business, then you must know these five pillars of successful business. These five pillars of business are as important as oxygen for you; if there is a crack in any one of these pillars, then the entire business goes bankrupt. For those who want to do business, this will prove to be Amrit, so let’s explore those five pillars properly.
- 👉 Product
- 👉 Marketing
- 👉 Sales
- 👉 Value Delivery
- 👉 Finance
1 Product (First pillar):
The first pillar of successful business is the product. The product can be in any form, like a physical product, for example, a chair, pen, computer, and many more. Digital products mean services like banking services, etc.; leases are also products. A good product is one that
solves a customer’s problem; if the product does not solve a problem, then that product will not last long in the market.Only that product performs well in the market, which really fulfills the need or want of a customer.There are two types of products in the market.
The one that fulfills the customer’s need, like basic food, clothes, etc.
- The one that satisfies the customer’s want, like pizza, burgers, BMW cars, etc.
The one that comes first is the need product; it is the product that fulfills the basic requirement of the customer, without which it is difficult to survive.
The one that comes second should satisfy the want, like you have a lot of other things to eat, but you want to eat pizza and burgers. Another example is you have the option of many cars, like Maruti Suzuki, but you like to drive BMW and Mercedes.
The product is made keeping in mind these things, which people like you and we purchase.
2 Marketing (Second pillar):
When you have a good product, only you know about that product, which pain point of the user is your product solving, and what are its use cases. Nobody in the market knows about your product. You want the people of some specific group in the market t
o also know about your product so that they can go ahead and buy that product from you. Then, here you have to take the help of marketing. This is called second pillar of successful business.
There are two ways of doing marketing.
Digital Marketing (online marketing)
Traditional Marketing (offline marketing)
Digital Marketing (online marketing): This is a communication channel that digitally delivers the message of your product to the customer; it includes social media marketing, email marketing, etc. Nowadays, digital marketing is becoming quite popular.
Traditional Marketing (offline marketing): These are traditional methods of marketing, when the marketing of a product is done offline, like you must have seen in hoardings, newspaper ads, etc. These are all examples of traditional marketing.
When these two are combined, then there is a third method, which is called omnichannel marketing. This is a modern approach, and it is used in most of the businesses.
3 Sales (Third pillar):
The job of marketing is to create awareness, while the job of sales is to convert the aware audience into customers. This is the key to any business; without it, no business can run. Under sales, the customer is understood well, and the product is given to him according to his need.
In sales, you have to listen less and speak more. The hallmark of a good salesman is solving the customer’s problem rather than selling the product.
4 Value Delivery (Fourth pillar):
Value delivery means when you sell a product, if it is a physical product, then you have to deliver it to the customer’s shipping address; this entire process is called value delivery. Value delivery does not just mean delivering the product but also maintaining the product.
Quality along with the product, providing service on time; all this matters as much as the product. When you deliver good service, then a good relationship is built between you and the customer, and your word-of-mouth marketing happens for free.
5 Finance (Fifth pillar):
Financial management is such a pillar that if you do not manage it properly, then your business will not be able to sustain itself for the long term. Finance management: When a customer purchases a product and makes payment in exchange for that product,
utilizing that payment within the business is called finance management. Under finance, tracking income and expenses, taking profitable decisions, and managing the working capital well—all this comes under finance.