For many years, aspiring marketers were drilled in the Four Ps of marketing: Product, Price, Place and Promotion. However, in recent years, marketing gurus have replaced this old mantra with a new one, the Four Cs: Customer, Cost, Convenience and Communication.
Many marketers argue that these Four Cs are much more valuable than the Four Ps. But what exactly do they mean?
The first “C” stands for “customer,” or more specifically, the wants and needs of the consumer/customer. Rather than focusing on the product you are selling, this “C” reminds you to focus on solving a problem or filling a void experienced by your ideal customer.
It is absolutely essential that businesses understand the customers to whom they are marketing. The more you understand your customer, the better you will be able to make products that are useful and beneficial to them, and the more you will understand how to reach out to them in your marketing endeavors.
The cost of your product does not refer to its price. The price is just a tiny part of the overall cost that goes into buying a product, from your customers’ perspectives. You must be able to determine the overall cost of your product, and deliver this information to your customer. For example, how much time will it take for your customer to access your product? How much benefit does it actually provide? How much time will it take to use or set up the product? This all factors into your determined cost.
After you have closely studied the habits of your customers, you will know whether they prefer to shop in stores or online, as well as the extent to which they will go to purchase your product. The convenience of your product is determined in part by its overall cost. If you can make your product more cost effective and easy enough to get without your customers having to go to great lengths to get a hold of it, then you will set yourself up for success.
Communication is crucial to the success of your business marketing. You must understand how to interact with your customers. One of the best communication tools that exists for businesses today is social media. This doesn’t just mean constantly promoting your business and products on your social media networks, but actually focusing on developing relationships and engaging in conversations with the people who follow you. The easier it is for your customers to communicate with you, the more likely it is they will keep coming back.
Keep these four Cs in mind whenever developing a digital marketing strategy for your business.