Marketing mix 4c’s is one of the business tools that every internet marketer should learn. The 4Cs enables you to think in terms of your customers’ interests more than your own. It helps to develop customer-centric strategies from being business-oriented ones.
So, let us imbibe some of the best tactics to gain the benefits of the 4C’s in marketing.
In the 4 C’s model, the primary focus is on the customer. Thus the companies which follow this model believe in making products which satisfy their customers. The customer makes the purchase decision and is therefore the most valuable resource in any marketing strategy.
You must clearly define your target customer and keep in mind that you may be targeting more than one group. When thinking about your target customer, keep these tips in mind:
- To place your product or service for maximum profitability, you must know what your target customer needs and wants.
- Your brand proposition is determined by the value/worth your customers perceive it to have.
- Strengthen your customer service with a goal of delighting your customers. How you delight/satisfy your customers is what matters.
- Give more to your customers/consumers. Your three options:
- Give them the same quantity/quality of product/service but lower the cost.
- Keep the same cost, but increase the quantity or improve the quality of your product/service.
- The ideal is increase/improve the quantity/quality while lowering the cost.
From a business’s point of view, the price of a product or service is the amount you set for the item/s the customers/consumers will get from your business. Shifting to the perspective of your customers/consumers, the price becomes the cost. It represents the amount your customers/consumers will pay for your product(s) or service(s).
It is important to determine of overall cost – not price – of your product to the customer. It also depends on the type of market you are targeting to capture.
Three common types of consumers:
Status-conscious – These consumers want first-rate products or services and are willing to pay for the cost of the item(s). They look at these products/services and corresponding costs as a way to define and maintain their status.
Convenience-conscious – These consumers will pay for the cost of the product(s) or services(s) if they find them convenient. They are willing to pay extra as long as their purchase means convenience.
Budget- conscious – These consumers buy products or services that fit their budget. They are the people who want more value for their money. Thus, they are always on the lookout for lower-cost product(s) or service(s).
As you evaluate cost, consider these guidelines:
- What research have you done to determine if that figure is reasonable and affordable for your target?
- Is your product or service still profitable at that price your customer is able/ willing to pay?
- What will the consumer’s total, or real, cost be for obtaining your product or service?
- How will local, state and federal taxes impact the total cost of the product or service?
- Keep in mind that price alone doesn’t usually convince the consumer to buy, so setting a low price won’t necessarily drive sales and could hurt your bottom line.
The Third C within this marketing mix is convenience. Convenience is often compared to “place” in the 4P’s marketing strategy. However, Convenience is a much more customer-oriented approach to this marketing strategy. Analyze the audience using analytics to know the preferred shopping touch-points for consumers. Using the marketing mix 4c’s, convenience means that you make it easy, simple, and fast for your customers to avail of your product(s) or service(s).
Thus, it is important to:
- Simplify the process as your customers have to go through in doing business with you.
- Make your customers feel good about complying with your business process.
- Seek new ways to connect with your customers/consumers and to distribute/deliver your product(s) or service(s).
Also evaluate the following questions:
- What barriers might the customer face when trying to locate or purchase your product or service?
- Can they move from product selection to checkout with just a few clicks?
- If a customer has a question during the purchasing process, what kind of customer support do you offer?
The final element in marketing mix 4C’s is communication. With this marketing mix, you do not “promote” your business; rather, you communicate value to your customers/consumers.
When assessing how you will communicate with your customer, keep these thoughts in mind:
- Engaging with your customer through meaningful communication builds customer confidence that drives sales. Make your communication more personal.
- Your communication should answer what is in store for customer.
- Take advantage of Social Media tools. You can use social media to “promote” your products (as the 4Ps Matrix would advise) but you can also use it to ask your customers for their insights.
- Remember, what you say and where and how you say could be unique to each group.
Along with the traditional marketing mix, the 4 C’s model, really helps if you are a customer oriented firm.