This blog post takes me back to my university days. Expanding on the P’s with the C’s of marketing and branding was a great addition to my marketing strategy skill set. The 4 P’s of marketing – Product, Price, Place and Promotion – are well known, however the addition of the 4 C’s – Consumers, Costs, Convenience and Communication – can help to build a more robust marketing strategy.
Products & Consumers
Consumers have needs and wants which products (or services) should provide. Learning what a target audience wants or finds value in will help you to develop a product that will be successful in the market place. Conduct a market place gap analysis to see if there is an opportunity for your product.
Price & Cost
The price must be justified by the market place and by your profitability margin. You need to consider the indirect costs that your target audience must pay to use your product or service. If you rely strictly on price to compete you are vulnerable to competition – in the long term.
Place & Convenience
If it’s not convenient it doesn’t matter where you place the product. This depends on your target market’s preference and can range from the internet to a catalogue or a phone call.
Promotion & Communication
Promotion can be considered to be more of a marketing campaign or medium, where as communication can require a value exchange between the buyer and seller. It’s about providing value. Content marketing or an innocent can usually align promotion and communication as long as it provides value. Be creative and you can make your marketing engaging.