Many are familiar with the 4Ps of marketing (product, price, place, and promotion), but fewer are familiar with the 4Cs of marketing, which, for many, offers a more detailed and beneficial approach to marketing and sales for your business.
The 4Cs of Marketing Explained
The 4Cs of marketing refers to a marketing and sales approach that is used to organize and optimize the sales process for businesses. Specifically, the 4Cs of marketing stand for consumer wants and needs, the cost to satisfy, convenience to buy, and communication. This is often seen as a spin-off from the 4Ps of marketing approach (see below), although there are notable differences. The following is a detailed review of what each one of the 4Ps means as it pertains to your business’ approach to marketing.
Consumer Wants and Needs
The consumer wants and needs go beyond the product or service itself (which is typically the case with the “Product” stage of the 4Ps). Instead, this first step in the 4Cs of marketing focuses on how your business can fill a void in your customer’s life. By gathering a better understanding of your customer’s needs and desires, you can tailor your services and products to be of maximum benefit to them This customer-focused approach helps ensure optimal potential to close every prospective sale.
Cost to Satisfy
The second C stands for Cost. It is important to keep in mind that cost is different than price. Price simply refers to the monetary amount for your products and services. Cost, specifically cost to satisfy, however, focuses on the overall cost to the consumer, such as the time it takes to receive your services or products and indirect costs (i.e. fuel costs). Cost to satisfy also, and perhaps more importantly, focuses on the value the consumer receives from your products and services.
Convenience to Buy
Convenience to buy replaces the “place” stage in the 4Ps. However, this stage goes into more detail than the place in which you choose to sell and deliver your products and services. By this stage, you should have a clear idea of what your customers’ desires and needs are and an idea of how your products and services deliver them value.
From there, and in this stage, you should optimize the convenience of them finally making the purchase. For example, if you are an Italian restaurant owner and a large number of your guests order via delivery service, then you should spend time and resources to ensuring a convenient ordering and food delivery service to optimize the level of purchasing convenience and overall value that is delivered to them through their experience.
Communication in the 4Cs of marketing replaces the promotion stage in the 4Ps of marketing. Promotion often carries a negative connotation in the minds of consumers, feeling as if they are being manipulated. Instead, your business should not have to manipulate others, but rather you should have a genuine desire to share the benefits of your services and products with your consumer base.
Communication is essential to spreading your business’ message and marketing your product. There are several effective strategies to help communicate with your customers and make yourself available, including via social media, email campaigns, paid advertising, and direct contact channels (i.e. phone calls, email access).
The 4Ps and 4Cs of Marketing: What’s The Difference?
The 4Ps of marketing, which stands for product, price, place, and promotion, is a more traditional approach to marketing your products and/or services. A more detailed breakdown of the 4Ps are:
- Product – This stage involves the design, quality, features, and packaging of your product. For services industries, the “product” would include all of the specific details related to your service, such as the the role each employee plays, how the customer acquires the services, etc.
- Price – The pricing stage is fairly self-expalnatory. This includes the standard prices for your products and/or services, discounts you offer, and credit policy (if applicable), along with your margins and how you intend to be profitable over time.
- Place – This stage refers to determining where you will sell your products or services and the logistics involved with the sale of your products or services. This could be via your storefront, website, social media, and various other channels.
- Promotion – This stage refers to how you plan to market your product or service. This incldues your advertising strategy, content development and promotion, SEO efforts, and communication strategy (i.e. messaging).
The primary difference between the 4Cs of marketing and the 4 Ps of marketing is that the 4Ps is more detailed and focus more on the overall customer experience and how your products and services benefit them, rather than your business’ benefit that it receives from your customers.
Tunl Agency Offers Digital Marketing Services for Businesses Within The Hospitality Industry
Tunl Agency integrates the 4Cs of marketing into every digital marketing campaign. To learn more about our marketing approach and how the services we offer can help your business grow through a strong online presence and increased online sales, contact us today by phone or message.