Moving Beyond 4P’s, Focussing on ‘C’ of Marketing

We are half-way through 2018 and my experience tells me that the forthcoming quarter will see an influx of marketing activities as businesses rush to complete their yearly targets. I have, therefore, tried to focus on what lies ahead for the marketing industry.

It’s a new world for marketers, whether a nimble start-up or an established player. Markets are changing. Business models are evolving. And business disruption presents both risk and opportunities. The time is ripe for businesses to alter their marketing strategies in order to milk the opportunities and to avert the risks.

As per my analysis of market trends, customer-focused marketing has become the order of the day. It’s time we step beyond the conventional 4Ps (Product, Price, Promotion, Place) marketing model and pivot to ‘C’ of marketing- it’s time we let Consumers steer and drive our marketing strategies.
Customer is the King!
There’s no denying that with internet becoming ubiquitous, consumers have access to an infinite amount of knowledge about a brand’s products, services, and reputations through review sites, social media, and Google searches, rendering the role of sales or marketing team for information redundant.
Armed with such extensive knowledge about a brand’s weaknesses and strengths, when new customers eventually do show interest in a new product or service, we, as marketers, must do everything in our power to create an outstanding experience. When we use customer behaviour statistics to inform our marketing, we’ll be able to create hyper-specific initiatives that directly create value.
Customer can make or unmake a business
As businesses, we spend billions on advertising and marketing our products but despite choosing the right place, price and promotion, if customers do not like our product or service, we are bound to fail. The key to effective marketing is customer segmentation. As a marketer, we should understand different type of customers we deal with and tailor our marketing approach according to them.
Customer has a lot of options
Internet has transformed customer purchasing behaviour, it has opened myriad options for consumers to buy from. A product or a service will not work if it does not appeal to the customer because there are a greater number of alternatives in the market than ever before.
Existing customers increase brand advocacy
Current customers are the simplest and most cost-effective solution to increasing brand awareness. Marketers should focus on powerful ways to engage existing customers, such as testimonials and quotes for landing pages, case studies, social media engagement, co-marketing resources, like webinars and eBooks and speaking events etc. to show their customers how important they are to them, and to help them understand the true value of their company.

Having presented a strong case for us, as marketers, to place customer in the centre of all marketing initiatives, I feel empowered to say that “If people like you, they’ll listen to you, but if they trust you, they’ll do business with you”.

 

Best regards,

Sandipan Ray