The 4Ps of marketing is a more traditional view that focuses more on providing a product or service that meets customer needs. In contrast, the 4Cs of marketing focus on understanding what those needs are in the first place and how businesses can meet them. Hence, here’s what you need to know about the 4Ps and 4Cs:
Product and Consumer Needs
“Product” goes first in the 4Ps of marketing, and it refers to the actual good or service being sold. Many businesses design and create their products while considering how they can stand out from the competition. You may add service add-ons that others don’t offer or make your product more durable. For example, suppose you have a lending business. In that case, you might offer a lower interest rate than your competitors or have a more user-friendly online application process that can attract more customers to your products and services.
Meanwhile, “Consumer Wants and Needs” refers to the first “C” in the 4Ps that takes a more customer-centric approach. This “C” is focused on what the target market desires or requires and how your business can help them get it. For example, a customer is looking for a loan to help finance their first home. In this case, they can consult with reliable mortgage lenders who can help them find a loan program among their products that suits the customer’s application. This fulfills the consumer’s wants and needs while providing the business with a new potential customer.
Price and Costs
The second “P” in the 4Ps of marketing is “price,” which is how much the customer will have to pay for the product or service. It’s important to set a price that is profitable for your business but also affordable for the customer. You might consider offering different pricing options for customers depending on their needs. For example, you could offer a discount for customers who are willing to sign up for a monthly subscription, or you could provide a loyalty program that gives customers a free product after they’ve made a certain number of purchases.
When it comes to the 4Cs of marketing, “cost” is the second “C.” This encompasses everything from the time and resources it will take consumers to find your product to other fees or items they might need to use your product. For example, if you’re selling a subscription-based service, the customer’s monthly costs might include the price of the subscription plus any taxes or fees. If you’re selling a product, the customer’s costs might include shipping and handling. Understanding your customer’s total cost can help you better optimize your pricing.
Place and Convenience
“Place” is the third “P” in the 4Ps of marketing, and it refers to how you place your product where your target audience will likely see it. For products, this might mean a brick-and-mortar store, and for services, this might mean an office. For example, if you’re selling a product like clothes, you might want to place your store in a mall or other high-traffic area. If you’re selling a service like financial consulting, you might want to offer your services in an upscale neighborhood.
Meanwhile, “Convenience” is the third “C” in the 4Cs of marketing. It refers to how easy it is for customers to access your product or service. This includes ensuring your website is mobile-friendly and that all your contact information is readily available. This can also include available payment methods and delivery options. For example, if you’re selling a product that needs to be shipped, you might want to offer multiple shipping options like express shipping or free shipping for orders over a certain amount.
Promotion and Communication
The fourth “P” in the 4Ps of marketing is “promotion,” which is how you get the word out about your product or service. This includes things like advertising, public relations, and social media marketing. For example, if you’re running a TV ad for your new product, you would include visuals and a catchy slogan to get people’s attention. If you’re doing a press release about your new service, you will focus on the benefits it offers to customers. And if you’re promoting your business on social media, you would post engaging content that will make people want to learn more about what your business offers.
Additionally, the fourth “C” in the 4Cs of marketing is “communication,” which refers to how well you communicate with your target market. This includes ensuring your website is easy to navigate, your advertising is accurate, and your customer service is top-notch. It’s also important to be responsive to customer feedback and make changes based on what they tell you. By keeping communication open and honest, you can build trust with your target market and create long-term relationships with them.
The 4Ps and 4Cs of Marketing are two mixes for marketing that guide business people to understand and use marketing in the most ideal way. By familiarizing yourself with these concepts, you can create more successful marketing campaigns that appeal to modern consumers.