We all know about the 4 P's of Marketing: Product, Price, Place and Promotion.
The problem with this approach is its selfish marketing. Inward thinking. Creating the product before creating the marketing. The traditional way of "marketer knows best" thinking.
It seems not much has changed since the invention wayyyy back in the 1940's, except that approx 80% of all new products fail each year using this model. So much for foolproof thinking.
Marketers who subscribe to the new marketing philosophy of customer centric marketing know we've already moved past this model, thanks to Bob Lauterborn to the four C's:
Customer
Developing a product and then trying to sell it to the mass market doesn't work so well anymore (I wonder why). Studying what your customer wants and attract them with something each wants. This is much like Seth's book on Tribe building. Find a tribe of unsatisfied customers and then develop your offering to solve their problem. The marketing comes before the product!
Cost
Never (ever) compete on price alone. There are far too many businesses that are willing to go bankrupt before you on price - don't be one of them. Unless your Wal-mart or have some secret distributive strategy that makes Amazon and China jealous, you need to understand that cost is only one part of the value equation. People may well pay more money (and they do) if the value is higher than the cheap mass market alternative. Understand the true cost to satisfy your client. Think in resources and value, not dollars and cents.
Convenience
You must think of convenience to buy instead of place. Not everyone prefers to buy the same way. Some prefer online shopping, others bricks and mortar. Some require 24 hour round the clock support (late majority), while others prefer the challenge of figuring how to use your product (innovator/early adopters). Understanding how they buy and what resources they need before/during/after a sale is critical.
Communication
Promotion can be (is!) manipulative. People have been burned for far too long about gimmicks, guarantees, and questionable offerings to be duped later on. Communication requires a two way dialogue between the buyer and seller, that personalized, anticipated, and relevant to their wants. Never mind the fact that being a facilitator and collaborator instead of a dictator/manipulator can do wonders to brand building.
Remember who keeps you in business.
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1 comment:
I have always been curious about functionality in websites and, well, the world in general. I read this article with great interest. It does seem to me that the reason we comment is to speak our minds so why not have the comment field first? However, as others have pointed out, one gets used to the conventions regardless of reason.
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