The Four P’s. Do you remember them? Product, Price, Place, Promotion?
4P’s was a powerful concept, the marketer were juggling these 4P’s to retain themselves in the market. Today no marketer can make customers purchase in simple way. It’s time to retire the 4 P’s.
The Four C’s are Customer, Cost, Communication, and Convenience.
CUSTOMER wants and needs replaces PRODUCT:
You have to study customer wants and needs and then attract them one by one with something which fulfill each customer need. Not simply develop a product and try to sell them to a mass market.
COST replaces PRICE:
The cost to the customer to satisfy their wants and needs may be much more than just your price. If your product is difficult to install and configure that it requires thousands of dollars of consulting time, the initial costs are much greater than your price. The total cost of ownership over the life of the product is much greater than your price. Checking your balance at the bank may be free, but if you’re charged a fee for every ATM withdrawal and every time your balance drops below $200, the cost is much greater than that free price.
Convenience replaces Place:
Amazon is the master of this. They’re not just about place; anyone can set up shop on the Internet and sell in the same “place”. Amazon is all about convenience: 1-click purchasing, free two-day shipping, no questions asked return policy.
Communication replaces Promotion:
Promotion is one-way. Communication is two-way. Promotion is shilling. Communication requires engagement. Communication is authentic. Promotion is false.
So forget the Four P’s, and start applying the Four C’s.