The 4 C's of Business

Most businesses are familiar with the 4 P’s (Product, Price, Place and Promotion), the marketing mix that has served as the foundation for successful product offerings for decades. But are you also acquainted with the 4 C’s? The 4 C’s are a consumer oriented model that shift the focus from a transactional viewpoint to a relationship viewpoint. This strategy helps businesses understand their customer, in turn benefiting sales. Let’s break each one down below.

Customer Relationship

Consumer. Instead of the focus being on your product, focus on the consumer’s wants and needs. Don’t subscribe to the “Build it and they will come” theory.

Cost. The price of your product is not equivalent to the cost. Think of the value to the consumer and what sacrifices they will make to utilize the product.

Convenience. The goal here is to make the purchasing process as convenient on the consumer as possible. Learn how your customer prefers to buy and be available to them.

Communication. It’s important to no longer just promote your business, but open a dialogue between company and consumer. Consumers today seek meaningful interaction and engagement from the companies they do business with.

In short, remember to meet the needs of your audience, not just the needs of your business. In doing so, you will develop better business practices and reach your best customers.