The big idea
Traditionally the marketing mix has been thought of in terms of McCarthy’s 4Ps: Price, Product, Promotion and Place. However, this approach originated in the 1960s when homogeneous mass marketing was effective. Customers are now very savvy, post-consumerism consumers with many demands on their time and limited tolerance for interruption. The 4Cs model, proposed by Prof. Robert Lauterborn, recognises that a shift in emphasis is needed and places the focus firmly on the customer’s perspective rather than your business.
The 4Cs model has a customer-centric focus and ensures you look at the marketing mix from the customer’s point of view. The purpose of this approach is to encourage you to reset your perceptions around what you are creating and offering to the market. The 4Cs are:
- Customer value: it is the value that you provide that determines your position in the sector or market/s
- Cost: instead of thinking of price, think of what the customer has to pay
- Communication: customers are engaged in meaningful interactions
- Convenience: customers are busy and have many choices, so make it easy for them to choose you
The tool asks you to consider a number of statements based on the 4Cs and answer true or false. It is an exercise you can do on your own or with a group and should take 20 to 30 minutes. It is suitable for businesses of all scales and sectors.