The 4P's and 4C's theory
In 1960, the American accounting professor E. Jerome McCarthy defined this marketing concept based on 4 variables: product, price, point of sale and promotion . This definition became “the 4 Ps of marketing” which aimed to optimally explain how marketing works in a comprehensive and complete way.
To begin with, this proposal focused on the product as the main element of the country area code philippines campaign: talking about it, its properties, the aspects that made it stand out from other competitors. Then the importance of price was raised : setting an appropriate price following marketing and market criteria. The third P was the point of sale , which referred to placing the product in a place to be marketed, whether retail or wholesale. Finally, this theory focused on promotion as the main dissemination. It referred to the channels, media and techniques through which the product would be made known, always talking about it, of course.
However, over time, with new market needs and modernization of marketing strategies, the theory evolved into the 4Cs: consumer, cost, convenience and communication . Here the variables focus more on buyers, their habits and the way to interact with them to attract the purchase:
Consumer: suggests asking the customer's wishes and needs. The focus is no longer on the product itself, but on the use that the buyer will give it.
Cost: We are no longer talking about the price of the product but about all the components that make up its cost, from its manufacture to the moment the product reaches the final consumer.
Convenience: This variable replaces the point of sale because it is no longer just where the product is sold that matters, but rather the purchasing habits of the potential buyer.
Communication: In the age of the Internet, content marketing and social media are key to reaching the target audience. It is through these media that real conversations are established with buyers, which go beyond a mere promotion of the product.
Although the evolution of these theories demonstrates changes in the needs of the market and consumers, there are still many brands that continue to base their marketing actions on the outdated theory of the 4 Ps, which leads them to make mistakes that later have consequences on their sales.
How do we know when a company bases its marketing actions on the 4P theory?
The focus is on their product and not on the solution they offer to buyers.
They express in their communications phrases such as: ' we are leaders'; 'we are the best'; 'we are the best option on the market';
They focus on the features and varieties of the products. Generally, these companies have their websites and social networks full of this type of information.
They constantly talk about the design and quality of their products to stand out and differentiate themselves from others.
Recommendations to get out of the 4P trap
As we said before, to stop using the 4P theory and establish marketing strategies in tune with the times, we must focus on the customer, get to know them better and offer them solutions to their needs. To do this, we must create marketing strategies based on:
Developing the buyer persona
Unlike the target, which defines a type of target audience, the buyer persona is the fictitious representation of an ideal client. It proposes the creation of a profile based on real behavioral data, personal stories, motivations, concerns and challenges, as well as demographic characteristics. The configuration of this profile helps us to know exactly who we want to speak to and what we can offer them.
Production of empathy maps
This is a format that seeks to describe the ideal client through an analysis of 6 aspects related to human feelings, which are raised through questions that help to understand and relate to them. These questions can be: what do they think and feel; what do they hear; what do they do; what do they see; what are their pains and what are their needs.
Creating customer journeys
Another way to get to know potential customers is to go through the entire process that a person goes through before purchasing a product or service to understand what their needs or motivations are, where they study the options, what research they do beforehand and what type of information they need to make a decision.
The creation of the customer journey is closely linked to the creation of a buyer persona, which helps to identify what the person is like before creating their purchasing route.
In conclusion, for the marketing actions we create to be successful and in line with current needs, we must convert our messages to speak from the customer's perspective. To do this, it will be useful to create content and copy that focuses on the buyer and seeks to generate empathy. Create strategies, actions and messages that demonstrate that we offer a solution to their problems.
At Pragmática we can help you get to know your potential customers better so you can stand out with current and relevant conversations that will make them choose you.