What are the Five C’s of Marketing?
There are five different areas when it comes to marketing that have been put together in the acronym known as the “5 C’s”. In this guide, we’ll talk a little bit about each one, and let you know some insight into what makes them an integral business area when it comes to your decisions to have the best marketability possible.
The 5 C’s
The actual meaning of the 5 C’s that you’ll hear of in Marketing are actually a collaboration of different valuable areas that are involved in the marketing process. These are the customers, collaborators, capabilities, competitors, and conditions. That being said, there is a reason why they’re in this order, as well as why each one of them have their own individual value that makes up for the essential revenue and return on investment that you’re looking for when it comes to marketing in your business endeavors no matter how small they may be.
Customers Come First
Customers need to be the first thing you think about. This can mean looking at marketing and target audiences, and more. You need to know that without customers you don’t have a business, and they’re the building block of your success. This can be even a chain of customer sequences, because they may have customers if you’re a supplier, and forth. You need to have good impression management skills to incorporate when it comes to this as well, so you can help to influence your customers to purchase your product, and make them and the service to them a primary focus on your endeavors.
Collaborators Are Important Too
This can be suppliers of your things, business allies, people that partner with you, and even other avenues such as supporters, even government officials and the rules that are set forth can be considered a collaborative effort. By thinking how they think and being empathetic to their desires and their needs, you can even help increase your productive thinking by choices you make, direct and indirect relationships and more. For example, even ghost-writers are considered collaborators, as they deliver products for your customers, but in a sense they’re collaborating with items for you and with you in order to get a name out there, or even just to give your customers information, which makes your customers essentially their customers as well.
What Capabilities Can Offer
When you are starting any sort of business, you need to know how capable you are to handle all of the various things you need in place when it comes to owning a business. There are different directives that need to be in place, such as human behaviors, operational items like equipment, structure, and more, as well as looking at the financial side of it. You need to know how to use asset utilization and expense regulation in order to succeed well in a business, and all of these capabilities need to be considered, even in something as small as a sole proprietorship.
Competitors are Essential For Business Gain
Never underestimate the need for competitors. While you may actually think that you want to “hate” your competitors, they’re essential for your business survival. You can use their strategies for your own business, but of course put your own twist on things. Look for profit models, as well as thinking of competitors as a sense of pride when you overcome one of your competitors. Also, if you’re wanting to consider capital gain, you need to consider your competitors as a goal setting term too. By even meeting expectations to tie with your competitors or make more than they do, you’re increasing your revenue, your returns on investments, and more.
You can’t just expect an industry to operate in their own internal bubble. You may not really know what’s going on, or see how the future will affect it. Therefore, you need to look at conditions as a minimum but still essential requirement. Think about social trends, which can actually cause a change in customer base and marketability. Consider political influences that may affect how your business makes more money, as well as economic needs and trends. This will allow you to see how things flow inside and outside of a business, but can continue to drive it both directly and indirectly.
The Five C’s Can’t be Individually Considered
While these things are all separate aspects that makes up all of the inner areas of how businesses successfully work, they can’t actually just be considered by themselves or on an individual basis. Believe it or not, they all tie into place. For example, if you’re a veteran-owned company, your target market may be mostly veterans and military men or women who may be influenced by their purchase just because your product is American made, as well as because you’re a veteran. However, if you have poor customer service, or outsource your support or customer service to other countries, you may end up losing business because of not only the competitors who are still strictly American, or even the capabilities. You need to know how your company can continue to grow and all of these areas work together to make the great circle.
Conclusion – 5 C’s of Marketing
Another thing to consider when you’re operating your own business or even service, is that as mentioned above the customers come first. Many people forget this, and they eventually start to let things get to their heads when they’re on top, which ultimately makes their businesses crash. Does this mean that they can absolutely please everybody? No. However, this means that their loyal customers will still choose them over other aspects for the various other areas that they instill success in.
For an example, look at companies that are marketing giants like Microsoft and Apple. They’re literally constantly getting ridicule from critics and more, but at the same time even most of those people still use their services because of all of the other 5 C’s of marketing that they have in place, which makes them very valuable and useful companies in all other areas.