Businesses are always seeking smart approaches for marketing their products, and one tool is particularly helpful in finding such approaches: the 5 C’s of marketing. Read on to learn more about the 5 C’s of marketing.
Introducing the 5 C’s of Marketing
Jane Smith is a marketing director for a financial institution, and she has a big project coming up.
The company is focusing on expanding its business lending practices–a smart idea considering many more businesses are opening in the region. Smith must hire five more marketing representatives to gain exposure and attract the businesses to their services. These representatives complete their duties using the 5 C’s of marketing: knowledge of the companies, customers, collaborators, competitors and climate. Let’s explore these 5 C’s in more detail in the following sections.
Marketing representatives–whether they work for a business, marketing firm or elsewhere–need to find out all the information possible about the companies it works with. It’s important to know how the company is doing in the market and its reputation, as well as its goals, vision and mission. This can help marketers determine if the company will be a beneficial client in the long-run.
Representatives may conduct research using online resources, such as company websites and Bloomberg Business (which allows users to compare a business to its competitors), though more in-depth research is often necessary.
It’s important to know how the customer is doing financially. Is its business growing? How has revenue been in the past couple of years? It’s important to know how the customer does business and what seasons are busy or slow. Such information helps the marketer provide the best recommendation and builds the customer profile. It also gives the marketer an idea of whether it will be advantageous to go into business with the client.
It’s important to know who the business works with.
A marketing representative should find out all the information possible about the suppliers, distributors, alliances and partners, just as representatives conduct research into the client company itself. Are the other companies respected and well-established in the market? How are the relationships between the business and the collaborators? How long have they been working together? Do they keep their word? Why were they selected to work with the company? Answers to these questions help marketing representatives ensure that the client knows what it’s doing in its industry.
Marketing representatives should gather and analyze information about company’s competitors. It’s important to look at how the company interacts with and compares to its competitors. Such evaluation helps to determine the client’s advantages and disadvantages in the market.
Understanding the climate involves learning about the economic, social, political, and technological factors that affect the company. For instance, a marketing representative researching a financial institution might investigate any recent credit crises and how the institution fared in the face of financial turmoil.
The representative might also look for new trends in the industry, such as an increase in people using e-banking, that could affect the financial institution’s profits.
The 5 C’s of marketing include companies, customers, collaborators, competitors and climate. Knowledge of these elements is used to help marketers find customers and provide them with the best possible services and products.
By using the 5 C’s of marketing, marketers develop a full profile of the client and can use it to build a long-lasting relationship.