What a Customer First Strategy Means for Marketing’s 5Ps

C3Centricity Podcasts

All marketers know their 5Ps, but do you know what a customer first strategy looks like in each of them? People In addition to knowing and describing your target customers in detail, the other tip I give my clients is to start and end every meeting by asking what your customers would think of the decision you are about to make/have just made. This one simple idea is incredibly powerful in identifying actions which are not customer centric. A customer-centric approach to your customers is both thinking about them in every action you take, as well as knowing them as deeply as you can and keeping this knowledge constantly updated. Product This is often seen as the most important “P” for many businesses. In fact, it is usually the one they think about day in and day out. But it’s not the most important in a customer centric organisation. Think about it. Without knowing the P for people in great detail, you won’t be able to optimise your offer in terms of the other four Ps. That’s why it’s a customer first strategy that works. A customer-centric approach to product is therefore once again thinking about your customers and involving them in your decision-making whenever possible. Price People estimate the value of products and services they purchase, based in part upon its price. Research shows that customers value a better experience above price. Retailers like Aldi and Lidl have used their pricing strategies to position themselves against more traditional competitors. In these new super-discounters, consumers accept limited choice for the sake of rock bottom prices.. Consumer goods companies, in particular, have for too long relied primarily on price promotions to meet their sales targets. Amazon has forced pricing down in most other categories because people now check online before buying in many categories. A customer centric pricing strategy will enable businesses to continue to grow, by understanding how to fix pricing levels more carefully. Knowing the value of what you offer and the importance of brand or service will enable retailers and manufacturers alike to continue to thrive. Place The more variants you have the more difficult it usually is to gain a wide distribution. If you know your customers as deeply as you should, then you will be able to identify their differences by region. Since most retailers provide limited shelf space to each manufacturer, it is best used by showcasing your top selling variants in that area, plus eventual new offers to test their acceptance. Another “place” that it is important to understand today is social media. Ideally, you should know both where your customers are and when. This P is relatively easy for a brand to be customer centric. You just have to offer what your customers need, where and when they need it. Promotion As with place, knowing what messages your customers are interested in receiving from you and even more importantly where and when are one of the keys to successful communications. An organisation which makes it difficult for customers to connect using their preferred channel is not customer-centric. Take a look at your own website contact page. Does it include email, postal and street addresses? Does it have a telephone number or live chat option? It should. Another related area of promoting your brands is PR. Quickly own up when you’ve made a mistake, rather than trying to hide it. This builds trust and customers will even forgive companies that do this. A customer-centric organisation provides their customers with valuable information where and when they need it. They also communicate in ways which enhance their relationship and shows they value their business.