The 5 Cs of Marketing in today’s globalized world is important to remember to make your product or brand visible globally. Marketing has now gone online with providing limitless opportunities to customers and suppliers to come on one place or a digital platform to get what they want.
Many companies are focusing on expanding their businesses after lock down has been eased down. They are looking for many marketing managers coming up with many ideas for marketing their products or services or both. Therefore, they need marketing managers who can take up the responsibility of exploring the current trends and situation in the market and get some catchy ideas to market their companies.
Marketing representatives help to gain exposure and attract the businesses to their services. These representatives complete their job responsibilities using the famous 5 Cs of marketing. That includes: knowledge of the companies, customers, collaborators, competitors and climate.
The '5 Cs of marketing' are a commonly used situation analysis technique. used to help marketers make informed business decisions. In a nutshell, a 5 Cs analysis will help you evaluate and determine the most important factors facing your business.
It's parallel to a health checkup for your business by focusing on the most important areas of your business.
5 Cs of Marketing analysis is famous and popular
The 5 Cs of Marketing analysis is one of the most popular situational analysis models exist in the business fraternity. It is popular because of its effectiveness and simplicity. There are numerous ways to conduct a marketing situation analysis but 5 Cs of Marketing analysis is the best.
Let's explore these 5 Cs of Marketing in more detail in the following sections.
Information or knowledge of Company
Marketing representatives or managers need to find out all the information possible about the companies they work with. It means doing thorough and in-depth research about the companies is vital in achieving the marketing targets.
It's important to know how successful the company is, and what is its overall reputation in the market. Marketing managers also focus on the goals, vision and objectives of the company that would be the potential client of the company. This back ground information can help marketers determine if the company will be a beneficial client and can develop a sustainable relationship in the future.
Representatives or marketers can conduct research using online resources that are: company websites and Bloomberg Business. However, more in-depth research is often required.
Company / Customers
It's significant to know how the company is doing financially. Marketers need to ask few questions like 'is their business growing?' And how has revenue been in the past couple of years? It's important to know the method or style that customer uses to do business? It is also important to know that what seasons are busy or slow. For example, people would not wear coats and jackets in scorching heat of summer so in summer season, customers will buy cotton clothes and company that deals with sweaters will go slow in summer.
Such information helps the marketer provide the best recommendations, room for improvements and giving innovative ideas upon which, the customer profile is being made. It also gives the marketer an idea of whether it will be advantageous to go into business with the client.
It's vital to know who are the collaborators of the company that is doing business in the specific market for a specific period of time. Marketers dig out all the relevant and useful information about the collaborators of the company that are suppliers, distributors, partners, alliances and company itself to establish a concrete profile of the company for marketing purposes.
The marketing executives ask questions like how much established the company and its collaborators are in the market? How are their relationships between the company and the collaborators? How long have they been working together? Do they keep their word? Why were they selected to work with the company?
Marketing managers also look for another C in marketing called competitors. It means that the company that is in focus is also scrutinized for having relationship with its competitor companies or organizations. Marketers need to ask a few questions about the competitors of the company with whom they are planning to work with in future. They ask what kind of competition they are having? Are there competitors selling the same quality and kind of products? Or what kind of services they are offering in comparison to one another? They can also look for more details about the competitor companies in terms of employer to employee relationships.
Here Climate refers to the climate of business or environment of business in which a business or new service can flourish and grow. What kind of policies and facilities are given to business community from government and other business development departments?
Climate also refers to whether it is a period of recession or economic growth. During pandemic business growth was dropped dramatically all over the world, climate for business was not favorable. But now gradually, things are picking up and businesses are resuming, though at a steady rate.
The above 5 Cs of Marketing can help any company or marketer to get the better insights in a larger context of ground reality. This will also help to position the products and services in a much advantageous manner.