The 3 C’s of marketing, a strategic marketing concept, is a very popular concept for marketers. This concept takes into consideration 3 variables to explain a complete marketing strategy. These 3 variables are dynamic in nature and fully depend on each other. In case of any variable changes, it affects the other variables as well.
The 3 C’s of marketing strategy are
- The Customer
- The Company
- The Competitors
The strategic 3 C’s of Marketing is a strategic triangle when integrated, a sustainable competitive advantage can be achieved. Customers have different wants and needs. The company find out these wants and offer products and services. To fulfill their customer wants and needs the company offers low cost and differentiated products from their competitors. Similarly, competitors also try to offer a differentiated product to have a competitive advantage.
This concept of marketing strategy focuses on the dynamic and interrelated relationship of 3 Cs Here I will explain these 3 variables with examples.
Also, read 5 C’s of marketing to perform situation analysis.
Customers are the important part of any business. If your company customers are loyal it will be difficult for your competitors to penetrate. In case you don’t have loyal customers, it will be difficult for you to penetrate. When do a customer analysis keeping the mind the following question?
- Who are your customers? what are their demographics? They are men or women, what is their disposable income?
- Why do they buy? Are they looking for value, economy or prestige?
- How many customers do we have in present and future?
- They are satisfied customers and are looking for improvements
- What is their decision-making process?
- What are the different segments in the market?
- Who are the most valuable customers for our brand?
Use detailed interviews and questionnaires to collect the relevant data. We can create charts, diagrams variety for reports using the Business Analytical Data. By this way, you can reach to the most appropriate customers and sever them for a longer time.
Customer has always a choice to buy from your company or your competitors. you should always create a unique value proposition than your competitors’ UPS, for example, Lululemon, Nike and Under Armour.
Ask the questions when conducting a competitors’ analysis.
- Do the customers buy for us or from competitors as well.
- Who are those competitors?
- What value proposition the offer we don’t?
- What are the competitor goals and accomplishments?
- What are the strengths and weaknesses in terms of competitive advantages?
You can collect competitor analysis data by conducting research, gather competitive information then analyze competitive information and determine what is your own competitive position. You can use their website, newsletters and annual reports and utilize your sales force to access competitive information.
You can stand out of crowd and reach your target customer if you have a completive advantage. Your company can achieve it by cost leadership strategies and product differentiation strategies.
- How is the market where the company competes? Do products are commodities or can they be differentiated?
- Estimate the full product cost. This cost gives you a lower bound for pricing.
- Estimate the value of the product to the potential buyers. This value gives you an upper bound for pricing.
- Investigate your competitors’ pricing strategies. How do their products and prices compare to your company?
- Set prices and take into account all these inputs.
The 3 C’s of marketing strategy is focused on certain grounds i.e. if you are unable to capture the audience, someone else will capture it. According to 3 Cs model, strategists should focus on customers, competitors and company or corporation for a competitive edge.