Daily Dose of iQ: In Omnichannel World, 4 Ps become 4 Cs of Marketing

May 29, 2013 — Allan Pulga

One of the first things you learn in marketing are the famous 4 Ps of Marketing: Product, Pricing, Promotions, and Place.

But as Dr. Chris Peterson wrote today, on Retail Customer Experience, the empowered, mobile consumer is defining a new set of criteria, the "4 Cs of Marketing."

"The successful retailers in this consumer-centric world are quickly finding that this has become an environment where omnichannel is the new normal," writes Peterson.

"Omnichannel is the new normal." - Dr. Chris Peterson

"Big-box retailers will be especially challenged. They can't dominate on their locations or size of their store assortment. In fact, large store assortments can be a disadvantage in terms of carrying costs. In this consumer-centric world, virtual shelf will be as important as physical shelf."

In today's hyperconnected marketplace, the 4 Cs are:

Connections: "Consumers expect to connect with brands anytime, anywhere... especially on their smartphones," Peterson writes.

Choice: "Today's consumers are not limited by what they can find in a store, or even the goods they find in their own country." They want selection and they want online, mobile and in-store availability.

Convenience: "Today's time-starved consumers are expecting the convenience of shopping online or in store, but also the convenience of ship to home, pickup in store, or even pickup at a locker in another convenience location."

Conversation: "Consumers likely begin their journey on social media looking for conversation, and most importantly look for recommendations. But, it goes beyond search. Consumers are looking for conversation and connection with brands they value."

Is your retail business delivering omnichannel shopping experiences? Are you hitting all the 4 Cs? These questions, Peterson says, are not ones for ensuring retail profitability, but for ensuring survival.

Topics: Retail Operations, Mobile Industry, Customer Experience, e-Commerce, Retail Marketing

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