By Alan Graner
Marketing is full of acronyms to help you succeed. Here are some of the biggies.
4 As (developed by Jagdish Sheth)
- Acceptability. Your products and/or services meet or exceed customers’ needs and expectations.
- Affordability. Your customers can afford your products/services and are willing to pay (perceived value).
- Accessibility. Customers can easily buy and use your products/services.
- Awareness. Customers have enough information about your product/service’s features and benefits to try them…or continue buying them.
- Consumer. Do your products/services satisfy customers’ wants and needs?
- Cost. The total cost of ownership including actual cost, traveling to buy it, inconveniences (switching from one brand to another), and cost of using (including maintenance).
- Convenience. Your products/services are easy to find and buy.
- Communication. You develop two-way dialogues with your prospects and customers (usually via social media).
5 Cs (Version 1)
- Consumers. They are the center of your marketing strategy.
- Context. You understand customers’ behavior regarding their wants, needs and desires during the customer journey.
- Content. It’s built around context and relates directly to customers’ needs.
- Commerce. Give customers what they need before they know they need it.
- Convergence. Integrate all aspects of marketing including technology, data, skills, etc.
5 Cs (Version 2)
- Customer. You understand their wants and needs, then design your products/services to meet those needs.
- Company. You know your company is able to meet customers’ wants and needs. This can be determined by a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).
- Competition. Know who your competitors are and whether they can meet customer needs better than you. Also, keep track of potential competitors.
- Collaborators. What outside sources can help you better meet customers’ needs?
- Context. Perform a PEST (Politics, Economics, Social factors, Technology) to determine if and how these issues may affect your ability to meet customers’ needs.
- Product. The products/services you offer.
- Price. Actual costs include list price, discounts, financing, leasing and other factors, plus profit margins. Also, how do your prices compare with competitors?
- Place. Your channels of distribution. These include delivery, logistics, and facilities.
- Promotion. How you will communicate and sell to customers and prospects including advertising, public relations, social media, flyers, etc.
- Reach. The number of people who hear about your products/services on a regular basis.
- Repetition. How often prospects and customers hear from you during their buying cycle. Some may be ready to buy now, others may wait years.
- Relevance. You’re selling what prospects and customers want.
- Who is your target audience?
- What products/services are you marketing?
- When are you marketing your products/services?
- Where will you market? Store? Online? And which do prospects/customers prefer?
- Why are you selling? Create markets? Increase sales? Build your reputation? Extend your reach?
What “letters” can you add?
About the author
Alan Graner is Chief Creative Officer at Daly-Swartz Public Relations, an Orange County, CA business public relations and marketing content firm. For content that makes you stand out from the crowd, email Jeffrey Swartz at firstname.lastname@example.org. Or visit www.dsprel.com.