A strategic marketing idea that is particularly well-liked among marketers is the "3 Cs of marketing." This model takes three factors into account while creating an efficient marketing plan. These 3 variables are dynamic in nature and fully depend on each other. Each variable has an impact on the others when it changes!
The 3 C’s of marketing strategy are
A lasting competitive advantage can be attained by integrating the strategic 3 Cs of marketing, which form a strategic triangle. Distinct customers have different needs and want. The business learns about these needs and provides goods and services. The company provides low-cost and distinctive items that set them apart from its rivals in order to satisfy customer wants and needs. Similar to this, competitors attempt to provide a differentiated product to gain an advantage.
This idea of a marketing strategy focuses on the three Cs, which have a dynamic and interconnected relationship. I'll illustrate these three factors through examples.
Customers are an important part of any business. If your company's 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 you do a customer analysis keep in mind the following questions?
Who are your customers? what are their demographics? What is their disposable income?
Why do they buy? Are they looking for value, economy or prestige?
How many customers do we have in the 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?
A customer has always had a choice to buy from your company or your competitors. you should always create a unique value proposition to your competitors’ USP (Unique selling point), for example, Apple, Nike and Rolls Royce.
Ask the questions when conducting a competitor’s analysis -
Do the customers buy for us or from competitors as well?
Who are those competitors?
What value proposition do they offer we don’t?
What are the competitor's goals and accomplishments?
What are the strengths and weaknesses in terms of competitive advantages?
You can stand out from the crowd and reach out to your target customer if you have a complete advantage. Your company can achieve it through 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 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 3C's of marketing strategy is clear in one thing – If you don’t capture the audience, someone else will. Hence pay equal attention to all three – your customer, your competitor and yourself.