Marketing 5.0 Technology for Humanity
“Marketing 5.0 Technology for Humanity” is the book authored by Philip Kotler aka the father of modern marketing, along with Hermawan Kartajaya, and Iwan Setiawan. This book explains a marketing strategy that takes place in the digital context that prompts all of us to change.
Before diving into the content, please note that here are just a few breakdown of the key lessons from a-300-page book that we want to share with you guys. There are many more topics to explore if you are interested in this strategy. Just go grab the full version at your nearest bookstore. Hope you can adapt it to your work. Enjoy!
Marketing 5.0 is a marketing strategy that is positioned as the technology for humanity in which technology and humans collaborate to create the experiences for customers. Brands must be immersed in consumers’ lives as their part of life they cannot live without. This is an age of “Experience Economy”.
Despite our in-depth focus on technology, it is important to understand that humanity must remain the central focus of Marketing 5.0. By the definition, Marketing 5.0 is the application of human-mimicking technology to create, communicate, deliver, and enhance value across the customer journey.
Key concepts of Marketing 5.0
It is the approach of optimizing brand communications based on customer information. We use data to predict their needs and future behavior. The insight helps develop personalized marketing strategies.
After collecting essential data, we have to turn it into useful information to predict results of marketing activities before launching the products or services.
It refers to the way we personalize the consumer experience based on customer’s behavior. Through AI, we can provide a truly personalized experience to each consumer such as the right time to reach them, the right platform, the key message, etc.
We can improve customer experience by using virtual interactions with customers such as Chatbot, VR, AR, etc. Augmented marketing approach suggests that instead of replacing humans, we use technology to do a better job in terms of time consuming and complex work, etc.
The authors propose a decentralized, cross-functional team to ideate, design, develop, and validate marketing rapidly.
What is ‘Next Tech’?
‘Next Tech’ is one of the critical themes in Marketing 5.0 which is a group of technologies including AI, NLP, robotics, sensor tech, AR, VR, Iot, and blockchain, aiming to emulate the capabilities of human marketers. The combination of these technologies are the enabler of Marketing 5.0.
The role of marketer in Marketing 5.0
As the book’s name suggests, the human is central to successful application, this is a technology for humanity.
They require a balanced symbiosis between human and technology. It is not about replacing the human with computer intelligence but rather finding ways of “machines and people might fit and deliver the most value across the customer journey”.
5 Ways Tech boosts Marketing
- Technology helps us easily access Big Data and make more informed decisions as a result.
- The outcomes of marketing campaigns and strategies can be predicted.
- Highly contextual digital experiences are possible that are brought into the physical sphere.
- Frontline marketers’ productivity and delivery of value is increased.
- Speed: Technology answers the ‘always on’ culture and allows for quicker and leaner marketing delivery.
Technology enhances marketing, but to do this successfully, companies need to embrace a transformative mindset for a data-driven and agile approach. These two disciplines are the foundations of predictive marketing, contextual marketing, and augmented marketing.
Written by: Sertis