If you’re a marketer looking to technology to address customer needs then Marketing 5.0 Technology for Humanity is essential reading.
Authored by Philip Kotler (aka ‘the father of marketing’) alongside Hermawan Kartajaya and Iwan Setiawan, Marketing 5.0 navigates a way through the challenges of digital transformation and shifts in customer behaviour.
Here, we break down the key lessons from Marketing 5.0 Technology for Humanity. Read on to discover how to boost your marketing outreach with technology.
Marketing 5.0 Philip Kotler: An Introduction
Firstly, let’s define what is meant by Marketing 5.0. Hermawan Kartajaya explains that inspiration came in part from Society 5.0, Japan’s blueprint for an ultra-smart society. He expands:
Technology can and must be leveraged for the good of humanity. Marketing 5.0, by definition, is the application of human-mimicking technologies to create, communicate, deliver and enhance value across the customer journey. One of the critical themes in Marketing 5.0 is what we call the ‘next tech’, which is a group of technologies that aim to emulate the capabilities of human marketers.
‘Next tech’ includes artificial intelligence, natural language processing (NLP), robotics, sensor tech, augmented reality, virtual reality, IoT and blockchain.
With marketers facing a trio of challenges in the form of a generation gap, imbalanced wealth distribution and digital divide, the aim of Marketing 5.0 remains the same: “to create a new customer experience (CX) that is frictionless and compelling.”
And customer experience matters. The stats bear this out: 86% of buyers are willing to pay more for a better customer experience according to Oracle . Refresh your knowledge of how to make their choice easy with customer experience marketing.
The role of the marketer in Marketing 5.0
So, how does the marketer fit into this ‘next tech’ vision? As the book’s name suggests, the human is central to successful application, this is technology for humanity.
For companies to excel, they require a ‘balanced symbiosis’ between human and tech. It is not about replacing the human with computer intelligence but rather finding ways in which “machines and people might fit and deliver the most value across the customer journey.”
Furthermore, with so much data harvested from user interactions and digital footprints, targeting ROI on every investment means more accountability in marketing.
5 Ways Tech boosts Marketing
Examples of technology boosting human marketing efforts are broken down into 5 broad areas according to Marketing 5.0. These are:
- Technology gives us access to 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, leaner marketing delivery.
Following on from point 5, speed – central to Marketing 5.0 is having the right organisational mindset. Yes, technology enhances marketing but to do this successfully, Kotler et al are clear. Companies need to embrace a transformative mindset for a data-driven and agile approach.
Why? Because these two disciplines are the foundations of what comes next: predictive marketing, contextual marketing and augmented marketing.
The importance of predictive, contextual and augmented marketing
Now, we are getting to the heart of Marketing 5.0: predictive marketing, contextual marketing and augmented marketing. These three interrelated applications are the architecture, the finesse required to create the technology and human symbiosis that drives better customer experience at every touchpoint.
Let’s break this down further with help from Iwan Setiawan:
- Predictive marketing “allows businesses to envision how the market will respond and proactively influence it.”
- Contextual marketing includes profiling and personal interaction driven by tech. As such, “it is the backbone that allows marketers to perform one-to-one marketing in real-time, depending on the customer context.”
- Augmented marketing improves productivity of marketers. Think chatbots and virtual assistants. The result here is speed combined with the “convenience of digital interface with the warmth and empathy of people-centric touchpoints.”
Marketing 5.0 and sustainability
The authors of Marketing 5.0 do not solely focus on growth, ROI and ‘next tech’. They are also concerned with the polarisation of society. That is aggressive growth over decades leading to environmental impact and rising inequality. In summary, companies cannot thrive and survive if they ignore the external consequences of their actions.
Additionally, they argue that businesses must invest “back into society with purpose”. Various neglected segments reduce the size of the market available to businesses so social activism can stimulate markets to sustainably grow in the long-term. Next tech helps in accelerating progress and creating new opportunities.
Are you ready for Marketing 5.0?
From definitions of ‘next tech’ to demands on organisational discipline and selection of marketing applications, preparing for Marketing 5.0 can sound challenging. Whilst the benefits of this human-machine hybrid approach are clear, how, as a business owner or marketer, can you actually implement this knowledge?
Here at Think Beyond, we have a proven track record in delivering marketing change and transformation programmes. It pays to leverage an expert in marketing who understand the challenges that many businesses face with modern marketing. We have the skills, tools and experience to advise on the best solution that delivers superb customer experiences. In summary, we help you prepare for Marketing 5.0.
Alternatively, submit your details online to request a quick call back.
Lastly, why not explore our supporting services to create great experiences.