Adapting to new Marketing 5.0 trends
Marketing 5.0 is the most current stage of consumption logic according to Philip Kotler, which defines how people and brands take advantage of countless automation, artificial intelligence and other technologies to provide better consumption and life experiences.
How did we get here?
Marketing has gone through many famous phases. First came traditional marketing whose main focus was the product. Then customer-centric marketing. Then we experienced the era of marketing 3.0 with the premise of developing value. More recently, phase 4.0 has become popular, because it balances traditional strategies with the most modern in terms of digital marketing.
All of this paved the way for the development of the most current concept of marketing, which was born amidst the insurgency of new artificial intelligence technologies and other digital resources. However, the aim is not to just use the tools for simple commercial purposes. In fact, the idea is to appropriate modern tools in favor of people's well-being.
But after all, what does this mean? Well, that's exactly what you'll see in this article. So, get ready to embark on a journey of no return to a futuristic present. Continue reading and enjoy!
What is marketing 5.0?
Marketing 5.0 is the newest concept created by Philip Kotler to try to explain the current way in which we consume and interact with companies. In this way, he analyzes society based on the insurgency and popularization of various technological resources that make people's daily lives easier, and, at the same time, can be used for marketing strategies.
Illustrating…
Well, let's use an example to illustrate this dynamic. Have you ever heard of Alexa? Amazon's virtual assistant? So, it is an exemplary case of what Kotler means by Marketing 5.0.
Without a doubt, it is a 'little robot' with great potential to make the daily lives of millions of people easier. From automatically opening and closing doors, to creating lists of grocery items that are missing from our home, there are already those who consider it a new member of the family.
However, anyone who thinks that these helpers like Alexa only exist to provide a service to those who purchase them are mistaken. In fact, they are able to collect data from searches, which can be used to develop more effective advertisements for platforms associated with them.
This all reveals that society is more complex and, consequently, so are consumer habits. After all, now, not only do we have much more contact with different commercial offers, we also have more options to choose from, and even more resources to avoid them.
In short: impact of marketing 5.0 on companies
Marketing 5.0 is, in essence, “the application of technologies that mimic human behavior to create, communicate, deliver and increase value throughout the customer journey”, as Kotler himself explains in the book Marketing 5.0: Technology for humanity, launched in 2021.
Therefore, we understand that this is a scenario with great potential for using artificial intelligence to optimize the relationship with the consumer. This is because they not only automate repetitive processes as happened in the past. These tools allow you to create a personalized experience for both the brand and its customer.
Therefore, the author states that the time has come for companies to enter this dynamic once and for all, overcoming the common fear, especially in more traditional sectors. Making technological advances perceived by companies and consumers as beneficial to the market and society.
Here I make an important addition. It is also true that amid the complexity of society and the sophistication of technology, marketing professionals also face challenges such as the coexistence of five generations in the same period – who have very different consumption behaviors – in addition to insecurities and social inequality. But we can delve deeper into this subject at another time.
What is the relationship with the other phases of marketing?
Finally, we need to clarify that the previous phases of marketing do not disappear the moment we move to a new one. Indeed, some things change. However, what happens in reality is the combination of their characteristics. This is precisely what makes marketing and society increasingly complex.
Therefore, while Marketing 3.0 focused on humanizing the company through the generation of value, and 4.0 defined digital marketing and stipulated good practices for it, the fifth phase proposes combining value with technology. So, in short, its premise states that “technology must be leveraged for the good of humanity”, as Kotler states.
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