Today’s ever-changing society has a deep impact within the sectors of marketing. These transformations force companies to research on how to better understand customers’ needs and wants – this allows them to adapt their marketing based the data collected.
As technology develops, so does our need to understand new ways to effectively use these cutting-edge tools to improve our ability to market effectively. Over the years, the evolution of these strategies has evolved from 1.0 (product), 2.0 (consumer) and 3.0 (values) and will continue to grow as new methods become available.
Philip Kotler, a highly respected specialist in the area, assisted by Hermawan Kartajaya and Iwan Setiawan, launched the book Marketing 4.0, which addresses the characteristics of the theory that emerged after discovering the changes in consumer behavior as a result of the application of newly created technology & digital advancements.
Companies can perform better in profits, sales and in their treatment of their workers and employees if they define what values to bring to each group. Marketing is about value creation, communication and delivery, so the country or the company needs to think not [of how] to manipulate the consumer, but what consumers would benefit from, then deliver and communicate it.”
Kotler said in an interview to American Marketing Association*.
Implementing Marting 4.0:
Combine the online and offline world using the Omnichannel strategy.
Brands must now find ways to increase and improve their digital footprint by encouraging consumer testimonials, social media reviews, and incentivized referral system that rewards buyers for their support and loyalty.
Consumer sentiment is paramount.
This phase of marketing is more personal than the previous ones, identify your target audience and create a humanized connection between the product and them.
Adaptation of products and services to the digital era.
Reaching the consumer on the internet is paramount to the growth of the company metrics. Social networks are a powerful source and the number of followers and reviews are considered by potential consumers.
The content is essential.
Creating content is no longer just a trend and has become a Marketing strategy. Creating relevant content on the web and fueling the company’s multiple channels adds value in and attracts the attention of potential customers.
In the past, the brand differential was exclusive. This has changed.
The brand gains more credibility as it reaches consumers from other cultures and countries. The company needs a global presence.
The flow of influence and creation is horizontal.
Learning happens mutually between businesses and consumers, both providing information to each other.
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*Click here to check full interview.