This post is about Marketing 5.0 by Philip Kotler, Hermawan Kartajaya and Iwan Setiawan. It's not a summary, but more about concepts and reflection on parts that I found especially interesting.
I was originally waiting for the Japanese translated version to be published, but that normally takes at least 6 months. I was already excited for the father of modern marketing's new book, so I read the e-book on Rakuten kobo this week.
What is Marketing 5.0
Marketing 5.0 is based on both Marketing 3.0's human-centric approach and Marketing 4.0's technology-driven approach. If you've read Marketing 3.0 and 4.0, the previous themes will be familiar. Now, the main theme of marketing 5.0 is about the digital age, specifically with AI innovation - predictive models, optimization, and automation for digital marketing.
When businesses consider digital transformation of their services, they should assess whether their customer base is ready, in terms of both access and willingness to adopt new technology. If the customer base could be hesitant, businesses can consider using incentives. Positive incentives could be some immediate benefit such as cash back or discounts. Negative incentives such as additional cost or wait time, or making the offline version unavailable altogether may also be effective.
Intersection of Psychology and Tech
The main topic of Marketing 5.0 is about AI for marketing, but perhaps because I'm already pretty familiar with recent AI trends, I didn't find it particularly eye opening. The book does discuss several other themes such as generation gap, and the intersection of marketing psychology and technology - which was the most interesting part for me.
We are social creatures, relating to others' life stories as we navigate our own. It's natural to compare ourselves and imitate people in our social circle - the people closest to us are the strongest influencers. These days, people constantly check social media, and that could be a subconscious motivation to live a more exciting life and win impressive accomplishments.
Humans have a natural desire to control their environment, and we get a sense of happiness from perceived control. So one business application is that even if you're confident that you are already using technology to give the best customer experience, you could consider introducing an element of choice somewhere.
Also, most people don't fully understand how AI and machine learning algorithms work. People subconsciously perceive AI as something that we cannot control, making it harder to overcome the psychological barrier to adopting new technology. This is especially true for systems that require a lot of trust, such as autonomous vehicles and medical treatment. Due to the 100th monkey effect, we probably will eventually adopt these technologies, but full integration could take decades.
Finally, Marketing 5.0 says that there's a divide in how people think about their personal data being used for digital advertising. Some people see it as a benefit because their digital activity will be more personalized. Others see it as an invasion of privacy used for capital gain - this is apparent given the recent news and reactions to Apple's iOS 14 update.
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