Marketing 5.0: Exploring the Digital Marketing Era Combining Technology & Human Experience

Not stopping at Marketing 4.0, Philip Kotler and his colleagues continued to write a new book Marketing 5.0: Technology for Humanity. The book points out the challenges and difficulties that marketers are facing, and at the same time offers solutions to apply technology to optimize the marketing strategies of businesses.

Marketing 5.0 – Answering market challenges

In an era of rapid technological development along with rapid changes in the market, especially customer behavior, it has created great pressure on businesses and marketing experts.

At this time, the world is struggling to fight the Covid-19 pandemic and implementing social distancing has slowed down the global market’s development. Therefore, the emergence of Marketing 5.0 trend requires marketers to apply digital technology to replace traditional marketing in business activities. In addition, marketers are facing differences in generation gap, social class division and digital gap.

It is easy to understand that the gap in age and generation will lead to different needs and preferences and it is very difficult for any product line to meet all the requirements of the generations. In the book Marketing 5.0, Philip Kotler and his colleagues pointed out that 5 generations are coexisting during this time: Baby Boomer, Gen X, Gen Y, Gen Z and Alpha and they have opposite interests, attitudes and behaviors. He believes that Marketing 5.0 targets the Gen Z and Alpha customer segments – those who have more access to technology than other generations.

We often hear about equality in a democratic, modern generation, but the truth is that there are always invisible social class gaps between people. Political and social instability, war or epidemics, economic recession have widened the gap, especially in the context of global digitalization. The division between rich and poor, social classes have impacted many aspects of the market. The market is increasingly divided when businesses have to choose between the high-end customer segment or the popular, low-end customer segment.

Above all, marketers must also address the digital gap between those who believe in the value that digitalization brings to life and those who are still hesitant about the potential that technology brings such as privacy invasion or the risk of losing their jobs due to technology application. Businesses must break the gap to develop technology and be most welcomed by the market.

5 trends in Marketing 5.0 development

According to the book Marketing 5.0 is understood as the application of technology to simulate human behavior to create, communicate, provide and enhance value throughout the customer journey. Technology includes AI, NLP, sensors, robots, augmented reality (AR), virtual reality (VR), IoT, blockchain. The combination of these technologies is the driving factor of Marketing 5.0.

However, we cannot program technology for problems that we do not yet master, technology cannot completely replace humans in all problems. Therefore, the role of marketers is still extremely important in the era of marketing 5.0. Technology support combined with human intelligence helps marketers create, convey messages, optimize strategies, enhance customer experiences, and arouse their interest.

The core of Marketing 5.0 is the combination of Marketing 3.0 human-centered marketing and Marketing 4.0 digital technology to bring a value chain to the purchasing process. Marketing 5.0 revolves around 5 factors:

• Data-Driven Marketing (Data-driven Marketing):

Businesses build data systems to promote and optimize marketing decisions

See more: Data-Driven Marketing Trend – A New Direction for Digital Businesses

• Agile Marketing (Flexible Marketing):

Businesses combine functional departments, grasp information, and are agile to respond to changes in the market and customer behavior

See more: Agile Marketing – Promoting business development on the race track Marketing 5.0

• Predictive Marketing (Predictive Marketing):

Businesses build and use predictive analytics, combining technology to predict the results of marketing activities before implementation, allowing businesses to predict market reactions, thereby proactively changing products and campaigns accordingly.

See more: The role of predictive marketing in the Marketing 5.0 era

• Contextual Marketing (Situational Marketing):

Through a digital platform that allows marketers to perform personalized activities depending on the situation and customer target

See more: Contextual Marketing – Personalizing Customers in Marketing 5.0

• Augmented Marketing (Augmented Marketing):

Businesses apply technical technology such as Chatbot, virtual assistant to enhance customer experience

See more: Enhanced Marketing – The New Revolution in Marketing 5.0

All of the above 5 factors are customer-centric through a technology platform to enhance their experience. Because customers not only demand products but also put their trust in the business brand.

Businesses start implementing Marketing campaigns with solutions: Digital Website Development

Learn more: What is Digital Marketing?