Change is something that we fear the most and yet it is the most desirable stuff of all time.
The same sort of thing is being faced in the Marketing world which is forever changing and has evolved a lot from Marketing 1.0 to 4.0 and now the current phase in which we are now is Marketing 5.0 which is being talked about a lot.
Marketing 5.0 has its major focus on how technology can be useful for humanity.
So, let’s get back into history and start with Marketing 1.0 which started around the early 1950s during the time of the baby boomers, at that time the major focus of Producers/Manufacturers was on producing Products.
The core marketing concept was on producing goods and focusing on the 4Ps of marketing (Product, Price, Place, and Promotion).
Most of the time the customer has to consume stuff that they least need during the time of 1960-1970 the Marketing Strategy shifted to Marketing 2.0 which was consumer-centric.
Marketing 2.0 was all about market segmentation and Targeting its major emphasis was on Consumer Satisfaction and Retention.
Gradually again in late 2000, there was a marketing shift and this time the emphasis was to make marketing practices socially responsible.
Marketing 3.0 was known for its human-centric aspect. Implementing Marketing 4.0 was seen as a shift from Traditional to Digital Marketing where Marketers responded to changes by communicating and delivering products through the Omni channel.
Last but not least, the current phase of Marketing is termed Marketing 5.0 which seeks to improve Human lives through Technology.
Marketing 5.0:
Technology for Humanity is the current phase of Marketing evolution.
As mentioned by Hermawan Kartajaya in his interview, Society 5.0 a high-level initiative in Japan inspired Marketing 5.0.
Its aim is to emulate the Capabilities of Human Marketers. The combination of technologies such as AI, NLP sensors, blockchain, and IoT is the Enabler of Marketing 5.0.
It is around selecting where machines and people might fit in and delivering customer satisfaction. Marketing 5.0 centers on three interrelated applications: Augmented Marketing, Agile Marketing, and Contextual Marketing.
The Aim of Marketing 5.0 focuses on reducing the gap between the top and bottom socioeconomic classes and removing poverty.
When this untapped segment is out of poverty, it will become educated and can earn a better income and this in all will lead to substantial growth.
The challenge that has been faced here is that for the first time in history that five generations living together on earth have a contrasting attitude.
The baby boomers and Generation X are those who have the qualities of leadership and have the highest Relative Buying Power and Generation Y and Generation Z are the Digital savvy and consumers Market.
This gap created because of different attitudes among these generations creates a stumbling block for marketers.
From Marketing 1.0 to Marketing 3.0 Has seen a gradual change in Market behavior.
From 3.0 to Marketing 5.0 has seen rapid change because of the tech-savvy generation let’s see what Marketing 6.0 surprises us with its change.