“Kotler’s Marketing 5.0” (Japanese edition) has been released in April 2022.
transcosmos held a webinar by Mr. Ivan Setiawan, the co-author of this book, in December 2020, which was very well received. The contents of what the co-author himself had to say about the contents of “Marketing 5.0” are summarized in this article.
This article explains and introduces the second installment, “Multiplying Technology and People“.
Contents
Marketing 5.0 is a Multiplication of Technology and People
In Marketing 5.0, Mr.Ivan emphasizes the need for technology and humans to coexist. Machines are not perfect, and neither are humans. Machines are good at effectively processing data, extracting information, and creating patterns. Humans are insightful and can have perspectives that machines do not have. Machines excel at focused and structured thinking, whereas people are multifaceted and think outside the box. By taking full advantage of these features, machines and humans can work together to bring about great innovations.
Areas where the machine excels
Efficient processing of data, good at patterning.
Logical thinking according to a specific algorithm.
Machines can do what they can program at a fast speed and on a large scale.
Areas where humans excel
People can be insightful and have a perspective that machines can’t have.
Able to build empathic bonds with others.
Flexible for tasks that require contextual understanding or simple common sense guesswork
Marketing 5.0 can be viewed as a multiplication of customer experience and next-generation technology.
What is the 5A Customer Path in Marketing 5.0?
The new customer experience (CX) is defined as the 5A customer path.
In “Marketing 4.0”, we have argued that customers follow a 5A path to purchase. It begins with awareness (aware), spurring customer interest in a particular brand or service (appeal), further research and questioning about brands and choices in the market (ask), and deciding which product to purchase (act). Finally, if customers were satisfied with what they purchased, used, or chose, they would recommend (advocate) this product or service/brand to their family, friends, and colleagues.
This 5A customer journey is still important in the era of Marketing 5.0. The use of next-generation technologies can further amplify the customer experience based on the 5A customer journey.
The above article provides an overview of the Marketing 5.0 world, where technological advances have joined the Marketing 4.0 world.
In Part 3, we will introduce “Technology to enhance the new customer experience”. Please continue to read.
Mr. Iwan Setiawan
Markplus CEO
He holds an MBA from the Kellogg School of Management at Northwestern University. During the 15 years since graduation, he has developed marketing strategies for more than 100 companies. As CEO of Markplus in Indonesia, he co-authored “Kotler’s Marketing 3.0” and “Kotler’s Marketing 4.0” with Philip Kotler and Hermawan Kartajaya, Chairman of Markplus, whose books have been translated into 23 languages in 27 countries. His latest and final book, Marketing 5.0, was released in February 2021. The Japanese edition was also released in April 2022.
- Kotler’s “Marketing 5.0” Summary Part 1: Why Marketing 5.0 Now? Co-author explains.
- Kotler’s “Marketing 5.0” Summary Part 2: Multiplying Technology and People, Co-author explains.
- Kotler’s “Marketing 5.0” Summary Part 3: To improve the new customer experience, Co-author explains.
- Kotler’s “Marketing 5.0” Summary Part 4: The five components of Marketing 5.0, Co-author explains.