After Marketing 4.0, comes Marketing 5.0′ might be a suitable term to describe today’s marketing strategy. With marketing knowledge becoming more dynamic, of course there will be changes in its application, one of which is the pillars of implementing Marketing 5.0 in cross-industry businesses.
This new marketing approach has become popular thanks to the book “Marketing 5.0: Technology for Humanity” by Philip Kotler, Hermawan Kartajaya, and Iwan Setiawan. As you know, technology cannot be separated from everyday life, thus creating changes in consumer behaviour. Therefore, marketing science absorbs this change and provides a solution by presenting Marketing 5.0. Uniquely, not a few think that this marketing theory offers a middle way between the increasingly dominant role of technology without abandoning human values.
Coupled with the Indonesian economy which continues to experience a decline from the previous year due to the pandemic, putting forward a sense of optimism and a marketing strategy for business growth in the Marketing 5.0 era is not enough. You need to combine the spirit of entrepreneurship and leadership to strengthen your business. Then, what are the three pillars of implementing Marketing 5.0 that you need to master? Here’s an explanation.
The rapid development of technology and the economy in the 5.0 era demands that you follow a mature business strategy, such as utilizing business process optimization. Moreover, this marketing approach uses the New Tech and New CX (customer experience) formulas .
You not only require innovation and creativity, but you also need to implement a progressive marketing strategy. Take for example the use of cutting-edge technology through chatbots. Through this feature, the customer experience that you offer is more efficient, meaningful, and your business is able to provide more value to consumers. That way, you can train good entrepreneurial spirit and leadership.
Business optimization can be achieved if companies take advantage of technology to benefit humans. Even so, the technology chosen needs to have three basic traits that make it ideal as a pillar of the company. Later, using this technology will help maximize the consumer experience, which of course will impact your business performance.
2.1. Technology is personal
The implementation of Marketing 5.0 involves consumers’ emotions in achieving company targets. As a result, the approach you must take must be more personal to foster a sense of control or choice for consumers.
2.2. Technology is social
Apart from being more personal, try to make technology able to bridge human desires and connect people to each other. Through this trait, you can create a community interested in your product.
2.3. Technology is open
You need to highlight the nature of this openness, especially in repairs, by being innovative and creative in your services and products through data-based innovations. Your business is required to create such innovations to meet the expectations of the market.
Even though technology has a significant impact on business development and sustainability, of course, the key to the success of your business is in the hands of human resources (HR). As a balance to the business pillars, competent and responsive human resources are needed to achieve change.
On the other hand, the involvement of technology not only builds a customer experience that can touch human emotions but also facilitates and makes humans more agile. In conclusion, HR acts as the most important product of the business, while technology is only a support.
Suppose the three business pillars in implementing Marketing 5.0 run harmoniously. In that case, technology can facilitate better business processes to create new customer experiences.
Trust Melon Branding Agency if you want to develop a business with the Marketing 5.0 approach. They offer marketing strategies that can be implemented, including market research, data-driven marketing, and many more. Contact us further via cs.melonbranding@gmail.com or visit Instagram @melonbranding !
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