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1-Page Summary of Marketing 4.0
Making the Transition from Marketing 3.0 to Marketing 4.0
As the Internet enables business to become more global and inclusive, technology simultaneously makes consumer items more affordable for people in emerging markets. The opposite is also true: products created for developing markets catch on in established ones later. Companies are changing their product’s path from vertical (control every aspect of development, production, and distribution) to horizontal (collaborate with other companies). For example, Procter & Gamble collaborates with outside innovators.
Young people who grew up with digital technology are influencing the way we shop. They make purchases on their own schedule, and they value being connected to other people. People trust their social networks more than marketing messages.
Long-standing industries are being disrupted by lowered barriers to entry and a few kinds of technology. The most basic kind is mobile connectivity, which involves using the web to enhance customers’ experiences. The highest level is social connectivity, which builds communities between consumers and brands.
Three Paradoxes
Marketers must deal with three paradoxes in the age of connectivity. First, they can get more sales from their online businesses than by doing offline businesses. However, they shouldn’t make offline business obsolete because some people still prefer to shop in physical stores and use mobile apps and location-based technology. Marketers should create experiences for clients that blend online and offline interactions.
“Informed customer versus distracted customer” – Marketers need to join their conversations within brand communities. People are more likely to buy based on recommendations and personal experience than marketing messages, the opinions of others, or personal knowledge. When they have a lot of information at hand, consumers tend to make choices that go with the majority’s product choice. Therefore, marketers need to grab people’s attention in order for them to be able to focus on what they’re trying to say about their products.
Negative advocacy is more effective than positive advocacy. People tend to pay attention to negative comments about a brand rather than the positive ones, and they are also more likely to share negative opinions with their friends. Therefore, brands should encourage people who have problems with them or their products/services to speak up so that there will be both good and bad buzz about the brand.
The New Brand Advocates
Youth, women and netizens are the most valuable brand advocates. Young people tend to be early adopters who experiment with music, fashion and other cultural trends. They recognize global changes more quickly than older consumers. As household managers, women make the majority of purchasing decisions for most homes. Before buying anything, they collect information online by doing research and asking friends about their experiences with different products or services before making a decision on what to buy. Women are “holistic shoppers” who consider every aspect of a product or service before deciding whether it’s right for them. Netizens believe in the Internet; they embrace open communication that is shared openly among everyone involved because it helps create transparency between companies and customers as well as between people in general when communicating online because everything is out in the open where anyone can see it instead of things being hidden behind closed doors like how business has been conducted traditionally through offline channels such as print ads or television commercials which were only available to those who had access to media outlets at that time (which was mostly just adults).
