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Nov
16

Karan takes up on all things Marketing 4.0!

Traditionally, marketing was an approach to promote, advertise or campaign, including billboards, flyers, newspaper print ads, television commercials, radio ads for a product or service. Today’s customers have less time and attention to devote to your brand and they are surrounded by alternatives every step of the way. We need to stand up, get their attention and deliver the message they want to hear.

Marketing 4.0 is a marketing approach that combines online and offline interaction between companies and customers. It takes advantage of the shifting consumer mood to reach more customers and engage them more fully than ever before. Exploit the changes that are tripping up traditional approaches and make them an integral part of our methodology.

 How is It influencing 4 P’s of Marketing ?

  • Product used to be developed by needs and wants to be extracted from market research, but now co-creation is more likely the product development strategy.
  • Pricing is no longer static, it’s dynamic.
  • The sale was carried out through local shops or convenience stores but now selling is done through online platforms like Amazon and Walmart. We can say that selling is changing to transparent commercialization.
  • Promotion is now a two-sided arrangement using social media and customers as audiences.
How is it going to affect our business

For example:- Customer’s Attitudes toward mobile apps (%)

In the above example, we can clearly determ

In the above example, we know that how downloading an app depends so much upon the decision of other people as well as on information about the application that a customer gets without using. What’s important to the customers is how your product/service adds value to their life as they have many substitutes available.

How to cope-up with the change

  1. Understanding that customers are more connected to each other than brands

When it comes to finding and choosing products that matter to them, consumers are more likely to turn to friends and family, online and offline reviews than traditional marketing channels. We have to be a brand that people talk about and are willing to become advocates for. We must connect with consumers in the spaces where they connect with each other like Facebook, Instagram, Snapchat, Pinterest and other social channels. We should interrupt their worlds with direct mail, out of home, and other traditional channels, but also make our self a part of their everyday conversation.

  1. Focus on experience

Consumers do not focus on, “What does the product do ?” rather they focus on, “How does the product make me feel ? Does it represent my values ?” This is how companies like Sephora compete with retail giants like Amazon by pampering store visitors with the ability to try on cosmetics, be styled by hair care professionals. Marketing 4.0 brands like Sephora interact with consumers on an experiential level.

  1. Be authentic

According to Phillip Kotler, “people are living in a hyperconnected world” they tend to be disconnected in the temporal space. This is one reason why we experience over facts and figures. They treat companies as friends, making them an intimate part of their lifestyles, so our brands need to behave more like humans “approachable and likeable.”  Therefore, brands need to be authentic to become a brand that customers will not only purchase but become advocates because authenticity is critical to establishing trust.

  1. Speak to latest anxieties and desires

The Internet of Things(IoT) puts the world of analysis at marketer’s fingertips. Tap into your data streams, develop customer personas and use content to address consumer’s deepest needs.

Every few years the concept of marketing evolves, but this time it’s different; “it’s not just the rules that have changed, it’s the customers themselves.” Marketing 4.0 provides a solid framework based on a real-world vision of the consumer- who they are today and who they will be tomorrow. Marketing 4.0 gives you the edge you need to reach them more effectively. However, It is not meant to replace traditional marketing. They must co-exist, and the marketing 4.0 must drive advocacy. The accountability of Marketing 4.0 also gives it tremendous potential to drive results.

-Student entry by Karan Malhotra, Class of 2019