What is Marketing 5.0
Definition of Marketing 5.0
A marketing tactic called "Marketing 5.0" positions technology as a tool for improving humankind. Now is the time when humans and technology work together to develop consumer experiences. It's a time for radical shifts that call for agility and a quantum leap.
We are all prompted to change by a marketing strategy that operates in the digital arena. Transformation is a given, and it should be managed agilely. Consumers need to be fully surrounded by brands since they are an essential part of their lives. If brands can develop symbolic meanings that align with consumer beliefs, they will be enduring.
Experience is what matters because we live in a "Experience Economy" today. Impressive encounters will result in connections that may strengthen entanglements.
Marketing Approaches
- Marketing 1.0 is a product-centric marketing. The main focus is on a product.
- Marketing 2.0 is a consumer-oriented marketing. The main focus is on a consumer.
- Marketing 3.0 is a values-driven marketing. The main focus is on a person. Companies move from a consumer orientation to a person orientation and when the pursuit of profit is combined with corporate responsibility. Marketing 3.0 is designed, like Marketing 2.0, to meet the needs of consumers, but companies that use this type of marketing have a mission, vision, and values that are important to the world as a whole.
- Marketing 4.0 is a movement from traditional to digital. This marketing approach combines online and offline interaction between companies and consumers.
- Marketing 5.0, according to the authors’ definition, is the application of human-mimicking technologies to create, communicate, deliver, and enhance value across the customer journey. It combines elements of the two previous approaches: Marketing 3.0 with a human orientation and Marketing 4.0 with a technology orientation.
Marketing 5.0 Main Technologies
The main technologies for using Marketing 5.0 are AI – artificial intelligence, NLP- natural language processing, sensors, robotics, MR- mixed reality (includes AR – augmented reality and VR – virtual reality), IoT, and blockchain. The authors call these advanced technologies the next tech. The next tech is those technologies that will become mainstream in the next decade. All these means are aimed at imitating human learning methods. The emergence of the next tech is due to six factors: computing power, opensource software, the Internet, cloud computing, mobile devices, and big data.
- Artificial Intelligence. Artificial intelligence allows companies to conduct marketing research in real time. This rapid response helps them to perform customization and personalization in product recommendations, pricing, and content marketing campaigns.
- Natural Language Processing (NLP). NLP is the training of machines to reproduce the human way of communication, both written and spoken language. Voice assistants will compare products and give recommendations on brands to buy based on previous experience, the more products purchased, the more accurate the offer.
- Sensor Tech. In addition to text and speech recognition, computers also learn from image and face recognition. This skill allows you to scan an image and search for similarities on the Internet or in a database.
- Robotics. A growing trend, robot process automation (RPA), involves software robotics.
- Mixed Reality (MR). MR includes virtual and augmented reality. MR, first of all, is aimed at the entertainment industry, as they are focused on imitating the human imagination. But MR’s capabilities are not limited to this, and some of the most forward-thinking brands are already using this technology to improve the quality of customer service.
- Internet of Things (IoT) and Blockchain. IoT refers to the interrelation of machines and devices that interact with each other. Blockchain is an open and distributed accounting system, it records encoded data on the network. The block contains all past transactions. Once a block is completed, it can never be changed and will give way to the next block in the chain.
