Marketing 5.0 - Philip Kotler (Book Summary)
Marketing 5.0 is a guide for marketers around the world on the need to be human-centric regarding technology. It is written by one of the most influential marketers of our time Philip Kotler...
In the Marketing 5.0 book summary, we will explore significant changes in the marketing world, especially after the Covid-19 pandemic and the advent of AI in the world of marketing.
The book's main theme as cited on its cover is "Technology for humanity" which translates into how we can help & upgrade humanity with the help of technology. The book has 224 pages and is divided into 12 chapters.
The chapter is interesting and eye opener on some of the crucial topics of our time: Al, the Digital Divide, and prosperity polarization. The speed at which Artificial Intelligence is upgrading is tremendous and way beyond anyone's imagination.
The important marketing concept discussed in the books are as follow
1) Data-driven marketing
2) Predictive marketing
3) Contextual marketing
4) Augment marketing
5) Agile Marketing
Let's discuss all this in detail
1 )What is Data-Driven Marketing -
As the name suggests data-driven marketing is driven by data.
Data in simple terms means "Facts" Data marketing is done by collecting relevant facts about your customers and marketing them.
The best example provided by the author was the case study of "Target" an e-commerce store in the US which sent promotional items to teenage women, when his father got to know about this he complained but later it was known that she was actually pregnant..
As a target you should aim to find more and more information about your customers the better you know them, the better your marketing will be, and the higher the rate of success.
CRM software like HubSpot and Salesforce can be a good start in that.
In the digital world, there is no limit to data but your job is to find the relevant data about your customer and market them based on that.
2)What is Predictive marketing-
It is the use of predictive analytics to analyze events before it occurs to look for what can be trending in the future.
Predictive analytics helps understand the campaign outcomes before they can happen and which customers can stay in for a long time. Many Al and regressive models can help in that case.
3) What is Contextual Marketing -
It also means personalized marketing to target individuals.
It simply means using customer data to show them the products or services that matter most to them
Google & Facebook collects our data and provides us with a personalized feed to each and every one.
Marketers also need to treat the individual as a human and not a number, it can be done using IOT ( internet of Things) & AI...
Contextual marketing aims to offer the right product to the right customer at the right time...
4) What is Augmented marketing -
Here the author talks about a new technology called International Amplification (IA).. in IA humans remains the main decision-makers and AI helps them in that process instead of taking all work from human which is the case of AI.
The IA collaborates with humans to make truly wonderful work...
Here the author gives examples of chatbots and sales services. Look in your organization which works can be automated. If you are getting the same queries again & again you can make an F&Q and can automate that. This can be done on a website or social media...
AI will be the future there is no question of it .. so Instead of running or seeing it as a thread. Start learning as much as possible so we can be prepared when the right time of transition will come
5) What is Agile marketing...
This marketing focus on being prepared for whatever happens, being agile toward the change, accepting it as a fact, and acting on it...
In a world of uncertainty, There is no such thing as the full proof plan or blueprint. Any plan on how much proper it may look needs to be readjusted as per the situation, the biggest example of this is Covid-19 which has changed the world and marketing Industry forever...
Using MVP, social listening & real time analytics can help,
Bureaucracy is the enemy of agile marketing so avoid it at all costs, Author suggests using Real-time analytics to predict the changes in the environment. This alt brings us to movement marketing which brands can apply...
Movement marketing is one which does the right movement, sees what is treading in your society, country, or world, and marketing copy that correlates to your product or service...
This is the best way to go treading on social media and the internet without spending much money ...
What is Digital Divide & Generation Gap
The launch of ChatGpt in Nov 2022 brought a tremendous revolution which I don't think will stop now. Further, the digital divide which also means the generation gap is becoming a pain point for marketers and the corporate world. This is the first time in history that five generations of people are coming together and working, hence understanding & empathy is not just a luxury but a requirement if one needs to survive and grow...
The author explains that five generations from Generation X (1965) to Alpha Generation 2010 onwards are all present right now in the workforce. This is causing lots of problems in the workforce. While the young generation prefers more attractive and short content the older generation like a long and detailed copy. This issue needs to be solved with an understanding of each other point of view..
How can I apply the ideas from "Marketing 5.0" Summary
1) Focus on building a strong brand identity that resonates with your target audience.
2) Create a customer-centric marketing strategy that emphasizes the importance of customer experience.
3) Use data and analytics to gain insights into customer behavior and preferences.
4) Develop a content marketing strategy that provides value to your customers.
5) Use social media to engage with your customers and build a community around your brand.
6) Be socially responsible and give back to the community. Develop marketing campaigns that align with your brand values and that contribute to social causes.
What I liked about Marketing 5.0...
>The book gives complete knowledge of all recent developments in the marketing world. It can one upskill and stay ahead of the rest. Tips on customer engagement & branding can help us all on Instagram to grow our accounts and to get more reach.
>The explanation is simple and short
What I disliked about Marketing 5.0...
>Being a marketing student I was familiar with many concepts & tricks, from a marketing guru like Kotler we expect something more unique...
> "More Theory and fewer case studies", the author has spent the majority of time explaining concepts that were majorly self-exploratory giving a real-life case study that could have helped. Few companies which are mentioned will be unfamiliar to many people. Little storytelling would have made the book much more attractive
Who should read Marketing 5.0 ...
>Are you someone who's always curious about the world of digital marketing? Do you find yourself fascinated by the power of Artificial Intelligence (AI) in the industry? Then this is the perfect read for you!
>Someone who wishes to build a personal brand of themselves or their business should also grab a copy of this book...
>Whether you're a seasoned marketing professional or just starting out, this book will provide valuable insights into the ever-evolving world of digital marketing and the significant role AI plays in it.