Name: PocketBook4you
Author: PocketBook4You

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You’ve probably heard of fourth industrial revolution technologies like artificial intelligence, augmented reality, advanced robotics, blockchain, neural networks…

But have you ever thought about how marketing can be worked in the "Age of Data"?

In yet another iteration of their work, the trio of Kotler, Kartajaya and Setiawan presents their vision of how the combination of these resources will transform marketing in companies.

In addition, they explain how the generation gap, resistance to digitalization and the worsening of inequality present themselves as challenges for advertising professionals.

You don't want to miss out on so much information, do you? So read this summary to learn more!

Published in 2021, the book is another evolution of the authors' work, which began in 2010 with “Marketing 3.0”.

After presenting digital trends for the industry in the sequel “Marketing 4.0”, in the newest book the authors explain how these transformations have been accelerated by the COVID-19 pandemic.

The book has 224 pages and is divided into 12 chapters, which present the main themes in the understanding of the trio of experts.

Who are Philip Kotler, Hermawan Kartajaya and Iwan Setiawan?

Philip Kotler is Emeritus Professor of Marketing at the Kellogg School of Management. The Wall Street Journal named him one of the 6 most influential thinkers in the business world. 

Kotler has great reach and worldwide recognition. His work “Marketing Management”, originally published in 1967, is considered one of the leading business books of all time and is adopted by colleges and universities around the world.

Hermawan Kartajaya is the founder of one of the most famous marketing consultancies, MarkPlus Inc. He is already considered one of the 50 gurus who shaped the future of marketing.

He has also been the recipient of numerous awards, and is a co-founder of the Asia Marketing Federation.

Iwan Setiawan is CEO of MarkPlus Inc. A writer and speaker, Iwan holds a BA in Engineering from the University of Indonesia and an MBA from the Kellogg School of Management.

The ideas presented in the book are essential for entrepreneurs, professionals and marketing students who want to keep up to date with the frontiers of the field.

Considering that content marketing is the currency of the 21st century, the book presents interesting reflections for those looking to grow their business along this path. 

In addition, technology enthusiasts may also be interested in knowing how advances are used in different areas, such as marketing.

Main ideas of the book “Marketing 5.0”

Marketing 5.0 is the result of the combination of the focus on people of Marketing 3.0 and the technological empowerment present in Marketing 4.0;

The idea arises in face of 3 major challenges: polarization of prosperity, generation gap and digital divide;

Professionals are still in the process of transition and adaptation to the digital world;

The COVID-19 pandemic has greatly accelerated the digitalization of companies and, consequently, of marketing;

Technology must serve as a strategic tool for business.

In the following summary, the authors' views and perceptions on the topic will be presented in more detail, through the highlighted points within each chapter.

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Marketing 5.0 leverages the use of technologies that mimic human beings to create, communicate, deliver and increase the value offered throughout the customer experience.

The authors define the two main disciplines of the concept:

Data-driven marketing: every decision must be made based on relevant information. With big data, it is possible to build an ecosystem based on data and optimize choices.

Agile marketing: use of decentralized, multidisciplinary and functional teams to create, develop and validate strategies quickly, aiming to keep up with constantly changing trends.

From these two ideas, it is possible to verify the possible applications for Marketing 5.0, which are predictive, contextual and augmented marketing. Throughout the book, the authors delve deeper into each of these applications.

The trio of experts also list the ways in which technology can improve advertising practices:

Make decisions based on more information;

Predict the results of marketing strategies and actions, which allows you to focus investments on what has the greatest potential;

Bring the digital context experience to the real world;

Develop the ability to deliver value to the customer;

Kotler, Kartajaya and Setiawan point out that, as new generations emerged, advertising ideas and proposals evolved to adapt to new trends and public needs.

Therefore, it is clear that it is essential to understand the stage of life in which each generation finds itself in order to develop the best tactic.

The baby boomer generation (born between 1946 and 1964) is the only one that has lived with all schools of marketing thought since 1.0. They are currently in the final stage of life, seeking comfort and tranquility.

People born between 1965 and 1980 (Generation X) are active in society, occupy leadership positions at work, and aim for the best for their children.

Generation Y (1981 to 1996) is made up of daring individuals, who take risks to achieve their goals, and are willing to give up many things to build their careers.

Finally, the most recent generations, Z (1997 to 2010) and Alpha (2010 onwards), are the most important for the next decade, as the authors explain that these people tend to spend less time at each stage of life.

It is essential to know how to use technology to create an approach that enables people-focused solutions. For this, leaders (mostly generation X) need to accept and value the ideas brought by the workforce (generations Y and Z).

The book points out that the current society suffers from different types of polarization:

Of work: both high-value, high-wage and low-value, low-wage jobs are expanding, while everything between these two extremes is shrinking;

Of ideologies: people with different worldviews split up and go in opposite directions;

Of lifestyles: both minimalist and consumerist styles are growing, while balanced styles are being contracted;

Of markets: growth of high luxury markets and very cheap and low quality products.

When everything is so polarized, there are only two options for positioning your brand, which limits the market and business possibilities.

To combat this, the authors emphasize the importance of inclusive and sustainable growth, as they believe that investing in society, in addition to the benefits for people, can bring new market opportunities.

They show that consumers are increasingly attentive to the ethical conduct of companies, and this is likely to increase. Therefore, it is important that there are leaders in favor of corporate activism within organizations.

In this sense, the use of technologies is essential to accelerate progress and expand the opportunities available to all, increasing the social impacts generated by the business.

In 2020, the internet had almost 5 billion users. With the current trend, 90% of the population is expected to have access to the internet by 2030. In this sense, the digital divide refers to the gap between those who have immediate access to computers and the internet and those who do not.

Kotler, Kartajaya and Setiawan explain that the main barrier is no longer availability, given that almost the entire population lives in places with cellular network coverage.

What proves to be a challenge to acquire new users is the ease of access and simplicity of use. That's why cheap mobile devices, lightweight operating systems, affordable data plans and free Wi-Fi hotspots are key.

They also highlight the fears that part of the population has about digitization:

Filtering information by search engine algorithms;

On the other hand, they list the promises of digitization:

Improvement in the quality of life and health;

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Discover the new frontier of marketing, how technologies will transform the customer experience and learn how to apply them in your job.

Marketing 5.0 - Philip Kotler, Hermawan Kartajaya, Iwan Setiawan

Discover the new frontier of marketing, how technologies will transform the customer experience and learn how to apply them in your job.