Embracing advanced technologies to gain deeper insights into customers and their behaviour, immersive marketing, and a focus on customer value will represent the keys to marketing success in the future, according to globally and locally renowned marketing gurus.
"Marketing keeps changing and seems to change every week," said Philip Kotler, a globally-renowned marketing pioneer often described as the father of modern marketing, during a live online broadcast on the topic of "A Lifetime of Marketing Wisdom Through the Winds of Change" as part of the 3rd World Marketing Forum 2023 hosted by the Asia Marketing Federation (AMF) and the Marketing Association of Thailand (MAT). The two-day event is scheduled to end today.
Describing the latest evolution, Mr Kotler said it is no longer current to refer to the "4Ps" concept of marketing, pertaining to product, price, place and promotion. Marketing is the process of designing, communicating and delivering customer value, he said.
There are seven components of marketing -- product, service, brand, price, incentives, distribution and communication -- with customer value residing at the centre, according to Mr Kotler.
Marketing represents radical transformation. This has moved from the invention of radio, TV, printed advertisements, and computers, to the arrival of the digital revolution in the form of the internet, social media and e-commerce.
"Social science deepens our understanding of customer behaviour and companies' decision-making behaviour," he said.
Subsequently, the development of machine learning (ML) converts consumer data into useful insights for planning, customising, personalising and sequencing a company's marketing actions and responses.
The development of computers and the wealth of current information enables marketers to apply predictive analytics and propose new marketing actions to improve a company's sales and margins.
"The recent adoption of artificial intelligence [AI], algorithms and ChatGPT will enable marketing automation," he noted.
Hence, the next era of tech is martech (marketing technology), which is empowered by AI and algorithms, digital and social media, voice and face recognition, big data and machine learning, chatbots, augmented and virtual reality, intelligent virtual agents, autonomous machines, sensors and the Internet of Things.
Utilising martech, marketers work more quickly because they apply marketing automation and pay attention to the customer journeys.
"Marketers have more time to get more creative," said Mr Kotler.
There's now a growing interest in immersive marketing, which is an interactive experience in both physical and virtual worlds and a deeper level of customer engagement by connecting emotions, biometrics and neuroscience to understand human behaviour more clearly.
With a smartphone and digital technology, consumers are able to select the best product without resorting to advertising or salespeople.
"Smart pricing, strong branding, and owning a dominant channel position will be the keys to marketing success," said Mr Kotler.
Marketing creativity vital
Marketing creativity will be crucial in continuing the development of experiential marketing. Marketers need to use customer journey mapping, touchpoint marketing, personas, content and influencers, Mr Kotler said.
Meanwhile, marketers also need to use predictive analytics and machine learning to identify and convert the best prospects.
He added that marketers also need to be responsible in relation to the environment and climate change. This means companies must achieve profitability within the constraints of sustainability.
"Companies must satisfy their customers or lose their customers," he said.
"Within five years, if you do not change, you're going to be out of business. And if you don't add sustainability to the mix, you'll also definitely be going out of business."
Buranin Rattanasommbat, president of the MAT, noted that the virtual and physical worlds increasingly intersect and marketing in the current era is characterised by the convergence of technology, empathy and responsibility.
"Technology has a critical role as a means to gain deeper consumer insights, and create a more personalised experience," he said.
The secrets to successful marketing are leveraging advanced technologies, while being authentically considerate and accountable to society, he noted.
Mr Buranin said the theme of this year's event, "The New Marketingverse: Meta-Mitri-Meetang" was dedicated to unravelling the complexities of Marketing 6.0. Using meta and mitri (meaning "friendship" in Thai), this would lead to meetang (meaning "financial discipline" in Thai).
As the physical world interwines with the digital sphere, current marketing experiences are poised to reach unprecedented levels while honouring the essence of humanity, Mr Buranin said.
Hermanwan Kartajaya, co-founder of the World Marketing Forum and co-author of Marketing 6.0 with Mr Kotler, said Asia can be an equal partner with the West in the field of marketing, rather than the West leading and Asia following, as was previously the case.
"Marketers need to focus on values, not value. We are now in Marketing 5.0, which is centred on using technology to create a more personalised and customised experience for customers," he said.
This is done through the use of AI, data analytics, and other technologies to understand customer needs and preferences and create a more emotional connection with customers by using storytelling and other creative techniques.
Marketing 6.0 is still in its early stages with a greater focus on using technology to create more immersive and interactive experiences for customers.
This could include using virtual reality and augmented reality to create virtual worlds where customers can interact with products and brands in new and innovative ways.