On November 16, the Marketing Association of Thailand, in collaboration with the Asia Marketing Federation, organized the 3rd World Marketing Forum. The highlight of the event was the much-anticipated virtual lecture by Philip Kotler, the father of modern marketing, renowned thinker, and global thought leader.
Philip Kotler provided diverse perspectives on the future of marketing, which is evolving rapidly. He emphasized that within the next 5 years, any business that remains stagnant is at risk of falling behind. G-Able aims to share this information with both marketers and consumers to collectively embrace Marketing 6.0.
1. Consumers have more information, along with smarter marketers
In simple terms, both consumers and marketers must stay informed because consumers can easily access product information, promotions, compare prices, and evaluate the features of products or services. The satisfaction or dissatisfaction of consumers can be easily disseminated, making customer satisfaction crucial.
Similarly, marketers can access more information, whether from customers or competitors. This data can be strategically utilized, especially with the rapid advancements in technology, such as personalized marketing through platforms like Facebook or Google.
2. E-commerce continues to grow continuously
The trend of online shopping is consistently increasing, and technological advancements make online services faster and more accessible. By 2026, online sales are projected to reach around 8.1 trillion dollars in the United States, growing approximately 56% annually. This growth surpasses traditional retail sales, making online sales, especially for new brands, more significant.
3. New marketing formats come with new opportunities
The current marketing paradigm involves embracing new ideas and marketing strategies to propel businesses into the future. Examples include:
- Touchpoint Marketing: Creating a favorable first impression to lead customers into an impressive Customer Journey and encourage repeat business.
- Customer Journey Mapping: Developing a seamless and impressive service experience, optimizing user experience (UX) and user interface (UI) at every contact point.
- Personas Marketing: Creating profiles for each customer to provide highly personalized services or offers.
Additionally, marketers should explore new marketing concepts, such as:
- Societal Marketing: Aligning marketing with societal needs.
- Demarketing: Reducing market demand intentionally.
- Regenerative Marketing: Marketing that enhances the brand’s value for society.
4. The increasing importance of MarTech
MarTech, the fusion of marketing and technology, is becoming increasingly essential. Artificial Intelligence (AI), especially tools like ChatGPT, is a breakthrough this year, aiding marketers in market analysis and generating images or ad text for faster and more cost-effective marketing.
Other influential MarTech elements in the coming years include:
- Big Data and chatbot learning.
- Augmented Reality (AR) and Virtual Reality (VR) technologies.
- Intelligent Virtual Agents for marketing in the virtual world.
- Automated machinery (robots, drones, self-driving vehicles).
- Sensor systems and the Internet of Things (IoT).
5. Global warming issues elevate the importance of sustainable marketing
An undeniable trend is the focus on environmental issues and sustainability. Marketers can incorporate this principle into their business strategy, such as investing in environmentally-friendly packaging, reducing plastic usage, emphasizing recycling, and creating eco-friendly transportation systems. This approach aligns with brand identity, emphasizing environmental friendliness alongside sales or services.
6. Fundamental marketing principles remain crucial
Despite the changes in details or tools in the new marketing era, fundamental principles still resemble those familiar to many businesspeople and continue to be valuable. Examples include:
- 4A’s Strategy: Acceptability, Accessibility, Affordability, Awareness.
- 4P’s Strategy: Product, Price, Place, Promotion.
- 4C Strategy: Company, Customer, Companion, Competitor.
- STP (Segmenting, Targeting, Positioning) Strategy.
In summary, future marketing trends will undoubtedly undergo changes. Consumers can choose the best brands through advertising or fewer salespeople, while the importance of branding, pricing, and sales channels increases. Marketers will have various tools to work with, from AI to MarTech. However, the most prominent aspect is not sticking to the status quo; it’s not one definite choice!