We all agree that marketing has been into existence from the known Primitive Age. Then; the real marketing professionals were easy to locate with their innovative work for better living. None knew that cooked food can taste better and stay healthier. Invention of fire fostered many other inventions, for example: our passion for barbeque today! Still better, passion for gold and diamond and so on! What a connect!
Way back in 1967 the Marketing Guru Philip Kotler gave us the concept of Marketing Mix which further evolved into social media marketing and now has gone digital. It’s an amazing fact to know we follow different marketing strategies keeping up pace with changing demand and supply trends.
Is it true, Marketing 4.0 is still emerging?
Marketing 1.0: Product Centric marketing – A period of Industrial Revolution
Initially, there were not much demand for products or services mainly due to simple living and less connectivity to the market. Marketers took the opportunity of developing products and services directly darting the human mind penetrating into the behavioural and physiological science. The 1.0 approach aimed at putting across Product centric promotion with a successful forecast of getting high returns on investments.
Marketing 2.0: Consumer Centric marketing – A period of information technology
With the increased demand, marketers started running promotions for retaining their consumers in order to build brand loyalty. Shoppers on the other hand, developed a taste of competitive awareness which enthralled the overall marketing concept drilling the marketers to race for competitive advantages. The 2.0 approach aimed at maintaining a win-win situation between marketers and consumers.
Marketing 3.0: Value centric marketing – Connecting the world, connecting the consumers
Marketers having met the net objective of introducing products and services, building brand loyalty programmes; it now started becoming difficult for them to sustain in the changing scenario. To remain functional, marketers tapped people instead of market segment sensing consumer’s emotional and rational behaviour. Today, 100% insurance companies moves around the emotional aspects of individual saying, to be able to take care of family, it is important for you to remain fit. Rationally, the same product will define the advantages, best premiums and high returns on maturity. Therefore, 3.0 approach has rather sustained the value shopping concept across geographies.
Marketing 4.0: Need for Self Actualization – Welcome to the digital age
Credentials pertaining to Evolution of Marketing, its seen that consumers have seemingly met their physiological, social, belongingness and esteem need.
Referring to Maslow’s five stage model, it is seen the need for Self Actualization is still to be catered. Consumers now are well aware of reality, the challenges and are judgemental. They now aim to reach that level of experience that leaves a lasting impression. Therefore, through Marketing 4.0 approach marketers should look at connecting with audience more specifically and more digitally.
Will put more input in later blog.
Thanks, Snigdha
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