You will be amazed by how many people still believe that Marketing is your weekly local paper advertisement to attract new clients. This week I would like to focus again on the future of Marketing in the Fourth Industrial Revolution. Marketing is one of the industries that will change dramatically in the future and due to that will require employee upskilling as well as new educational pathways, specifically in the area of digital marketing.
Most of you are familiar with the 4Ps of Marketing: Price, Product, Promotion, and Place. While this is still heavily taught in educational institutions, the time has come to amend the 4Ps to a digital world where customers no longer trust brands. They prefer connectivity with real humans and follow real-life stories. Combine this with a digital world, where Millennials are a strong influencer in buying power; a weekly advertisement in the local paper is not the way any business will survive in the Fourth Industrial Revolution.
In future, most marketing research will be done by artificial intelligence collecting past and new consumer data to predict the likes and dislikes of customers; gathering information on preferred products and communicate with us via Smartphones. All this information gathering is happening in cyberspace by complex systems and networks. Personalisation is the key to the future of marketing.
In the past businesses protected their customer research data, in the hope to have a competitive advantage. In future, such data will be shared to be able to tailor products, services as well as improve communication. Let us have a look into another very important aspect of Marketing in the Fourth Industrial Revolution: Communication!
Consumers are no longer buying products and they are not interested in hearing all about how fantastic a company is. Matter of fact, this is a major turn off for consumers. This new consumer development concerns most companies who spend millions on their current marketing strategies. Consumers are getting tired of marketing campaigns focusing on company success and dominant branding; instead, consumers are craving for personalisation. The motto: If you want my business, you need to offer me something I want. It is now all about the consumer.
So, what is it what the consumer wants? Todays’ consumer doesn’t want to be just a number but instead expects an individual service and a human approach. The consumer has been exposed for too long, to a false world and has the need to build trustworthy relationships with the business and its product. A local person’s experience provides a more human story than a celebrity who is getting paid for an advertisement. Consumers want to see honest and genuine information which they can trust.
Marketing in the future will be all about building that personal relationship with a customer, tailored services to meet their needs. This will be done by utilising digital media platforms and artificial intelligence to offer that special service. The digital know-how in Marketing will be essential in the Fourth Industrial Revolution due to the fast changes of the Internet. On a daily basis the Internet it is changing consumers behavior, which requires quick marketing actions by companies that are utilising artificial intelligence to collect the required data and respond accordingly to the consumer’s needs.
Are your Marketing strategies up to date to embrace the 4IR? Not sure where to start? Synergy Consulting Australia are business growth specialists who will assist you with a smooth transformation by providing sound business advice as well as tailored corporate training to ensure your organisation is ready to grow in the 4IR.
Synergy Consulting Australia provides a large range of business consulting services which includes 4IR, Legal, Accounting, Marketing, Project Management, Migration services and many more tailored business solutions. This also includes a full market research and feasibility report before investing. www.synergyaustralia.com.au
Synergy Consulting Australia is led by Ilona Solinska. Ilona has over 18 years’ international business consulting experience. She is a successful Business Growth Strategist, Educator, Keynote speaker and Writer. She has coached hundreds of businesses in the area of Marketing, Finance, Legal, Compliance, Operation, Change & Project Management and is a highly sought-after presenter on a wide variety of business topics.