Technology foments tectonic shifts in the landscape of marketing – and marketers must evolve. Marketing expert Raja Rajamannar offers an aerial view of the profound changes underway and glances at marketing’s probable future. Speaking to executives in enterprise organizations, Rajamannar provides high-level strategies for exploiting emerging technologies, engaging with consumers in an overwhelming information environment, and developing your professional capabilities.
Technological, sociological and systemic changes will transform marketing in coming years and usher in a Fifth Paradigm.
Marketing has functioned under four paradigms: First, a product-centric paradigm based on the premise of rationality; second, an emotion-based paradigm corresponding to the new technology of television; third, data-based marketing that arrived with the internet; and finally the always-on Fourth Paradigm, fueled by the smartphone and social media. The Fourth Paradigm turned the art of marketing into science.
Marketing stands poised for a transformation to a Fifth Paradigm – Quantum Marketing. Three major areas of influence usher in this change. First, an array of new technologies – artificial intelligence (AI); augmented and virtual reality; 5G; the Internet of Things (IoT); 3D printing; smart speakers; wearables; robotics and drones; and blockchain – generate immense quantities of data and create opportunities for new kinds of marketing. The second and third factors – changes in society and systemic shifts in marketing – drive a redefinition of the concept of loyalty while bringing trust and purpose to the fore. They also disrupt familiar elements...