How the 4th and 5th Industrial Revolutions Are Reshaping Marketing
The Convergence: A Synthesis of Technology and Humanism
The Industrial Revolutions have been pivotal in shaping human progress. As we witness the convergence of the 4th (characterised by digitalisation and automation) and the emerging 5th (driven by human-centric technologies and environmental sustainability), a transformative wave is set to redefine marketing. This convergence melds the advanced connectivity and automation of the 4th revolution with the 5th’s focus on personalised, sustainable solutions, creating an unprecedented landscape for marketers.
This means navigating a landscape where advanced technology meets heightened consumer awareness and demand for ethical, sustainable practices. The convergence heralds a new era where personalised marketing must align with ethical standards and environmental consciousness.
Impact on Marketers
Personalisation with a Conscience: AI and data analytics enable hyper-personalisation in marketing strategies. The convergence adds a layer of ethical use of data and AI, pushing marketers to balance personalisation with privacy and ethical considerations.
Sustainable Branding: As the 5th revolution emphasises sustainability, marketers must pivot towards promoting eco-friendly practices and products. This shift will see a rise in ‘green marketing’ strategies that highlight a brand’s commitment to sustainability.
Human-Centric Marketing Approaches: The 5th revolution’s focus on human-centric solutions means marketing strategies should be more empathetic and tailored to individual needs and values. This involves understanding not just consumer behaviour, but also their ethical values and environmental concerns.
Increased Use of IoT and Smart Technologies: The IoT revolution facilitates real-time data collection and analysis, offering marketers unprecedented insights into consumer behaviour. This data can be leveraged to create highly targeted, context-aware marketing campaigns.
What Marketers Need to Do
Adopt and Adapt to AI and Machine Learning: Marketers must embrace AI not just for efficiency, but also for its anticipatory capabilities in understanding consumer trends. The advanced analytics and AI capabilities emerging from these revolutions enable marketers to understand consumer behaviours and preferences more deeply. This leads to more personalised marketing strategies, where campaigns and products can be tailored to individual needs and preferences. However, they must remain vigilant about ethical AI use and data privacy.
To make this more tangible, explore how Walmart’s online platform uses AI to provide personalised product recommendations and tailored search results, improving the shopping experience for customers and driving sales.
Starbucks’ mobile application is also an integral part of their move towards AI and machine learning. With 17 million app users, the company can not only harvest data, but also reach users in a more targeted manner. The app also features a virtual barista that helps users place their orders, thus allowing for a truly seamless experience powered by AI.
Focus on Sustainable Marketing Practices: It’s imperative to integrate sustainability into marketing strategies. This involves honest communication about a product’s environmental impact and efforts to minimise carbon footprints. The 5th Industrial Revolution places a strong emphasis on sustainability and environmental consciousness, especially given the audience driving this revolution is gen-z. Marketers will need to align their strategies with these values, promoting sustainable practices and products.
How?
By highlighting eco-friendly attributes in their product promotions and by adopting green marketing initiatives that emphasise a commitment to environmental responsibility. Additionally, marketers should focus on transparent communication about sustainability efforts, fostering consumer trust and appealing to the growing demographic of environmentally conscious customers.
Leverage IoT for Enhanced Customer Experiences: IoT offers a goldmine of data, and now is the time for marketers to use this data to enhance customer experiences, offering personalised services and products based on real-time data. How?
Utilising the real-time data allows for dynamic customer engagement, where interactions are tailored based on the individual’s current environment and behaviour, as captured by IoT sensors and devices.
In the automotive industry, IoT can be used to enhance customer experiences by collecting real-time data from connected vehicles. For instance, car manufacturers and service providers can offer personalised maintenance reminders, route suggestions based on driving patterns, or in-car entertainment options tailored to individual preferences, thereby elevating the overall driving experience and customer satisfaction.
Develop Empathetic Brand Narratives: Storytelling will remain crucial. However, narratives should now be more empathetic and aligned with human values, focusing on making meaningful connections with consumers. Is anyone doing this right now or showing signs?
A notable example is Dove, a personal care brand: Dove’s marketing strategy has long focused on empathetic storytelling, particularly with their 'Real Beauty' campaign. This campaign challenges traditional beauty standards by featuring women of all shapes, sizes, and ethnicities, aligning with human values of inclusivity and self-acceptance. The campaign’s success lies in its ability to connect with consumers on a deeper, more personal level, creating a narrative that goes beyond just selling products to promoting self-esteem and challenging societal norms.
Invest in Continuous Learning and Adaptation: The rapid pace of technological advancement necessitates continuous learning and adaptation. Marketers should stay abreast of emerging trends and technologies to remain relevant. How?
Marketers can invest in continuous learning and adaptation by actively participating in industry conferences, workshops, and webinars, which are platforms for gaining insights into emerging trends and technologies in marketing. Additionally, they should engage in ongoing professional development through online courses, certification programs, and by following thought leaders and publications in the field, ensuring they stay informed and adapt to the evolving digital landscape.
Marketers must continually update their skills to keep pace with technological advancements. Understanding new tools, platforms, and methodologies will be essential for success.
Build Trust through Transparency: In an era where consumers are more informed and concerned about ethical practices, transparency becomes key. Marketers should focus on building trust through open, honest communication about their products and business practices.
Finally, Automation tools powered by AI can streamline marketing operations, from content creation to customer service. This can lead to more efficient marketing processes, freeing up human marketers to focus on more creative and strategic tasks.
The convergence of the 4th and 5th industrial revolutions presents both challenges and opportunities for marketers. This new era demands a marketing approach that is technologically advanced yet ethically grounded, data-driven yet human-centric, and efficiency-focused yet sustainability-conscious. As we embark on this transformative journey, the key to success lies in embracing change, focusing on sustainable practices, and always placing human values at the core of marketing strategies.
This convergence isn’t just a technological revolution; it’s a revolution of values, and marketers must be at the forefront of this change.
Anil Hari is head of data, analytics and AI, Code and Theory, bringing with him a wealth of experience spanning over two decades. Throughout his career, Anil has collaborated with numerous global Fortune 500 enterprises, contributing to their digital transformation and data modernisation endeavours. His expertise covers a comprehensive spectrum of analytics within the domains of data and artificial intelligence.
