Rapid changes from digital disruption coupled with altered consumer behaviour has resulted in shifts in consumer expectations as the Marketing 6.0 era unfolds, which includes multiverse marketing.
This postmodern marketing approach will let consumers buy products through a seamless experience in the physical and digital worlds, according to the Marketing Association of Thailand (MAT).
Digital disruption, the power of new generations, and a fragile economy and society lead to fast changes in consumer behaviour that drive customers' needs and expectations, said MAT president Buranin Rattanasombat.
The behaviour, needs and expectations of consumers have significantly changed, rendering traditional marketing plans ineffective in achieving desired results. In a business world where consumers are seeking new value and experiences, marketers need to adjust strategies, change marketing methods and come up with innovation to meet their needs, he added.
This leads to four new major marketing trends, including "personalised marketing" which serves each individual, "marketing on multiverse", and "real marketing with sincerity, real products/real time".
The fourth is dubbed "dynamic brand", which sees collaboration across brands, like old-value brands joining with younger brands to make new products to tap new customers while keeping existing customers.
MAT suggests guidelines for marketers, including that they should prioritise customers, make them the centre of attention, and create meaningful experiences aligned with their changing needs.
The marketers should also apply data analytics and machine learning. Organisations must use analysis to gain insights into customers in each generation to find their common interests. Then they should accelerate personalised marketing at scale and build ecosystems by using partnerships.
These four major trends culminate in the new marketing model for the future, which seamlessly connects the real and virtual worlds, with the consumer at the centre and a focus on empowering customers while delivering valuable experiences, according to MAT.
Ake Pattaratanakun, vice-president of sustainable communication and marketing activities at MAT, said next year's shift from marketing 5.0 technology to marketing 6.0 represented "marketing in the metaverse".
In the 6.0 era, there are three components. The first one involves marketing tools such as artificial intelligence (AI) and generative AI, 3D assets, augmented and virtual reality, blockchain, and Internet of Things. The other components are involved with the economy and experience.
The great marketers are the ones who can design the customer journey to make them purchase without the need to know if they are buying items from the physical or digital world, said Mr Ake. Technology makes customer journeys longer and can collect data before they discover products and after they purchase.
Thailand will host the World Marketing Forum, where marketing guru Philip Kotler will discuss Marketing 6.0.
Wanna Swuddigul, chief executive of SilverActif Co, said AI, including marketing technology, are empowering more intelligence design and production with lower costs and a shorter time based on data accuracy, but it will not replace humans.
Mr Ake said that in this era, there are five new marketing dimensions, collectively known as PILOT: Pioneering means leading the way; Insights concerns delving deep into an issue; Long-term means taking a forward-looking sustainable approach; Openness to new possibilities; and Timeliness, meaning being responsive at all times.
Leaders must act as pilots to drive the business forward, while new technologies serve as co-pilots, he said.
Combining vision and technology enables leaders to create change, starting with themselves and their teams.
In order to achieve "PILOT", marketers needs to reframe and reform their approaches.
Reframe involves modifying and connecting the old generation with the new generation by bringing a new world of perspective.
Mr Ake said when technology moves forward, company leaders and marketers have to embark on a new thought process that connects with changes.
He added that different generations have different worldviews that the marketers will have to understand. For example, Gen X consumers feel comfortable using plastic bags if they purchase many products, while Gen Alpha feels it is wrong to use plastic bags, and they are willing to pay more if the payment can mitigate the impact of climate change.
Mr Ake said executives will have to reform their businesses to continue, and it was important for them to open their eyes to new ideas in order to find ways to continue and grow.
