What is Marketing 4.0? Opportunities and challenges?

Marketing has gone through 4 stages of development, each of which has been adapted to meet changes in consumer needs and the development of technology. To better understand the power of Marketing 4.0, look back at previous trends to see how it has evolved. 

Marketing 1.0: Focus on the product 

This is the stage where businesses mainly focus on creating the best possible product and emphasize features. There is no clear strategy for each audience, people only need to buy the product because it meets the demand. The vision of customers and brands is limited, mainly focusing on how to make products sell well.  

Marketing 2.0: Focus on customers 

As competition increases and consumers begin to have more choices, brands recognize that listening to customers is essential. They started to segment the market and customize the message to suit each specific customer group. This is also the time when brands begin to build their own identities to differentiate. 

Marketing 3.0: Focus on people  

During this phase, the focus is on creating a personalized connection with customers. Instead of just segmenting the audience, brands learn about each individual, in order to bring the right value and purpose to each person. This is the period when companies strive to build meaningful connections with customers, not only to sell products but also to convey profound human values. 

Marketing 4.0: Digital Transformation   

With the explosion of the Internet and digital technology, Marketing 4.0 helps businesses reach and interact with customers more quickly and flexibly than ever before. From online channels to social media, brands are now not only limited to offline campaigns, but also powerfully incorporate digital platforms to create a seamless experience for customers. Marketing 4.0 is a revolution in customer experience in the digital age. 

Marketing 4.0 is a new marketing approach, combining traditional and digital methods to help businesses connect and engage with customers more effectively. The concept, developed by Philip Kotler, focuses on using technology and social media to reach consumers across online channels and create personalized experiences. 

With Marketing 4.0, businesses not only promote products but also build long-term relationships with customers, helping to increase brand loyalty. This is a step forward to help businesses expand their customer base and retain them, creating a competitive advantage in the digital era. 

3.1. Chance 

Marketing 4.0 opens up a series of opportunities for businesses in the digital age. First of all, reaching customers through digital channels such as social media, websites, and mobile apps is not only faster but also more economical. As a result, businesses can share messages creatively and diversely, from images, videos to games at a reasonable cost. 

In addition, Marketing 4.0 also takes advantage of the power of big data. Businesses can track and analyze customer behavior in detail, thereby optimizing marketing strategies and creating personalized experiences. This helps increase customer connectivity and loyalty. 

Not only stopping at the domestic market, businesses can now reach out globally thanks to tools such as online stores, social media advertising, and multilingual websites, expanding their marketing scale without limits.  

3.2. Challenge 

Besides the opportunities, Marketing 4.0 also brings many challenges. Keeping up with the changing pace of technology is not easy. Companies need to continuously invest to update new technology and ensure employees are adequately trained in digital skills. 

Data security and privacy are also a major issue. In an era where customers' personal information is highly valuable, businesses must be careful to protect data and comply with privacy regulations, avoiding the risk of data theft from hackers. 

Finally, as the digital market expands, competition also becomes more fierce. Businesses must strive to stand out in the "sea" of online advertising content and maintain customer loyalty in an environment full of choice. 

And don't forget, in the world of Marketing 4.0, if you don't know how to use data analytics or AI tools, it's like driving a car and forgetting to turn on GPS – getting lost and losing time is inevitable.  

4.1. Marketing 4.0 shifts from 4P to 4Cs 

Marketing 4.0 is not only an upgraded version of traditional marketing but also a revolution that brings businesses closer to customers. If the previous 4P model focused on Product, Price, Place and Promotion, Marketing 4.0 gradually shifts the focus to the 4C model, emphasizing more on customers and their interactions. Here's how the elements of the new model can help your business more effectively: 

In Marketing 4.0, customers are not only consumers but also play the role of "co-creation" of products and services with businesses. Instead of creating a product yourself and forcing customers to accept it, you can now take advantage of their opinions and suggestions to improve the product from the beginning. Thanks to this connection, customers feel part of the brand and tend to be more engaged. 

In the Marketing 4.0 environment, prices are no longer a fixed level. Now, all industries from tourism to retail apply dynamic price models, adjusting prices depending on time and market demand. This helps businesses optimize profits and create opportunities for customers to hunt for the best prices. But be careful, don't let customers feel that "dancing prices" cause loss of trust. 

Building a community is a way for businesses to listen to customers, learn from their feedback, and develop products that are closer to actual needs. When you have a strong community, businesses do not need to spend too much on advertising because customers will automatically introduce and protect the brand in the community. Remember, a close connection with customers is a long-term strength for businesses. 

Marketing 4.0 creates conditions for customers to share their own stories and experiences about products. This is a free but extremely powerful form of advertising, because they come from trust. Conversations between customers create a natural spread, helping your brand reach more people without the need for "heavy advertising." 

4.2 Marketing 4.0 shifts from AIDA to the 5A model 

Today's customer journey is no longer a straight line from Attention to Action, but has become more complex. The 5A model – Awareness, Appeal, Ask, Action and Advocate – helps businesses better see how customers interact with the brand: 

Marketing 4.0 is not only a fascinating concept, but also a revolution in the world of marketing, where everything is getting smarter! Did you know that now, instead of just running ads in newspapers or television, we can "flirt" with customers through social media as if we were dating through Tinder? With Marketing 4.0, you not only need to know what your customers like, but you also need to understand what they want even if they haven't said it yet. 

BENOCODE hopes this article has provided valuable insights into Marketing 4.0, helping you identify both the opportunities and challenges in the digital era. Embrace technology, experiment with new methods, and get ready to "conquer" customers with the Marketing 4.0 approach!