It was an overwhelming moment for the students of MICA, Ahmedabad, to listen to the Father of Modern Marketing, Dr.Philip Kotler, sharing marketing mantras for the post-pandemic world. On Sunday, MICA, India's premier institute for Strategic Marketing and Communications, hosted the most influential management thinker, Dr.Philip Kotler, sharing his wisdom and acquainting the students with new marketing features.
Addressing over 500 participants virtually, Dr.Kotler talked about the company responsibilities in modern times and the role of marketing in business and society. The interactive session was a precursor to MICANVAS, MICA's annual marketing festival.
Emphasizing Human-to-Human marketing as the new marketing orientation, he said, "Mapping the journey of consumer, touchpoint marketing, and persona marketing will reveal deeper insights into your consumer. Apart from these, influencer marketing, omnichannel marketing, lean marketing, content marketing, and social cause marketing will make the major features of the new marketing.
MarkTech, a combination of marketing automation, 5D printing, artificial intelligence, voice and facial recognition, and augmented and virtual reality, is the future of marketing, he said.
To deal with modern-day challenges, he said, companies will have to define their purpose. "Climate change is a matter of concern. However, it is time to think about traditional marketing vs. sustainable marketing.Companies need to stop creating false needs. Instead, they need to recognize the need that consumers want a better balance of work and play, and hence shopping and consumption might play a small role in their lives.
He termed pandemic, climate change, wealth gap, technological changes, and polarization as the five forces that will impact the economy.
Dissecting the characteristics of businesses and consumers in the post-COVID world, he said,More companies will be vulnerable to disruptions. They will collect detailed consumer data to apply machine learning to produce actionable marketing insights. Brand building will no longer depend on traditional marketing; instead it will blend traditional and digital marketing. Companies will take on brand activism and public stands.
Sales growth will increasingly depend on smart targeted online and social media marketing.Delving more on consumer characteristics, he said, Consumers will collect much more information including scandals and ratings before buying. They will pay more attention to health and safety concerns. They will use more ad-blockers and will not answer unsolicited phone calls. They would want to consume less and live more simply.
Towards the end of the session, Dr.Kotler answered some of the questions asked by the students of MICA. For example, a student asked, Audiences are increasingly polarized, forcing brands to rebrand themselves overnight. In such a scenario, how do they calculate the risk of losing customers?
Dr.Kotler responded, "If the brand is not saying what people are thinking about, it sends a clear message. Brands should care more about what their belief system is rather than what is right and profitable." Another student sought his advice for new age agencies trying hard to get their work highlighted in a world with too much clutter. Dr. Kotler's suggestion included developing an understanding of deeper desires than superficial desires and fresh thinking.
At the end of the session, MICA President & Director Dr.Shailendra Raj Mehta thanked Dr.Kotler for his invaluable wisdom. Prof.Mehta also showcased a photograph of a Rosewood tree sapling planted on the MICA campus in Dr.Kotler's name and gifted him a custom artwork, made in copper, having Mahatma Gandhiji’s signature in 10 different languages.
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