What is transformative marketing?
Transformative marketing is a concept that refers to the way in which marketing practices can change over time to adapt to new technologies and consumer demands. According to V. Kumar (2018), transformative marketing is a shift from traditional marketing practices to a more customer-centric and technology-driven approach that aims to create more value for both businesses and consumers. This paper will discuss the key ideas presented in Kumar’s article, as well as its implications for the future of marketing.
Personaliszed and relevant customer experience
One of the main points made by Kumar is that transformative marketing is focused on creating customer experiences that are more personalized and relevant. With the rise of big data and analytics, companies are able to gather more information about their customers than ever before, which can be used to create more targeted and effective marketing campaigns. For example, companies can use data to personalize product recommendations, offer customized promotions and discounts, and create more engaging and interactive content.
Technology enhanced customer experience
Another key aspect of transformative marketing is the use of technology to enhance the customer experience. Kumar argues that the increasing use of mobile devices, social media, and other digital platforms has created new opportunities for marketers to engage with consumers. For example, companies can use augmented reality (AR) and virtual reality (VR) to create immersive experiences that allow customers to interact with products in new and exciting ways. Similarly, chatbots and other forms of artificial intelligence can be used to provide more personalized and responsive customer service.
Focus on value creation.
At the same time, transformative marketing is also focused on creating more value for businesses. According to Kumar, one of the key ways in which this can be achieved is by focusing on customer lifetime value (CLV). By understanding the long-term value of each customer, companies can make more informed decisions about how to allocate marketing resources and prioritize different customer segments. For example, a company might decide to invest more heavily in acquiring high-value customers, while deprioritizing low-value segments.
Overall, transformative marketing represents a significant shift in the way that companies approach marketing. By focusing on customer experience, technology, and customer lifetime value, marketers can create more value for both businesses and consumers. However, as Kumar notes, there are also a number of challenges associated with this approach. For example, companies must be careful to balance the need for personalization with concerns about privacy and data security. Similarly, the use of new technologies can be costly and may require significant investment in training and infrastructure.
In conclusion, transformative marketing represents a new paradigm in marketing that emphasizes customer experience, technology, and customer lifetime value. While there are certainly challenges associated with this approach, it is likely that we will see more and more companies adopt these practices in the coming years. As such, marketers must be prepared to adapt to these changes and embrace new technologies and strategies in order to remain competitive in the rapidly evolving marketplace.
Kumar, V. (2018). Transformative marketing: The next 20 years. Journal of Marketing, 82(4), 1-12.