Before reading this blog, please review your recent purchases and think about the reasons that have contributed to your recent purchases, as well as the methods used. I believe that advertising on the Internet or from third parties (such as celebrities, bloggers, etc.) has a major influence. Personally, I recently purchased the latest Nintendo Switch Game-Ring Fit Adventure. Initially, whilst I considered buying the product, I had made a decision not to. However, online ads continued to be displayed on many websites, such as ads before playing videos and related pushes that appear when searching for fitness products. These adverts finally enticed me to buy.
In recent years, emerging industries within the digital economy have flourished. The digital economy has become an important driving force for the improvement and development of economic efficiency and optimization of the economic structure. It is also the primary area for the cultivation of new growth points, engendering the forming of new kinetic energy. Following on from the agricultural economy and industrial economy, societies are on the threshold of another social and economic form. The digital economy is represented by the Internet and big data, which has been deeply integrated into the economic and social fields of various countries. Marketing is one of the industries that have been completely changed by digitalization over the past decade.
Source: https://www.cio.co.ke/how-the-traditional-marketing-mix-can-assist-in-your-digital-marketing-efforts/
Traditional marketing has fundamentally focussed on promotional advertisement of companies and their products, to market their products. The strategy adopted has been the 4P combination proposed by Professor McCarthy; namely products, prices, channels and promotions (Doyle, 2011). Marketing channels include print advertising, billboards, leaflets, television, newspapers and radio etc. Traditional marketing is advantageous because it can easily reach the target local audience. For example, radio ads remain fixed to the same channel for broadcasting; promotional materials can also be easily retained because the advertising materials are paper copies and can be read repeatedly. Traditional marketing service business owners, and so the disadvantages is that there is almost no direct interaction between the media used and the prospective customers. Brands provide information in a more one-way system to the public and the costs of printing and staffing can be very high.
Digital marketing adopts and applies online marketing strategies such as social media to promote and sell products and services. This is advantageous because the data foundation is very strong; for example, the number of social media users in 2019 is shown in the figure (“100+ must-see digital marketing research statistics for 2019 | Smart Insights”, 2020). In addition, digital marketing is cost-effective; although some people invest in paid online advertising, it still costs less than traditional marketing. Also, data and results in digital marketing are easy to record, and the relationship between digital marketing and customers is in fact two-way.
Marketing innovation is a change from marketing thinking to operational thinking. The objective is to return to the essence of the business and consider how to operate with consumers and Internet users. The field of intelligent marketing may have entailed being to open multiple branches and expand customer service teams to improve customer service quality. Now, everyone uses artificial intelligence to continuously interact with customers, solve problems around the clock and use enough data at the same time to train AI customer services; data has become a new frontier. Described by a concept called ‘growth hacker’, this refers to a growth method that can attract millions of users in a short period at a very low cost through innovative methods and scientific data analysis tools (‘Growth Hacker’, 2020). However, the essence of marketing is to perceive demand through human nature. Since its development, customers have been the object of mining rigid and false demand in order to generate sales and profits.
Source: https://youtu.be/555amSBVFI0
Over time, digital marketing has gradually expanded from portal website display advertising and search marketing to social marketing, video marketing, content marketing and other forms, continuously incorporating new technical elements. Indeed, digital marketing has reconstructed the entire marketing ecosystem. Digital marketing goes from top to bottom, brand-centric and competition-oriented to be completely ‘consumer-centric’. Consumer groups are constantly being subdivided and personalized, and traditional demographic and sociological characteristics have been unable to define today’s consumers. With the escalation of consumer behaviour in the 5G era and the new wave of Internet of Everything, the digital marketing industry will need to further adapt in the near future to meet new situations and challenges.
Currently, digital marketing has now entered the 5G era. 5G will help brand-build for the customer-centric, comprehensive information ecosystem. There is also a capitalization of brand user data. In the context of the digital economy, data is becoming a ‘new wealth’ to help companies build data-centric strategic decision-making transformations. Also, digitally driven holographic tissue reconstruction can enhance the ability to respond quickly to the market; enterprises must build a flexible decision-making mechanism, as well as comprehensively reorganize from the product side, manufacturing side, operation side and marketing side, to ultimately realize the enterprise development tasks of growth as the goal.
Reference List
Doyle, C. (2011). A dictionary of marketing (3rd ed.). Oxford University Press.
Growth hacking. (2020). Retrieved 12 February 2020, from https://en.wikipedia.org/wiki/Growth_hacking
100+ must-see digital marketing research statistics for 2019 | Smart Insights. (2020). Retrieved 12 February 2020, from https://www.smartinsights.com/digital-marketing-strategy/100-must-see-marketing-stats/
How Digital Marketing Trend Change in the Future. (2020). Retrieved 13 February 2020, from https://youtu.be/555amSBVFI0
Joyce Q 
It is an interesting and hot topic to discuss the application of e-commerce in marketing. The market segmentation and data interaction of target consumers mentioned in this paper are also the current marketing trend. The new application of marketing and e-commerce mentioned in the article is also more reflected in the promotion and application of 5G technology. However, how to better apply specific 5G in the future to the organization, analysis and application of enterprise customer data is a relatively extended topic.
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I do agree with your idea that the digital economy changed the marketing industry. The initial differences of traditional marketing and digital marketing are that digital marketing is to engage with your audience, using contents to deliver value, traditional marketing is to use paid advertising to increase sales for the company. The good side of traditional marketing is the company have higher control over the content they want to deliver to the public. However, the downside of traditional marketing is the lack of interaction and communication, you are not able to get a direct response from your consumers. In contrast, the advantage of digital marketing is that it can help the company access to a mass audience from all over the world. Majority of people using social media to interact with others to share experiences and search contents they are interested in. However, it is not easy to deal with negative comments and rumours, which may result in a negative impact on the brand image.
As you mentioned above, in the future AI can be used to interact with people, the question is AI is designed and programmed to solve problems, it will able to answer the questions that input to the system, but it will not be able to think out of the box.
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