What Is New Wave Marketing
The marketing industry is highly dynamic and marketers are challenged all the time to come up with creative ways to increase brand awareness, market share and sales. It is thus crucial to keep up with new marketing concepts and strategies developed over time and this is where New Wave Marketing comes in.
According to Hermawan Kartajaya, a highly regarded marketing guru from Asia – Indonesia, the famous nine principles of marketing, as we all have learned to know and applied in our marketing strategies, need to be revised and adapt to the modern world today and these new principles will be known as New Wave Marketing. Whether or not they will actually replaced the old terms from now on has not been announced.
Just to point out, The nine principles of marketing by Phlip Kotler also referred as “Legacy Marketing” are:
- Segmentation,
- Targeting,
- Positioning,
- Differentiation,
- Marketing-Mix (Product, Price, Place, Promotion),
- Selling,
- Brand,
- Service,
- Process
12 C of New Wave Marketing
The new elements or principles has now been termed the 12 C of “New Wave Marketing” and they are:
- Communitization,
- Confirming,
- Clarifying,
- Coding,
- Crowd-Combo (Co-Creation, Currency, Communal Activation, Conversation),
- Commercialization,
- Character,
- Caring,
- Collaboration
You will be able to understand the new terms better with the illustration below and you will see that the New Wave Marketing is actually a replacement of terms of the Nine Principles of Marketing.
- Segmentation = Communitization
- Targeting = Confirming
- Positioning = Clarifying
- Differentiation = Coding
- Marketing-Mix = Crowd-Combo
- Product = Co-Creation
- Price = Currency
- Place =Communal Activation
- Promotion = Conversation
- Selling = Commercialization
- Brand = Character
- Service = Caring
- Process = Collaboration
These new terms described the principles of Marketing better than the previous terms and make more sense in the new world today. The changes in information technology especially the internet including social marketing has revolutionized how we communicate with one another, creating more opportunities as well as threats to all businesses.
The influence of the internet world also contributed to the evolution of Internet Marketing Strategies and New Wave Marketing principles and many large successful businesses that applied them have become successful companies.
Just like the 9 principles of Marketing that needs adaption to the new world, we too need to adapt to the New Wave Marketing and apply them to our business to face this new world.
These New Wave Marketing principles, when applied, allows companies to reap huge benefits, “getting high impact with low costs” with sustainable competitive advantage over others that have not applied it.