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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
Marketing 3.0
Summary of 7 key ideas
Audio & text in the Blinkist app
Key idea 1 of 7
Advertising was transformed when consumers began participating in the design process.
Remember the ‘80s? Back then, our relationship with entertainment media was different than it is today. It was something you passively consumed. Especially with activities like watching TV, the only “active” part usually involved snacking on some peanuts or popcorn.
In those days, the distinction between the media and the masses was clear-cut, which made marketing a breeze. Marketers just had to explain how great their product was, and people would listen.
But things are different these days.
Widely accessible technologies have transformed media sources into networks of exchange. People don’t sit idly by and consume their news, ideas and entertainment. Instead, they actively create them, marking our time as the age of participation.
Two main factors account for this shift: first, technologies have emerged that allow us to connect and interact with others quickly and easily; second, these technologies have become much cheaper with the growth of open source sites. As a result, practically everybody can afford to participate.
Especially through social media, the internet has transformed participation. But social media can itself be broken down into two categories.
The first is called expressive social media and includes blogs, Facebook, Youtube, Twitter and other channels through which people share their personal views. The second is collaborative social media, which uses open sourcing, meaning it can be developed and changed by almost anyone. A well-known example is Wikipedia.
The rise of social media in general has also transformed advertising. Consumers now tend to trust the people in their social networks more than advertisers.
As a result, classic advertising methods are losing influence and more companies are focusing on social media. In fact, collaborative social media has opened up new ways to win over customers because it allows consumers to develop products using shared platforms provided by companies.
For instance, through its open innovation program, Connect + Develop, Procter & Gamble enlists its customer base in the product design process.
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What is Marketing 3.0 about?
Marketing 3.0 is a handbook to the marketing strategies of tomorrow. These blinks explain how old tactics have grown outdated as people search for meaning in their lives and the companies that can provide it. Read on to learn how you can adapt your marketing strategy to the changing nature of consumer preferences.
Best quote from Marketing 3.0
Any customer can have a car painted any color that he wants, so long as it is black. - Henry Ford
—Philip Kotler, Hermawan Kartajaya and Iwan Setiawan
Who should read Marketing 3.0?
- Entrepreneurs who are interested in the newest marketing strategies
- Business leaders curious about how companies can respond to new business trends
- Any CEO, marketer or investor
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