The Best Marketing Book I’ve Read in 2024
EDITION 09:
CAJU’s ‘FRESH PICKS’
September 6th, 2024
The New School as Seen From The Old School
If I had to give “Marketing 5.0: Technology for Humanity” a star rating out of 5, I’d probably go with a 4. It's certainly not a perfect book, in hindsight, some of its predictions surrounding the future of AI are almost juvenile from our present moment and the slow falling out of love with Large Language Models.
However, considerations like these aside, I consider Marketing 5.0 the best marketing book I’ve read in 2024, and one of the best I’ve read on the topic ever. Much of that comes from the fact that it has little to do with the techniques of marketing (there’s a “For Dummies” book for learning those) and more to do with the conditions of modern marketing. Being written in the way-back year of 2021, famed author Philip Kotler lays out a clear-eyed view of the post-pandemic world we seem to forget that we live in.
The subtitle of the book “Technology for Humanity” condenses the book’s case into a single phrase. This, ultimately, is the argument the book makes for why it has become necessary to increment Marketing 4.0 to 5.0. The transition to digital for producers and marketers alike has been a slow and steady one, but the COVID-19 crisis accelerated and ultimately completed that shift. The new era will be defined, so the book argues, by the increasing expectation that technology should serve humanity rather than humanity serve technology. It’s my opinion that the book makes this argument rather compellingly by drawing these conclusions from an examination of the material conditions of the average consumer today.
Once the initial premise has been laid out, the book goes on to outline the ways in which a modern marketer or business owner can get the most out of big data technologies to increase their knowledge of their customer base while actually improving the world at large at the same time. This overview of methods contains many advanced analytics modeling methods one might expect to find in a book about Data Science as opposed to Marketing.
What I want to do here with this review is convince you to read this book even if you don’t work directly with marketing. This has become one of my favorite books on the topic because first and foremost it is honest in its assessment of the conditions many consumers face today. It doesn’t sugarcoat or try to sell a rosy picture like the vast majority of books on the topic do today.
What I’m going to do is describe why you should read the book in brief here at the beginning, then give you an overview of Marketing 1.0-5.0 as explained by this series. Once you see the trajectory, I think you’ll agree with what makes the book so great.
I wouldn’t call myself a voracious reader, but I would say that I’ve weaponized my ADHD in the sense that I read a wide variety of topics on a daily basis. So when I say that most modern marketing books have a certain “tone” to them, I mean they mostly follow a similar formula. They’ll all tell you to craft stories with your materials and to find a minimally viable niche to pursue and some may even tell you how! But one thing they won’t do –– a place where Marketing 5.0 excels –– is exploring the conditions behind the trends.
Many young authors today take an uncritical look at trends, this comes from a view of life that sees ideas arising fully formed and alienated from their material production. — You can learn more about this in my article on Hegelianism. Marketing 5.0 is different. Instead of painting a picture of the world in which new and brilliant ideas are formed that go on to shape the world, Kotler begins with an analysis of more economic and material circumstances affecting consumers today, only then explaining the ideas that stem from these arrangments.
It’s one thing to discuss all the newest ideas. These days it seems like there’s a new disruptive idea or technology advancement every day. These are the things the New School focuses on (in my opinion). This is mostly driven by existing market demands which rarely reward thoughtful analysis more than quantitative word slurry. What makes the book great is a mindset inherited from the Old School, one that takes a meticulous, and often sobering, look at where all these new ideas are coming from, and most importantly, why.
A Brief History of The Future of Marketing - From Marketing 1.0 to Marketing 5.0
Marketing has undergone a fascinating transformation over the decades, with each stage honing in on a different central idea. If you're a small business owner, understanding this evolution will give you the insight needed to adapt your marketing strategy as your customers' preferences shift.
Marketing 1.0: Product-Centric
Back in the early days, marketing was all about the product. Businesses focused solely on highlighting the features and benefits of what they sold. For many small businesses, this might feel quite familiar, as early marketing efforts tend to revolve around showcasing the value of your products or services.
Marketing 2.0: Customer-Centric
This next phase ushered in the realization that customers should be the central focus. Instead of just pushing products, businesses started asking, "What do customers actually need?" For small business owners, this shift in mindset—prioritizing customer desires—can lead to stronger customer loyalty.
Marketing 3.0: Human-Centric
Moving forward, customers began expecting more than just functional or emotional satisfaction from brands. They wanted to support companies whose values aligned with theirs. This led many businesses to adopt ethical, socially conscious practices. For a small business, building your brand around values that resonate with your audience can be a powerful differentiator.
Marketing 4.0: Digital Marketing
The digital era changed everything. Suddenly, businesses needed to meet their customers online, where they were spending most of their time. Social media, email marketing, and e-commerce became essential tools. For small business owners today, maintaining an active presence on these platforms is a must.
Marketing 5.0: Technology for Humanity
Now, we’ve entered a new phase where technology is expected to enhance human experiences. Tools like AI help businesses predict customer needs and deliver highly personalized interactions. While this might sound overwhelming, even small businesses can benefit from using simpler technologies like automation or data analysis to improve customer relationships and streamline operations.
Generational Quirks - Understanding Today’s Generations and Their Preferences
Each generation has its own set of quirks and preferences, and knowing what these are can help small businesses refine their marketing strategies.
Baby Boomers
Boomers tend to favor traditional media—TV, radio, newspapers. Although many have embraced digital technology, they still prioritize trust and consistency. If you want to reach this group, it’s essential to ensure your business maintains a strong, reputable image.
Generation X
Gen X appreciates both digital and physical experiences. For them, convenience and authenticity are key. Small businesses can benefit by offering seamless interactions both online and offline, combining excellent service with genuine customer care.
Millennials (Generation Y)
Millennials expect personalization in their digital experiences and are passionate about supporting brands that align with their social and environmental values. They’re highly active on social media, so small businesses need to meet them where they are—online—and engage authentically.
Generation Z
This generation has grown up immersed in technology. They expect brands to be accessible through their phones and social media. For small businesses, investing in visual content and crafting messages that speak to authenticity and identity is key to connecting with Gen Z.
Generation Alpha
Although still young, this generation will expect technology to be completely integrated into their lives. Keeping up with trends like augmented reality and personalized AI will be crucial for small businesses to stay relevant in the future.
What Young People Want Today - Technology That Serves Humanity, Not Just Sells
Millennials and Gen Z aren’t just looking for products—they want brands that care about the world and use technology for good.
Integrate social causes: These generations are drawn to brands that demonstrate real concern for societal and environmental issues. For small businesses, aligning your values with those of your target audience can deepen loyalty and trust.
Leverage technology for good: Don’t just use tech to push sales. Instead, use it to enhance your customers' experience and show how your business is making the world a better place. Whether that’s through sustainable practices, transparency, or providing meaningful content, technology can help you stand out.
The Economic Conditions Facing Consumers Today
The current economic landscape is marked by stark inequality and a shrinking middle class. This has significant implications for small businesses.
Wealth Inequality
The widening gap between the rich and the poor means small businesses should consider offering a range of options. By catering to both budget-conscious consumers and those seeking premium goods, you can meet the needs of a more polarized customer base.
Economic Polarization
As the middle class shrinks, customers are being pulled toward either affordable products or luxury goods. For small businesses, it’s time to specialize. Either focus on high-end, personalized services or offer affordable, high-quality goods that appeal to more budget-conscious buyers.
The Importance of Big Data - Using Predictive Analysis to Your Advantage
Big data may seem overwhelming, but it’s a powerful tool that small businesses can use to understand customer behavior and make smarter decisions.
Understand customer behavior: By tracking data from various touchpoints—like purchases or website visits—you can identify patterns and predict what your customers might want next.
Make data-driven decisions: Even small businesses can use predictive analytics to offer personalized deals based on past behavior. This can help improve sales and customer retention, making your marketing efforts more targeted and effective.
Clearing the Air on AI - What AI Can and Cannot Do
Artificial intelligence is often misunderstood, especially by small businesses. Let’s clarify what AI can actually do for you.
AI can help you automate tasks: From chatbots that respond to customer questions to tools that manage your social media posts, AI can handle repetitive tasks, freeing you up to focus on more strategic aspects of your business.
AI doesn’t replace human interaction: While AI can manage data and automate certain processes, it can’t replicate the empathy and creativity that humans bring to the table. For small businesses, AI should complement—not replace—your personal connection with customers.
Segmentation of One - The Power of Personalization
Today’s marketing is all about extreme personalization and tools like the Internet of Things (IoT) and machine learning (ML) can help small businesses fine-tune their approach to each individual customer.
IoT and data collection: Smart devices can provide real-time data on your customers’ behavior, allowing you to offer them the most relevant products and services. This means you can tailor your offerings to individual preferences, even as a small business.
Human connection remains essential: Despite all the technological advancements, human interaction still plays a critical role in building trust and loyalty. Use the insights you gain from IoT and ML to inform your strategy, but don’t forget the value of genuine, human relationships with your customers.
Agile Marketing - A Flexible, Fast-Paced Approach
Agile marketing focuses on flexibility, experimentation, and rapid decision-making, which is ideal for small businesses that need to adapt quickly.
Quick responses: Small businesses don’t always have the luxury of long-term planning. Agile marketing allows you to test ideas quickly, see what works, and pivot when necessary.
Involve your team: Even if you have a small team, you can use agile principles to collaborate effectively. Decentralized teams can move faster and adjust to new trends, ensuring your business stays responsive to the market.
Why Buy
All in all, the book is a fantastic look at the economic environment facing consumers today and how those circumstances factor into their behaviors as well as the technology at their disposal as well as yours. While at times, it can have a bit of the naivety we were all afflicted by in the early days of ChatGPT, when tempered with the observed limitations of the present, the book can be an incredible resource for wrapping your head around where to begin with the slew of technological options available to marketers today.
After completing this book, I found out that there’s a new edition called (you guessed it) “Marketing 6.0: The Future is Immersive” also co-authored by Philip Kotler. The reason I’m glad I picked this one up instead of that one is partially due to the material assessment of the post-pandemic economic environment Marketing 5.0 contains. It’s also partially my lingering thoughts that immersive technology like AR and VR will continue to be mostly novelties enjoyed by a select few rather than paradigm-shifting technologies. That said, if I ever do read 6.0, reader, you’ll be the first to know.
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Until next time, stay fresh.
- Casey