The marketing communication probably the most dynamic business and academic discipline that challenged the professional all the time to come up with innovative ways to increase brand awareness, market share and sales. The changing natures of market always influence the marketers and entrepreneurs to come up with new marketing concepts and strategies developed over time. In response to this significance of creative and innovative marketing ideas to reach the target customers New Wave Marketing come with greater scope of marketability.
The concept of new wave marketing has promoted by Hermawan Kartajaya, a highly regarded marketing guru from Asia – Indonesia. According to him 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 replace the old terms from now on has not been announced. Commonly used models of marketing called Legacy Marketing by Hermawan Kartajaya. However, with the technology-driven change, from one to many to many to many, there is a change in the model Hermawan Kartajaya marketing. The comparative view between legacy marketing and new wave marketing can be shown using the following figure:
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 acceptance or evolution of New Wave Marketing does not necessarily mean that we leave Legacy Marketing. But it will be better to state that new wave marketing will help us to get more marketing responses changing the way from vertical to horizontal still maintain Legacy Marketing as our marketing framework. New Wave Marketing is more suitable for small companies that cannot afford huge budget of high impact marketing such as TV advertisement or brand activation events. But large corporations could also implement this model of New Wave Marketing for greater customer awareness and brand loyalty. The changing pattern of marketing form legacy marketing to new wave marketing can be focused by the following figure:
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.