Michael Rosemann on marketing in the economy of things

Professor for Information Systems and Executive Director, Corporate Engagement at QUT, Dr Michael Rosemann, has a passion for new thinking patterns, digital mindfulness and corporate innovation (eco)systems. At the Interactive Minds Digital Marketing Summit last month, he shared some insights into the future of marketing and the emergence of Business-to-Thing (BtT).

The future of marketing, said Michael, will require the development of a drastically different mindset.

Gone are the days of the economy of corporations, where the focus of the design was on corporate systems and people were passive participants.

We are now in the economy of people, where people, their identities and data, are put first.

“However,” said Michael, “we are already seeing signs of entering a third stage, i.e. the economy of things.

“In this economy, it is not about behavioural economics, but robotic (or algorithmic) economics. We start to delegate decisions and the authority to buy to things.”

Michael said this will lead to an extreme reduced service latency which is the time from demand occurrence to demand fulfilment. Increasingly, humans will no longer be involved in the process of demand identification, interpretation and delivery.

“Such a people- and thing-centred economy requires a new mindset and thinking patterns that have not been part of the classical marketing or broader business curriculum. So, I encourage you to press the reset button and ask yourself, if I do marketing in the world of business-to-things, how would I need to re-define my marketing strategies and actions?”

Read more of Michael Rosemann’s insights on the Queensland University of Technology’s blog.

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