Convergence Marketing

About the Author

Yoram (Jerry) Wind is a renowned professor and the founding director of the Wharton Fellows in e-Business Program and the SEI Center for Advanced Studies in Management at the Wharton School. His extensive research and contributions have made significant impacts on the fields of marketing and management. Wind's expertise lies in understanding consumer behavior and integrating new technologies into marketing strategies. His work has been instrumental in shaping the way businesses adapt to the ever-evolving digital landscape.

Vijay Mahajan is an executive consultant and a professor of marketing at the McCombs School of Business at the University of Texas at Austin. He has authored numerous books and articles on marketing strategy, innovation, and the diffusion of new products. Mahajan's insights into the convergence of traditional and digital marketing practices have guided many organizations in successfully navigating the complexities of modern consumer behavior.

Robert E. Gunther has co-authored and collaborated on more than ten business books, bringing a wealth of knowledge and practical insights into business strategy and management. His contributions to this book, alongside Wind and Mahajan, provide a comprehensive understanding of convergence marketing and its implications for businesses today.

Main Idea

"Convergence Marketing: Strategies for Reaching the New Hybrid Consumer" explores the evolving landscape of consumer behavior, driven by the integration of online and offline environments. The authors introduce the concept of the "centaur" consumer, a hybrid entity that seamlessly transitions between traditional and digital marketplaces. This book provides strategies for businesses to effectively engage with these hybrid consumers by mastering the Five C's of Convergence: customerization, community, channels, competitive value, and choice tools.

The core idea is that successful marketing in the digital age requires a holistic approach that blends the strengths of both online and offline channels. By understanding the unique needs and behaviors of centaur consumers, businesses can create more personalized, engaging, and effective marketing strategies.

Table of Contents

1. Portrait of the Customer as Centaur
2. Myths and Realities
3. 'Customerization'
4. Community
5. Channels
6. Competitive Value
7. Choice Tools
8. Mastering Convergence Marketing: Redefining the Four P's
9. Pathways to Convergence

Portrait of the Customer as Centaur

A centaur is a creature from Greek mythology, with the head and torso of a man joined to the body of a horse. This metaphor aptly describes the new breed of hybrid consumer who combines timeless human needs with new technology. This consumer is a blend of traditional and cyber, rational and emotional, wired and physical. Centaurs connect with companies and other people in a freeform, self-organizing manner, dividing their shopping and information gathering between the online and offline worlds. They make connections in ways marketers cannot control.

Marketers must get inside a consumer's head like never before, understanding their individual "marketspace" rather than just segments of consumers. New and emerging technologies have changed customer behaviors, expectations, and how they view their relationships with corporations, both online and offline. These centaurs are radically transforming the practice of marketing. They have enduring human desires, sharpened by the promise of technology, including:

• Desire for uniqueness, personalization, and customization.
• Desire for social interaction.
• Desire for convenience and channel options.
• Desire for value.
• Desire to make better decisions.

These five interrelated opportunities require companies to rethink their marketing approaches. As consumers shuttle between online and offline environments, businesses must be ready to meet their needs wherever they are.