Convergence marketing

The authors discuss two enduring lessons of the Internet revolution: that new technologies do not replace the old and people are complex, combining new technology and behaviors with enduring human needs, and five specific areas of convergence—customerization, channels, competitive value and choice tools.

Abstract

The authors discuss two enduring lessons of the Internet revolution: The first is that new technologies do not replace the old. They live side by side. They converge. The second is that people are complex, combining new technology and behaviors with enduring human needs. Like the mythical centaur, they run on the fleet hooves of the new technology but still carry the same human heart. These lessons of convergence shaped the unfolding of Internet technology—contributing to the decline of dot-coms and the missed opportunities of incumbent firms—and these lessons will shape the technological revolutions to come. In this article, Jerry Wind and Vijay Mahajan examine the implications of these lessons for marketing and business strategy in five specific areas of convergence—customerization (customization of marketing and product or service offering), community, channels, competitive value and choice tools. In each of these areas the greatest opportunities may be in strategies that emphasize convergence of old and new, online and offline, traditional and revolutionary.