Outperforming ChatGPT: 3 Winning Marketing Strategies for Growth Beyond AI
In the world of marketing, ChatGPT has garnered significant attention and excitement. However, it is crucial not to let the hype surrounding artificial intelligence overshadow other strategies that have proven to be highly effective for driving growth. In this article, we will explore three initiatives that have led to substantial competitive gains across industries.
First and foremost, it is essential to reconsider your upper-funnel approach. While there is often skepticism about the impact of campaigns that cannot be easily measured, the upper funnel has emerged as a smart marketer’s playground. With advanced lift tests and AI-powered media mix modeling, it is now possible to accurately gauge the impacts of upper-funnel channels and platforms like Connected TV (CTV). By combining the power of TV with programmatic targeting, marketers can reach their target audience more effectively than ever before. Additionally, native platform options such as Facebook’s Advantage+ offer bidding objectives to engage the right users earlier in the purchase process. The upper funnel has become more measurable and powerful, providing cost advantages for marketers.
Next, it is crucial to audit your usage of first-party data. As privacy regulations and walled gardens limit the use of other data types, first-party data has gained significant value. However, many marketers still underutilize this valuable resource. One practical implementation of first-party data is the use of exclusions. By excluding customers or leads where it makes no sense to spend, marketers can optimize their advertising budget. For example, a floral company like FTD should not waste resources sending automated Buy it again emails to purchasers of sympathy arrangements. Moreover, feeding first-party data back into advertising channels can help marketers understand their ideal customers better. By utilizing conversion APIs from platforms like Meta and Google, businesses can teach these algorithms what their target audience looks like. Segmentation is another powerful technique that can be applied based on lifetime value, allowing for more precise bidding. Third-party systems like BlackCrow.ai can leverage first-party data to enhance re-engagement efforts and integrate data into platforms like Klaviyo. Marketers should stay informed about the evolving landscape of data integration solutions.
Lastly, AI can be a valuable tool when it comes to understanding lifetime value (LTV). As customer acquisition costs continue to rise, strategies focused on customer retention, upsells, and subscription renewals are becoming increasingly prevalent. However, a more nuanced approach involves segmenting the customer base into four LTV quadrants based on the number of transactions and transaction size. By developing strategies tailored to each quadrant, marketers can move customers up and to the right, ultimately maximizing their lifetime value. This segmentation can also help define different audiences and identify profitable acquisition-cost thresholds for each group. AI-driven platforms like Pecan and Lifetimely are revolutionizing the growth potential of predictive LTV. These platforms can efficiently identify high-value new customers and provide valuable insights on current customers, such as those at risk of churning.
By prioritizing these three initiatives, marketers can achieve greater success than simply relying on cutting-edge AI tools like ChatGPT. While these tools should not be ignored, it is essential to understand their impact in perspective. Allocating time and budget to these strategies will yield a more substantial marketing payoff. It is crucial to remember that growth beyond AI is possible by focusing on upper-funnel campaigns, leveraging first-party data, and utilizing AI-driven insights for lifetime value optimization.
