The 5 Biggest Unresolved Issues Surrounding the Use of AI in Marketing and More – The CMO Whisperer’s Friday Fast Five
I know, you all were left empty last week as there was no Friday Fast Five. Ok, maybe not empty but a guy can dream.
- The 5 Biggest Unresolved Issues Surrounding the Use of AI in Marketing
Source: The Drum
Why you need to read it: The opening line really encapsulates the general feeling among those in the marketing world: “Marketers are scrambling to give themselves crash courses in AI and to integrate the technology into their workflows.” The point is you need to read this because you are probably among those scrambling and this article features marketing experts to find out about the biggest AI-related dangers that are weighing on their minds.
What you need to learn from it: The experts identified the most urgent, unresolved issues surrounding AI in marketing including transparency – if something is created via AI then say that. And accuracy, “Another major challenge that marketers face in their use of AI revolves around the tendency for popular AI-powered chatbots like ChatGPT and Google’s Bard to “hallucinate” or produce factually inaccurate information.”
A few weeks ago, I interviewed David Edelman, former CMO of Aetna and currently a senior lecturer in marketing at Harvard Business School on the CMO Whisperer podcast. We spoke in depth about the topic of AI. I highly recommend you listen.
Click here to read the full article.
TL;DR: AI is the elephant in every marketer’s room across the globe. While many marketers are in fact scrambling, the key is to remember AI is a tool and like any other tool you need to learn how to use it properly before “going all in.”
- Study: Apple, Caramel Dethrone Pumpkin as Fall Flavor Favorites
Source: MediaPost
Why you need to read it: While not quite the present pachyderm as AI, the fact is the whole pumpkin-flavored (insert name here) is a sore subject to yours truly and apparently to many consumers, based on what we found in our research. It’s worth noting to any and all brands that are considering launching something pumpkin-flavored that you can’t assume it will be a hit among consumers.
What you need to learn from it: As the writer put is: “Consumers are tired of that autumnal mainstay (pumpkin) and feeling the pull of other seasonal flavor options — namely those featuring apple and caramel. That’s according to a new study from System1 on fall flavor launches from CPG and QSR brands.” Of the six CPG fall flavor launches evaluated, all of the pumpkin offerings scored below 2.0 on our Star Rating system of 1.0-5.9 stars.
Access the CPG and QSR results via our Test Your Idea platform here and here.
Click here to read the full article.
TL;DR: It may be tempting to jump on the “pumpkin bandwagon” this time of year but words to the wise: Just because others are doing something doesn’t mean you should, too. Explore all options and test your ideas with consumers to predict their sales potential.
- How to Leverage Omnichannel Data to Improve Customer Experiences
Source: Forbes
Why you need to read it: Easy. Because providing the best customer experience can be the difference between success and failure for a given brand. From the piece: “According to a 2021 global survey from Statista, positive CX interactions are a primary factor for creating a competitive advantage over other brands.”
What you need to learn from it: You already know from above the benefit a great experience can provide. Well, with 3rd party cookie deprecation coming – at least right now – the need to access more first party data is and will be paramount. And as the article points out, nearly 2/3 of consumers say they’d be willing to share more personal information with companies that offer a great experience.
Click here to read the full article.
TL;DR: “With such a diversity of CX experiences, the data your team uses to analyze your customers should, therefore, be equally dynamic. In layman’s terms, data analytics help your business to make sense of what is happening beyond a simple transaction. The more you understand your customers on a variety of levels, the better you will be able to forecast many circumstances for your business.”
- 73% of Marketers Planning to up RMN Spend
Source: MarTech
Why you need to read it: For those not familiar, Retail Media Networks or RMNs, are in essence a collection of digital channels owned by a retailer that is offered to third parties for advertising. They are a very effective tool for brands to engage with customers. Brands like Amazon, Walmart and Target are just three examples of brands benefittng from the creation of their own RMN.
What you need to learn from it: RMNs are growing in popularity as 84% of marketers say they anticipate increased RMN adoption in the upcoming 12 months while another 54% said they saw “significant improvement” in sales or customer engagement from their RMN campaigns.
Click here to read the full article.
TL;DR: “Customers using a retailer’s app or participating in a retailer’s loyalty program have a robust, measurable digital trail. That makes RMNs an unrivaled source of first-party data.”
- The Top 10 Simplest and Most Complex Brands – Whole Foods Rises While X Falls
Source: AdAge
Why you need to read it: This one is very easy and yes, simple. You need to read this because all of our collective lives as consumers are already complicated and any brand that can lessen said complication – AKA make things simple – will succeed. Yeah, it’s really that, well… simple.
What you need to learn from it: It all, and I mean ALL comes back to customer experience or as the subhead of the article reads: “Consumer survey finds that the simplest brands promise a good experience and follow through.” In other words, deliver on what you promise. Simple.
Click here to read the full article.
TL;DR: “Sixty-four percent of people are willing to pay more for simpler brand experiences, and 78% of people are more likely to recommend a brand for its simpler experiences and communications.”
And speaking of simple, did you know there’s an advertising platform that’s been around for seemingly forever that is less expensive than TV yet can yield better results?
Don’t believe me?
Well see for yourself by checking out Listen Up!, the latest report from System1 and Radiocentre. The research leverages brand and emotional data collected from over 50,000 radio and non-radio listeners across 10 years to share how to make effective radio ads that can deliver long- and short-term results in an ever-evolving media landscape.
Click here to check it all out!