Marketing with AI in 2024

Marketing with AI in 2024: LLMs Finally Change the Game

For companies working to capitalize on the AI explosion, integrating a Large Language Model (LLM) into their marketing strategy to programmatically generate creative, copy, or even strategy, represents a major step in their AI journey, but this step alone doesn’t ensure commercial success. Given how new LLMs are as a technology, the industry is understandably still working to understand their practical applications and assess the potential ROI. The LLM-driven solutions that drive the largest efficiency gains and offer the potential for exponential ROI will be the products that have staying power.

Companies know they need to rapidly adopt and integrate these new AI technologies. Ensuring that said adoption and the implementation of these technologies support goal-oriented business strategy is what will drive success. The power of AI is only realized when it is used to solve real business challenges, drive data-driven strategic decisions, and deliver tangible results.

LLMs for Understanding Your Next-Best Customers

For marketing leaders in 2024, the focus should be on employing LLMs to gain a deeper understanding of their next-best customers in order to build their market share and brand loyalty. Marketing leaders have known for decades that in order to find their next-best customer and acquire them, it’s critical to develop tailored, data-driven strategies by leveraging deep behavioral insights that speak to their motivations, interests, and decision making process. AI offers new opportunities to revolutionize our ability to do just that, and ways to derive these highly valuable insights in a privacy-preserving manner.

The acquisition of next-best customers is just one of the use cases for LLMs and AI-driven solutions in the marketing space. While LLMs can support this critical use case for marketers of expanding their customer base by drawing insights from their existing first-party data, marketers can also use LLMs to achieve targeted, outcome-focused customer objectives such as retaining customers who are likely to churn, enhancing lifetime value, and improving win-back rates.

Activating Dormant Datasets & Unlocking New Value with LLMs

It’s generally understood that only the largest, most sophisticated tech companies, with extensive data, capital, and resources, can fully harness AI’s predictive power. Unlike giants like Amazon and Google, smaller companies often struggle in fully harnessing AI for marketing innovation.

This disparity has forced many marketers to rely on outdated audience strategies, like inaccurate lookalike models that often misinterpret audience intentions based on past behaviors. These audience segments tend to be static and lack precision, leading marketers to struggle with complex, Boolean-based audience profiling. However, marketers today possess a wealth of untapped data. The question is, how to unlock the potential of these extensive, yet dormant, data sets?

Yobi has LLM-driven solutions that can help you detect early warning signs of customer turnover to maintain engagement and loyalty, uncover your future valuable customers by analyzing your current best customers’ behavior, and identify past audiences who are likely to re-engage with your brand.

With LLMs, you can extract insights from this untapped data, especially when combined with real-time, privacy-preserving behavioral insights. This approach allows you to develop your own customer profiles, akin to those of Google and Amazon, providing comprehensive insights into both current and potential customers. These richer customer profiles become the lifeblood of LLMs used to foresee consumer trends, minimize customer turnover, and boost overall customer profitability.

Moreover, the increasing emphasis on privacy, particularly with the decline of cookies and traditional data collection methods, highlights the urgency to innovate in this area. For marketing executives, whether new to AI or seasoned in its use, it’s important to view LLMs as part of a broader toolkit. To fully capitalize on their capabilities, they must be strategically aligned with your organization’s goals and specific requirements.

The Status Quo is the Enemy

Marketers know that the status quo isn’t sustainable, and adopting and adapting to these new technologies is critical to brands who want to be part of the AI revolution, instead of being left behind by it.

It’s time to leverage AI + Data to empower your team to grow your business, become more competitive, gain market share, and develop new strategies to take your company to the next level and beyond in 2024.

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