Welcome to Cro Metrics’ Paid Media Pulse, our series dedicated to bringing you the latest and most relevant insights in the world of paid media. Each month, our expert paid media team curates key trends and articles, providing impactful overviews and actionable takeaways to keep you ahead in the fast-paced digital marketing landscape.
12 Learnings From Google’s Own Media Experts for 2024
Overview:
The article shows the integration of AI into marketing strategies, promoting a collaborative human-AI approach with campaign types like Performance Max and Demand Gen. It highlights the significance of authenticity in modern marketing, leveraging AI solutions, addressing challenges posed by the end of third-party cookies, and embracing evolving trends such as social commerce and connected TV.
Impact:
Advertisers that don’t adopt Google’s AI ads solutions are being left behind. While healthy discussion about the efficacy of Performance Max dominated its early days, PMax works. And Google, along with Meta and others, will continue to introduce new AI powered features. Brands must adopt a nimble test, learn, and scale strategy to adopt and maximize impact from these developments. No set it and forget it here!
How Retailers Are Using Generative AI Right Now
Overview:
The piece highlights how major retailers are integrating AI-powered technologies into their operations to enhance customer service, optimize search functionalities, and streamline content creation.
Key Points Covered:
- Customer Service Transformation: Retailers are leveraging GenAI to revolutionize customer interactions. McKinsey & Co. notes that this technology can enhance digital self-service, augment agent skills, and improve overall customer experience.
- Smart Search Capabilities: Walmart is utilizing GenAI to facilitate thematic and contextual product searches, enabling customers to find products based on specific use cases (e.g., football watch party).
- Personalized Shopping Assistance: Amazon’s pilot program, Rufus, employs GenAI to deliver personalized product recommendations and insights based on extensive product catalog reviews.
- Automated Content Creation: eBay’s AI-powered tool generates detailed product listings from seller-provided images, reducing manual listing efforts and enhancing buyer information.
- Operational Efficiency: Beyond customer-facing applications, GenAI is streamlining administrative tasks within retail corporations. Walmart is implementing GenAI across its corporate functions to aid in writing job descriptions, product descriptions, and basic calculations, allowing employees to focus on higher-level tasks.
Impact:
These are concrete examples of how GenAI is being employed in retail, illustrating how retailers are harnessing this technology to improve efficiency, elevate customer experiences, and streamline internal processes. As these innovations progress, companies without the resources to be first movers should closely monitor others’ applications, identify those most likely to help meet your unique business needs, and make informed investment decisions.
Efforts To Modernize Brands Like Jif and Meow Mix
Overview:
In 2018, The J.M. Smucker Company initiated a significant marketing transformation known as the “Power of One,” aimed at consolidating operations and enhancing creativity by uniting multiple agencies. The company prioritized modernizing iconic brands like Jif and Meow Mix to align with evolving consumer preferences.
Utilizing data-driven insights and creative innovation, Smucker’s marketing strategy focused on understanding each brand’s identity, consumer desires, and cultural context. This approach led to success with the percentage of growing or maintaining brands increasing from less than a quarter to 86%.
The agency emphasized the value of long-term brand development. By integrating creativity with data-driven decision-making, Smucker’s marketing initiatives not only adapted to evolving landscapes but also attracted a younger audience while rejuvenating its brand portfolio.
Impact:
The modern customer journey is more complicated than ever. Companies that continue to silo their marketing functions risk running the sort of disparate marketing strategy that fails to resonate with the modern customer journey. Integrate your marketing efforts with a data-driven approach supported by a holistic digital growth marketing partner.
If you are interested in working with our paid media team, you can request a free paid media audit or send us a message!