How AI Is Changing Consumer Engagement
Generative artificial intelligence (AI) is all the talk in marketing these days. Yet, we are framing our conversation about it in the wrong way.
NEW THINKING
Generative artificial intelligence (AI) is all the talk in marketing these days. Yet, we are framing our conversation about it in the wrong way.
Once upon a time there was a durable goods company with a large staff of engineers. Management felt that the company would benefit from more creativity. Instead of hiring creative minds, the company decided to invest in transforming all of its engineers into creative, creator minds. It was a year of magical thinking.
Is segmentation dead? No. Yet many think so. The supply chain snarls following COVID shrunk varieties, even brands, of foods, beverages, toys, furniture, HBAs, household goods and more. Pre-pandemic, new products were 5 percent of general merchandise. Today, 2 percent.
Lifestyle branding is ubiquitous in marketing circles. Companies spent over $7 billion on lifestyle advertising last year and are expected to allocate some $10 billion by 2027, nearly a 10 percent compound annual growth rate from 2022, according to Statista.
When you hear the word “influencer,” what comes to mind? Perhaps a YouTuber doing makeup tutorials? Or a 20-something streaming video games on Twitch?