How to AI-Proof Your Startup
Hi everyone,
Welcome back to Mastering Marketing.
As marketers we all know that advertising is more important and more advanced now than ever, but personally I have always kept a human-centric approach to all of my personal and client marketing strategies. After all we are talking to humans not just bots, right? But, this week there are some news headlines that make me question where advertising and marketing is heading in the future.
So a quick look at 2 news highlights for this week:
And then we'll look at how to AI-proof your start-up (or any business)!
Time to get started...
Instagram launching multi-advertiser ads
Instagram’s new ad layout is a double-edged sword for marketers. On one hand, it could offer a low-cost way to reach more potential customers who are already in a shopping mindset. On the other hand, it may reduce the effectiveness of individual ads by cluttering the screen and competing for attention. Marketers need to carefully weigh the pros and cons of this new format and monitor its performance closely. They also need to consider the user experience and how this new layout might affect their brand image and reputation. What do you think?
Read more about it here.
X/Twitter to remove blocking feature
Musk’s announcement to delete the block feature from X is a risky move that could alienate many existing and potential users of the platform. This could further damage the reputation and trustworthiness of X as a social network, and drive away users who are looking for a more respectful and inclusive online community. Moreover, Musk is jeopardizing the future of X on the app stores, the main sources of distribution and revenue for the platform. What are your thoughts on this?
Read more about it here.
👉🏻How to AI-Proof Your Startup
Many startups and business professionals have feared the worst with the rise of ChatGPT and other AI software. Studies have shown that AI is expected to see an annual growth rate of 37.3% from 2023 to 2030. But this shouldn’t bother you, as there are ways to put your startup above AI and even have it benefit you. This article will show you some ways to AI-proof your startup.
Embrace Innovation
Artificial Intelligence highlights the presence of innovation, and the first way to stay ahead of it is to embrace it. The presence of AI makes your company run efficiently if used right. Studies have shown that AI can increase business productivity by 40%, so it’s something you would want to incorporate. Here are some ways your startup can benefit from AI:
Improved efficiency
With Artificial Intelligence, you can automate repetitive tasks, enhance productivity and streamline operations. This will help you free up valuable time and save money for your startup. As we proceed, we will show you some AI tools that can help you save time and money for your startup.
Swift and Accurate decision-making
Your startup’s decision-making process is another that can be improved with AI. Because AI depends on data, organizations that can efficiently gather, analyse, and use data will have a competitive advantage. Use reliable data-collecting procedures and invest in analytics technologies to obtain valuable insights. Identify patterns, personalise consumer experiences, and use these data to influence decisions.
Improve marketing
You can improve your marketing using Predictive analytics – an AI technology that helps analyze historical data and predict future trends. How? The tool analyzes customer behavior; for example, you have a SaaS product. Predictive analytics in this situation would help you identify customers who are about to cancel their subscriptions and then create a targeted marketing campaign to retain them.
According to a research report by The Insight Partners in August 2022, predictive analytics gained the backing of a broad spectrum of organizations, with a worldwide market size of $12.49 billion in 2022. Predictive analytics can be relevant in retail, law enforcement, manufacturing, financial services, energy, automotive and aerospace industries.
Improve Customer Experience
The better the experience for your customers, the more likely they are to come to you for repeat business. Startups may employ voice assistants to create speech-activated marketing campaigns and provide voice-based customer assistance.
According to UpCity, voice search is becoming popular every day by 50% of U.S. mobile users. And more studies have shown that “there will be 8 billion AI-powered voice assistants by 2023.” So this is something you need to include to improve your customer experience.
Asides from the above benefits, another way to embrace artificial intelligence and other new technology is by creating a solid company culture. Building an adaptable, creative startup that values critical thinking will prove your startup.
AI can be inaccurate.
Relying solely on AI for content creation puts you at risk of producing inaccurate content. With ChatGPT, for example, it’s not a great idea to blindly trust it without fact checking. According to PCguide, here are some factors that influence ChatGPT’s accuracy in generating responses:
Training Data
How accurate ChatGPT depends on the quality and quantity of its training data. So, the better the quality of the training data, the more accurate the information.
Recommended by LinkedIn
User Input
Your questions may also impact the accuracy of ChatGPT. So, providing clear and precise questions is crucial for accuracy.
Bias
If the training data has biases concerning gender or race, the accuracy of your data can be affected.
Generative Nature
As part of ChatGPT’s features, its generative nature allows you to generate real-time content rather than relying on preprogrammed responses. This may seem good, but it often produces ridiculous and inaccurate responses.
Context
Context is a huge determiner of ChatGPT’s accuracy. So, the more specific and concise your context is, the more accurate the data will likely be.
Book Recommendation:
by Thomas Erikson
Essentially, designing good marketing campaigns and strategies has to do a lot with how good are you with your communication skills. And this book teaches you just how to do that! Communication expert and bestselling author, Thomas Erikson has dedicated himself to understanding how people function and why we often struggle to connect with certain types of people.
For The Love of Marketing
S1 Ep14: AI and future of SEO with Jeff Collins
Whilst we're busy working on Season 3, listen to this interesting conversation from Season 1 (before my hair cut!). Where I discussed the future of SEO with SEO expert Jeff Collins, and how the ongoing content trends including AI will impact it. Listen to the full episode now!
Subscribe to the podcast:
Stay tuned for more🔥
Here's an interesting read from my strategic marketing agency, SK
What is Web 3.0 and what does it mean for marketing?
The Global Web 3.0 Market Size in 2022 stood at USD 2.2 Billion and is set to reach USD 81.9 Billion by 2032, growing at a CAGR of 44.5%. To stay ahead of the competition and industry changes, businesses must incorporate Web 3.0 marketing into their existing market strategy. This guide offers an in-depth explanation of Web 3.0’s evolution, impacts, and strategies.
Thanks for reading!
I hope you found this week’s newsletter insightful. If you did, I'd be really grateful if you could share it with your network and tag your friends & colleagues. I’d love to grow a community of MM readers so we can all learn from each other and deliver our best results.
I have been helping companies with their marketing from start-ups to global corporates for over 20 years and I’m also the author of 2 best-selling books in the field. Whether it’s growth, branding, performance, content marketing, SEO or many other areas, I have helped companies all over the world to deliver market-leading results and I'd love to help you if I can.
Simon