Marketing

The Future of E-Commerce: Insights from Udayan Bose on AI-Powered Marketing

In this episode of Talk Commerce, I had the pleasure of speaking with Udayan Bose, founder and CEO of NetElixir. With over 20 years of experience in digital marketing, Udayan shared his insights on the rapidly evolving landscape of e-commerce and how artificial intelligence (AI) is reshaping the way businesses approach marketing.

Failing Faster and Learning in Digital Marketing

One of the key themes that emerged from our conversation was the importance of adopting a “fail faster” mindset in digital marketing. As Udayan put it:

Just the willingness to dive in and figure things out and suddenly sort of you really have to obviously hustle hard but things slowly come in place and when it comes in place the impact is quite magical.

He emphasized that in an industry as dynamic as e-commerce, being open to experimentation and learning from failures is crucial for staying ahead of the curve.

Navigating Competitive Pressures and Rising Costs

Udayan also shed light on the challenges faced by e-commerce businesses today, particularly the squeeze on contribution margins due to intense competition and rising advertising costs. He noted:

If you certain categories saw a CPC increase of almost about 32%. So the cost per click, the same Google ad, costs a lot more now. So just think of it. You are unable to increase your prices, and the variable cost keeps on increasing. And this is leading to a massive squeeze in the contribution margins.

As someone who has worked with numerous e-commerce clients, I’ve witnessed firsthand the impact of these pressures on businesses. It’s more important than ever for merchants to optimize their marketing strategies and find ways to differentiate themselves in a crowded market.

The Power of AI and Machine Learning in Marketing

One of the most fascinating parts of our discussion centered around the role of AI and machine learning in transforming digital marketing. Udayan explained the difference between horizontal AI, which focuses on productivity and doing more with less, and vertical AI, which is tailored to solving specific problems using a company’s own data.

Vertical AI, I think of it, is very specific to solving your problem. And the problem that, for example, our tool, Alexa Insight, solves […] is we just wanted to solve a simple problem that the entire e-commerce world or digital marketing was focused on new customer acquisition. We wanted to change it marginally and say that, can we use machine learning to help you do new high value customer acquisition?

This notion of leveraging AI to identify and acquire high-value customers resonated with me. As e-commerce becomes increasingly competitive, the ability to target and retain the right customers can make all the difference in a business’s success.

Advice for E-Commerce Merchants

As we wrapped up our conversation, I asked Udayan what advice he would give to e-commerce store owners looking to stay ahead in today’s market. His response emphasized the importance of experimentation and staying informed about industry trends:

I would actually sort of have two very specifically. The first one is just creating, carving those experiments of those tests. […] The second one effectively is as simple as that. I mean, you have to reserve 10% of your personal time as the business owner or the CMO to just explore what is going on because in many cases the biggest mistake I have seen a lot of lot of business owners really make they’re just so so much working inside out that they just never get the time to look at us to what season am I in, right?

I couldn’t agree more with this advice. In my experience working with e-commerce businesses, the most successful ones are those that prioritize continuous learning and adaptation.

Watch the full episode on YouTube

Final Thoughts

My conversation with Udayan Bose offered a wealth of insights into the future of e-commerce and the role of AI in shaping digital marketing strategies. As we navigate this rapidly evolving landscape, embracing experimentation, staying attuned to industry shifts, and leveraging the power of AI will be key to thriving in the years ahead.

To dive deeper into these topics and hear more of Udayan’s expertise, be sure to listen to the full Talk Commerce podcast episode. Let’s keep the conversation going – reach out and share your own experiences and insights on the future of e-commerce!

Contact Details:
GLOBAL HEADQUARTERS:
3 Independence Way, Suite #203,
Princeton, NJ 08540
Call: 609.356.5112
https://www.netelixir.com/

Connect on Linkedin: https://www.linkedin.com/in/netelixirudayanbose/

The Power of Geofencing: How To Dominate Your Market with Location-Based Marketing

In this episode of Talk Commerce, we explore the world of geofencing with the dynamic duo, Barbara Wardell and Ernesto Caleri, co-founders of Kalari & Wardell. They share their valuable insights on how to use location-based marketing to attract customers, drive foot traffic, and outperform your competition. Get ready to unlock a powerful strategy that can transform your business!

Geofencing: A Powerful Tool for Small Businesses

“We started this company in the middle of COVID to help small businesses recover foot traffic,” says Ernesto. He explains that geofencing is a technology that utilizes the relationship between smartphones and satellites to create virtual fences around locations of interest. “When someone walks into a competitor’s store, we can send them an ad to your store.”

This tactic is particularly relevant for industries like restaurants, laundromats, and even niche businesses like mezcal brands. Ernesto emphasizes that the power of geofencing lies in its ability to track satellite-verified visits. “We do 5,000 satellite-verified visits a month across the US, Canada, and Australia.”

Democratizing Geofencing for Small Businesses

“We asked the question, what will it take to bring this technology to small businesses?” Barbara explains. Their answer was a revolutionary approach to geofencing, making it accessible for even the smallest businesses. They honed their strategy in the laundromat industry with a budget as low as $1,000 a month. “We were able to drive over 1,000 visits to one laundromat owner in the Carolinas with about 30 locations.”

This success story propelled them into new verticals, including private aviation, apparel, and even the alcohol and beverage industry. “We’ve been able to bring it to other verticals as well.”

Beyond Retail: Geofencing for Services and B2B

Ernesto and Barbara emphasize that geofencing goes beyond retail. “We can do B2B, which is retail. We also do services. We also do track website traffic.” They highlight examples like vacation rentals and retreats where geofencing can be used to target people in a broader geographic area. “We can look at neighborhoods in New York City, neighborhoods in Staten Island, neighborhoods in Florida. We can see where people are actually coming from and we can send ads to consumers like that even if they’re not living within driving distance of a location.”

Privacy-Focused Approach: Anonymity and Data Protection

One of the key concerns with location-based marketing is the perceived creep factor. Barbara addresses this concern directly. “Your device becomes anonymized, unlike with Facebook and other platforms.” She emphasizes that Kalari & Wardell prioritize data privacy and use a clean-room approach to anonymize users. “We actually do protect consumer privacy.”

The Future of Commerce: Hybrid Models, Data Accuracy, and Human Connection

As we move forward into 2024, Barbara believes the future of commerce lies in a hybrid model. “I think we’re going to go a little bit back to old school as well as integrate.” This means a balance between online and offline experiences.

Ernesto echoes this sentiment. “The world’s best visual models do not create faces that resonate with people just yet.” He believes that while AI is a powerful tool, it can’t replicate the human element of connection and empathy.

Final Thoughts: Embrace the Power of Geofencing

It’s clear that geofencing is a powerful tool for small businesses looking to attract customers, drive traffic, and dominate their markets. Kalari & Wardell offers a compelling solution that puts the power in the hands of the underdog.

The future of commerce is exciting and filled with possibilities. Get ready to embrace the power of geofencing and unleash the potential of your business!

Revolutionizing Retail: Endear’s Casey Drake on the Power of SalesChat and Clienteling

In this special partner episode of Talk Commerce, we’re thrilled to have Casey Drake, the VP of Sales at Endear, join us for an insightful discussion on the future of retail CRM and clienteling. Sponsored by Content Basis and Endear, this episode contains valuable tips and strategies to help you supercharge your online sales and build stronger customer relationships.

The Game-Changing Power of SalesChat

One of the key topics Casey dives into is Endear’s revolutionary SalesChat feature, which transforms how brands connect with customers online. As Casey explains:

“SalesChat is a live chat widget on your website. It’s Endear’s what we’re calling our live chat feature is SalesChat. And we put that word sales on it for a reason because it’s meant to be and separate itself from a traditional support chat widget that people might be used to putting on their website.”

By empowering store associates to engage with customers through SalesChat, brands can create personalized shopping experiences that drive conversions and foster long-term loyalty.

Bridging the Gap Between In-Store and Online Sales

Another crucial point Casey raises is the importance of breaking down the walls between retail teams and e-commerce teams. Too often, these teams view each other as competitors rather than allies. However, as Casey points out:

“I think the only way you get that wall broken down is with like, we need to have a conversation about attribution and how store associates can get attribution for online sales. It doesn’t need to be every online sale, but give them a way to do that.”

By providing store associates with the tools and incentives to contribute to online sales, brands can create a more cohesive and effective retail strategy.

Talk Commerce – Casey Drake

The Importance of Hiring and Empowering the Right People

Throughout the episode, Casey emphasizes people’s critical role in the success of any retail strategy. As he wisely states:

“I think so many brands need to like really take their hiring process seriously and then treat the good ones that they do get, treat them well and put them in the positions to succeed. Cause that like none of this works if you don’t have good people.”

Brands that want to deliver exceptional in-store and online customer experiences must invest in talented, trustworthy store associates.

Embracing the Future of Retail

As the retail landscape continues to evolve, brands must adapt and innovate to stay ahead of the curve. By leveraging cutting-edge tools like Endear’s SalesChat and prioritizing clienteling, brands can unlock new opportunities for growth and success.

So, if you’re ready to take your retail strategy to the next level, be sure to tune in to this value-packed episode of Talk Commerce featuring Casey Drake. Trust me, you won’t want to miss the incredible insights and actionable tips shared throughout this conversation.

Strategic Partnerships: Navigating the Evolving Marketing Landscape with Brian Gerstner

Welcome back to Talk Commerce! Today, we had the pleasure of chatting with Brian Gerstner, President of White Label IQ, about the crucial role of strategic partnerships in the ever-changing marketing world. Brian’s insights into leveraging partnerships, navigating the rise of AI, and preparing for the upcoming holiday season were truly insightful.

The Power of Niche Expertise and White Label Partnerships

Brian emphasized the increasing need for specialization in the marketing industry, especially with the rise of AI tools like Jasper and ChatGPT. He believes AI will ultimately “beat the mediocrity out of all of us,” pushing agencies and businesses to focus on their core strengths and partner for specific needs.

“AI is going to not be your friend” if you’re “just getting things done and checking off boxes.”

This resonated with me deeply. As someone who has witnessed the evolution of the digital marketing landscape, I’ve seen firsthand how crucial it is to develop and excel in a niche. Partnering with experts like White Label IQ allows agencies to access specialized skills without the fixed costs of hiring full-time staff.

AI: A Tool, Not a Replacement

While AI presents incredible opportunities, Brian rightly points out that it does not replace human expertise. AI tools are powerful for content creation and iteration, but they lack the emotional intelligence and strategic thinking humans bring.

“AI is great at creating the pieces… but it’s not really great at bringing the pieces together.”

I couldn’t agree more. As marketers, we must guide and curate AI, ensuring it aligns with our brand voice, understands our audience, and ultimately serves our business objectives. The human touch is essential in crafting compelling narratives and building authentic customer connections.

Gearing Up for the Holiday Season and Beyond

With Black Friday and Cyber Monday just around the corner, Brian offered valuable advice for merchants and agencies.

“Plan ahead for next year… collect the information so that you can follow up with people so that you can grow your audience.”

His emphasis on leveraging first-party data for post-holiday nurturing resonated strongly. Building relationships with customers acquired during the holiday rush is key to long-term success.

Final Thoughts

Brian’s insights underscore the importance of adapting to the evolving marketing landscape. Embracing niche expertise, leveraging strategic partnerships, and understanding the potential and limitations of AI is crucial for staying ahead of the curve. As we head into the holiday season and beyond, remember the value of human connection and strategic collaboration in achieving sustainable growth.

Be sure to check out the full episode of Talk Commerce to hear more from Brian Gerstner and gain valuable insights for your business!

Navigating the Marketplace Maze: Insights from Marketing Maverick Josh Gibson

Welcome to the latest entry on my “Talk Commerce” blog, where I, Brent, your host and guide, delve into the dynamic world of commerce and marketing. In a recent episode, I had the pleasure of sitting down with Josh Gibson, a seasoned marketing leader and the Vice President of Marketing at Simon Data. Josh’s expertise lies in scaling early-stage and venture-backed B2B SaaS companies, and he brought a wealth of knowledge to our conversation.

The Sojourn Group’s Mission: Empowering Brands in the Marketplace

Josh Gibson is not just a marketing guru; he’s also at the helm of Sojourn Group, a consulting agency that specializes in helping brands transition from traditional distribution models to thriving as third-party sellers on marketplaces like Amazon and Walmart. During our chat, Josh illuminated the various services they offer, from customer service to PPC, warehousing, and listing optimization. It’s clear that Sojourn Group is dedicated to ensuring brands can navigate the complexities of marketplace selling with ease.

A Day in the Life of a Marketing Leader

Josh’s day-to-day is a testament to his leadership and vision. Overseeing a team of 36, he ensures that every department is aligned and driving the company forward. But it’s not all work and no play for Josh; he’s a family man at heart. He cherishes spending time with his wife and four kids, especially when it involves camping for 40 to 50 nights a year. It’s this balance of professional drive and personal passion that makes Josh a truly inspiring figure in the marketing world.

The Lighter Side of Commerce

Our conversation took a playful turn when I shared a joke, prompting a humorous exchange. It’s moments like these that remind us of the human element in business, something that’s often overlooked but is always present.

The Marketplace Giants: Amazon, Walmart, and Target

The discussion shifted to the competitive landscape of marketplaces, where giants like Amazon, Walmart, and Target are vying for dominance. Josh highlighted Target’s strategic approach to onboarding new sellers and the recent partnership between BigCommerce and Target. He shed light on the application process, approval timelines, and the unique requirements of each platform.

The eBay Enigma and Beyond

We also tackled the challenges and opportunities of selling on eBay and pondered the potential for smaller marketplaces to stand toe-to-toe with the industry’s heavyweights. Josh’s insights into the complexities of marketplace selling were eye-opening, underscoring the importance of a strong team to manage the multifaceted nature of this business model.

The Power of Partnership and Optimization

Josh emphasized the value of partnering with agencies like Sojourn Group, which can help brands cut through the noise and optimize their marketplace listings for maximum impact. He also touched on the fulfillment services offered by Amazon and Walmart, the rise of multichannel fulfillment, and the crucial role of data visualization and reporting in marketplace performance.

Final Thoughts

Our conversation with Josh Gibson was a deep dive into the evolving landscape of marketplace selling. For brands looking to expand their presence across various platforms, the insights shared in this episode are invaluable. The strategic considerations discussed will undoubtedly aid any company in making informed decisions about their marketplace strategies.

Stay tuned for more episodes of “Talk Commerce,” where we continue to explore the intersection of marketing, technology, and commerce. Until next time, keep innovating, keep marketing, and keep creating connections that drive commerce forward.

The Future of Loyalty Programs: Insights from Lin Dai of Superlogic

In this episode of Talk Commerce, we had the pleasure of sitting down with Lin Dai, the CEO and co-founder of Superlogic, to discuss the evolving landscape of loyalty programs. Lin shared his expert insights on how brands are revolutionizing their rewards strategies to drive customer engagement and retention in innovative ways. As an entrepreneur and points enthusiast himself, Lin brought a unique perspective to the conversation that left us with plenty of food for thought.

The History and Importance of Loyalty Programs

Lin kicked off the discussion by walking us through the history of loyalty programs, from their humble beginnings with copper coins and paper stamps to the sophisticated digital ecosystems we see today. He emphasized the critical role that rewards have come to play in the business models of industries like airlines, hotels, and credit cards.

“If you look up American Airlines stock today, I think it’s trading somewhere between $8 to $9 billion. So essentially, they are being perceived as a very profitable and very well-run rewards program that happened to run a money-losing business of flying planes.” – Lin Dai

This quote from Lin really drove home the point that loyalty programs have become more than just a marketing tactic – they’re a core part of many companies’ financial strategies.

Challenges and Opportunities in the Loyalty Landscape

Of course, running a successful loyalty program is no easy feat. Lin highlighted some of the key challenges that brands face, such as the massive liabilities created by unredeemed points on corporate balance sheets.

“American Express issues about more than $1 billion of new points every quarter. So when they give you 100 points, they have to track on their corporate balance sheet a dollar of liability. So that piles up very fast.” – Lin Dai

But with challenges come opportunities, and Lin shared how Superlogic’s technology platform is helping brands tackle these issues by incentivizing customers to burn their points in creative ways. By capturing customer data across online and offline touchpoints and rewarding behaviors beyond just transactions, brands can build more engaging and profitable loyalty programs.

The Future of Loyalty: Hybrid Rewards and Peer-to-Peer Marketplaces

Perhaps the most exciting part of our conversation with Lin was hearing about the innovative strategies that Superlogic is pioneering to take loyalty programs to the next level. He introduced us to the concept of hybrid rewards models that incorporate digital collectibles and badges alongside traditional points.

“What we do is we build a system or hybrid system to integrate with existing programs or build brand new programs that has a hybrid points, but also digital badges, essentially non fungible rewards that represent you completed a specific action. And by collecting the right combination, you unlock really big rewards.” – Lin Dai

Lin also shared a case study of how Superlogic helped Warner Music achieve a 9x increase in loyalty engagement by implementing a peer-to-peer rewards marketplace. The idea of empowering customers to trade points and perks with each other is a fascinating one, and it’s clear that this kind of outside-the-box thinking is what will define the future of loyalty marketing.

Final Thoughts

Talking with Lin Dai was an enlightening experience that left me with a newfound appreciation for the complex world of loyalty programs. It’s clear that the brands that will win in this space are those that are willing to innovate, experiment, and put the customer experience at the center of their rewards strategies.

As marketers and entrepreneurs, we could all stand to learn from the examples and insights that Lin shared. Whether you’re looking to optimize an existing loyalty program or build one from scratch, this episode of Talk Commerce is a must-listen.

Unleashing the Power of Video Marketing: Tips from Expert Jeremy Toeman

In today’s digital landscape, video has emerged as a game-changer for businesses looking to engage their audience and boost their online presence. To delve deeper into the world of video marketing, I had the pleasure of interviewing Jeremy Toeman, a seasoned expert with an impressive track record in the media and tech conversion space.

Throughout our conversation, Jeremy shared invaluable insights and practical tips that can help businesses of all sizes leverage the power of video content. Let’s dive in and explore the key takeaways from our discussion.

The Importance of Video in Today’s Marketing Landscape

Jeremy emphasized the significance of video in reaching and engaging audiences in the current digital era. He highlighted some eye-opening statistics:

“YouTube has 500 hours of content uploaded per minute. TikTok users spend an average of 95 minutes per day inside a TikTok.”

These numbers underscore the immense potential of video content in capturing the attention of your target audience. However, Jeremy also pointed out a surprising fact:

“70% of US businesses today have zero capacity for making more than one video a year.”

This revelation highlights the untapped opportunities for businesses to stand out and connect with their audience through video marketing.

Overcoming the Challenges of Video Creation

One of the primary roadblocks businesses face when it comes to video creation is the perceived complexity and cost associated with the process. Jeremy acknowledged this challenge and shared his own experience:

“I quickly realized two things is that one, this is a brilliant product and two, I will never be good at it. You know, and the analogy I make, it’s like me trying to learn how to pilot a helicopter just to go get milk at the corner store.”

However, Jeremy emphasized that with the right tools and approach, video creation doesn’t have to be an overwhelming task. He encouraged businesses to embrace the concept of “good enough” videos, focusing on authenticity and relevance rather than striving for Hollywood-level production quality.

Leveraging Video for SEO and Sales

When it comes to leveraging video for SEO and sales, Jeremy shared a valuable insight:

“Google gives approximately a 50% SEO bump to any homepage with a video on it.”

This underscores the importance of incorporating video content on your website, especially on your homepage, to improve your search engine rankings and attract more organic traffic.

Additionally, Jeremy advised businesses to pay attention to the platforms where their target audience is most active. Whether it’s TikTok, YouTube, or other social media channels, tailoring your video content to the specific platform’s format and audience preferences is crucial for maximizing engagement and conversions.

Embracing the Power of AI in Video Creation

As we discussed the role of AI in video creation, Jeremy emphasized the importance of human oversight and editing:

“We are at the stage of AI where human in the loop is a requirement. And if you’re representing a brand, you wanna do that one over on everything that’s going out there, because we’re already seeing a lot of pushback on how AI is being used and frankly misused.”

While AI can significantly streamline the video creation process, it’s essential to review and refine the generated content to ensure it aligns with your brand’s message and values.

Final Thoughts and Actionable Advice

As we concluded our conversation, Jeremy left us with some actionable advice for businesses looking to embrace video marketing in the coming year:

“If you haven’t started in 2023, fine. Start in 2024. There’s way too many methods of creating video from your existing content to not be trying. The results are phenomenal.”

He encouraged businesses to start small, experiment with different video formats and platforms, and most importantly, to not be afraid of imperfection. The key is to get started and continuously refine your approach based on the insights and feedback you receive.

If you’re ready to unlock the potential of video marketing for your brand, head over to meetAugie.comand explore the AI-powered video creation tools offered by Jeremy’s company. For Airbnb hosts, be sure to check out videomylisting.com for a one-click solution to create promotional videos for your listings.

Remember, the power of video is within your reach. Embrace it, experiment with it, and watch your brand’s online presence soar to new heights.

To dive deeper into the world of video marketing and hear more of Jeremy’s valuable insights, be sure to listen to the full podcast episode on Talk Commerce.

Driving Growth Through First-Party Data: Insights from Bonsai’s Matt Butler

In this episode of Talk Commerce, we have the pleasure of speaking with Matt Butler, CEO and co-founder of Bonsai. Bonsai is a company that measures and generates incremental outcomes for their clients through the power of first-party data. With a background in retail analytics at Google and a passion for data-driven storytelling, Matt brings a wealth of knowledge to the conversation.

The Shift in Digital Marketing

Matt discusses the changing landscape of digital marketing, particularly in the post-pandemic era. He notes that the days of simply throwing money at Google and Facebook ads to drive growth are gone. As he puts it:

“The attention around your consumer is incredibly sophisticated. So many platforms, it’s competitive. And so everyone’s sort of hit this sort of plateau, is what we hear.”

To overcome this plateau, businesses need to focus on generating incremental outcomes through first-party data.

The Power of First-Party Data

Bonsai’s approach to measurement revolves around leveraging a business’s own sales data, customer behavior insights, and touchpoints. By stitching these elements together, they can provide a deeper understanding of customer acquisition and optimization. Matt explains:

“A business is zoned sales data, customer behavior insights and identity and touch points, those things, when stitched together, can dive deeper so that when you’re thinking about acquiring a customer from a Google, you can see what else that customer is doing. You can understand if it’s really a new one or how to optimize media to find that next new customer.”

Small Wins, Big Impact

When it comes to measuring success, Matt emphasizes the importance of small wins. He shares an example:

“Some of our big wins were helping clients take, you know, pools of like large pools of money for acquisition, drive 15% better throughput, right? And you’re like, okay, 15%, you know, guys, that’s 10 million more incremental annual dollars, right?”

These seemingly small percentages can translate into significant business growth when applied at scale.

Unifying Customer Data

For retailers with both online and brick-and-mortar presence, Matt stresses the importance of having a single source of truth for customer identity. He advises:

“If you’ve got online and you’re going into stores, unify that customer ID, right? Like use a point of sale that like you can bring that data together if you’re a brick and mortar going online. Same approach, right? Have a single view of your own customer.”

By unifying customer data across channels, businesses can gain a more complete view of their customers and make data-driven decisions.

The Future of Data in Retail

Looking ahead to 2024, Matt sees a mainstream realization of the need for retailers to own their customer conversation and data. He predicts:

“This year is definitely like, you’re not getting your house in order, you’re probably officially going to start falling behind.”

Businesses that prioritize first-party data and measurement will be well-positioned for success in the coming years.

As the retail landscape continues to evolve, the insights shared by Matt Butler and Bonsai demonstrate the critical role that first-party data plays in driving growth. By leveraging their own customer data, businesses can make informed decisions, optimize their marketing efforts, and ultimately achieve incremental outcomes.

To learn more about how first-party data can benefit your business, be sure to listen to the full episode of Talk Commerce featuring Matt Butler.

Mastering Personalized Marketing with Decile CEO Cary Lawrence

In this episode of Talk Commerce, I had the pleasure of chatting with Cary Lawrence, the CEO of Decile, a customer data and marketing platform built by marketers for marketers. Cary shared her passion for food and cooking, but more importantly, her deep insights into the world of data-driven marketing. Join us as we delve into the power of first-party data and how Decile is helping marketers create personalized experiences that drive customer loyalty and profitable growth.

Navigating the Cookieless World with Decile

Cary explained how Decile is well-positioned to help marketers thrive in a world without third-party cookies. By focusing on identity-based marketing and leveraging first-party data, Decile enables marketers to create personalized experiences without relying on device IDs or cookies. As someone who values privacy, I appreciate Decile’s approach to using data responsibly while still delivering value to customers.

The Art of Personalization: Balancing Relevance and Privacy

One of the key challenges in personalized marketing is striking the right balance between relevance and privacy. Cary emphasized the importance of creating an equal value exchange, where customers willingly share their information in return for personalized offers and experiences. By leveraging machine learning to analyze customer attributes and behaviors, Decile helps marketers deliver targeted messages that resonate with individual customers without crossing the line into invasiveness.

Finding Your High-Value Customers with Predictive Analytics

Cary shared a fascinating insight: the top 10% of customers are often responsible for 40-60% of a company’s revenue and profit. This highlights the importance of identifying and nurturing high-value customers. Decile’s predictive analytics capabilities help marketers identify not only their most valuable customers today but also those with the highest propensity to purchase in the future. As a marketer myself, I can attest to the power of focusing on retention and extracting more value from existing customers.

The Future of Marketing: Sustainability, Loyalty, and AI

Looking ahead to 2024 and beyond, Cary identified several trends that will shape the future of marketing. Sustainability, both in terms of packaging and product, will continue to be a key focus for consumers, especially younger generations. Customized loyalty programs that cater to individual preferences will become more prevalent. And while the role of AI in customer service is still evolving, Cary believes that generative AI and chatbots have the potential to streamline and improve the customer experience, provided they are executed flawlessly.

The Final Data Bit

My conversation with Cary Lawrence was a fascinating deep dive into the world of data-driven marketing. As marketers, we have a responsibility to use data ethically and responsibly, always keeping the customer’s best interests in mind. By leveraging the power of first-party data and predictive analytics, we can create personalized experiences that delight customers and drive profitable growth. If you’re looking to take your marketing to the next level, be sure to check out Decile and the innovative work they’re doing in the space.

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