Can GenAI and Marketing Analytics work hand in hand?
Marketing analytics helps advertisers better understand their true marketing performance. There are multiple tools and techniques out there that are used to measure the performance of marketing. The techniques can be broken down into 3 major categories
Executional measurement: Clicks, Page Visits, Purchases, Last Click attribution
Regression / Rule-based: Media Mix Modeling, Multi-touch attribution or rule-based attribution
Experimental approach: A/B test, Lift, or Incrementality testing
With all these different techniques out there, one of the major challenges is quickly understanding the outcomes of these tests and acting upon them. The interpretation of results is a painstakingly slow process with different stakeholders involved. GenAI can help the entire process. In the next section, we are going to explore how GenAI can be integrated into the marketing process.
Let's start the first step of every marketing campaign: Understanding the message, the targeting, and the creative. Every marketer will start with a hypothesis (Sometimes followed by some qualitative insights). Based on the hypothesis a creative and messaging is decided.
The next step is testing out via a campaign. Usually, a marketer will start running the campaign. The exercise's critical part is measuring whether this creative is working. The first step is understanding the incremental benefit of running an ad. In the previous blog, we discussed the curse of correlation [link], so try to measure incremental benefit. Once we have the results the next step is to improve the performance of the advertisement. This can be done by fine-tuning the creative and messaging. This cycle takes a lot more time and hence many advertisers don't want to perform an experimental test.
We are proposing a unique solution that can solve for quicker testing and at the same time faster iteration of marketing strategy. We want the ads to be performant and provide marketers the ability to iterate at a faster pace. This can be achieved via GenAI.
At Diagnolytics we follow a 2 step approach: Measure and Update. In the measure stage, we measure the performance of advertising and in the iterate phase, we use GenAI to modify the creative. Our GenAI algorithm updated ad sets, placement across platforms, and budgets to get the maximum ROI. With this constantly evolving AI solution, we can dynamically measure and iterate your marketing campaigns across different platforms and channels to get the desired outcome for product marketers. Our solution can also help advertisers optimize towards different business objectives: maximize Reach, acquire new customers, or even generate higher ROI. To no more reach out to us and we are happy to show a demo [link]