I found this article that talks about how schools are dropping out of the US News school rankings system that we all know and love. I personally like to check out the school rankings and see where we are this year, or help shape my opinion of other schools based on some publication's opinion that I otherwise have no use for in the least. I love Columbia University, I will always support my people that have gone through the business school gauntlet. However, it is pretty easy to see that Columbia has enjoyed being at the top of the US News school rankings for far too long based on the user-friendliness of its website. I remember as a virtual student my first term looking at the website and wondering what it would be like once I was there in person for classes. I took the virtual tour and check out the pictures of campus on the website and that was about it. In true Columbia fashion, the website is a labyrinth of random pages that lead to someplace you never wanted to end up. I wonder if Columbia outspent its competition on digital marketing how that would affect its rankings in the US News publication. Regardless, Columbia should be investing seriously in the potential student experience on their website and probably would do well to overhaul most of their crazy systems in place like giving students two email addresses, one of which goes away forever. I digress. The main takeaway here is that digital marketing has the potential to compete with the old ways of doing things like the US News school rankings and allow for a shakeup on top of the leaderboard, if universities and colleges fail to invest in a targeted digital presence.
Friday, March 10, 2023
The Rise of Retail Digital Marketing: Instacart as a Case Study
https://digiday.com/sponsored/retailers-have-become-premium-suppliers-of-ad-inventory/
A trend in digital advertising is the power of the retailer. Instacart is an example of a company that has
reaped the benefits of this trend. In
January 2022, Instacart set forth a strategy to grow via ad revenue (https://www.adexchanger.com/online-advertising/heres-how-instacart-plans-to-become-a-major-ad-platform/). An article on AdExchanger explains how the
grocery industry is one with thin margins, but a focus on ads would allow for
Instacart to grow without needing to grow in terms of staffing. In late February 2023, the Instacart was
showing growth as a result of this initiative.
Per the Wall Street Journal, the company recently announced a 50% increase
in revenue for 4Q’22 compared to 4Q’21. (https://www.wsj.com/articles/instacart-sees-revenue-profit-boost-ahead-of-public-listing-1d7891d). While the company “has struggled to increase
order volume at the same pace it did during the height of the Covid-19 pandemic,”
they have found success in advertising.
Per Digiday, spend in retail “is expected to account for 19.3%
of digital advertisers’ allotments in 2023.”
Given that platforms have first hand access to consumers’ data, this
trend makes sense. Per Digiday, “retailers’
rich first-party data procured from audiences’ sources has allowed them to become
premium suppliers of ad inventory in a relatively short time.” This is the very reason why Amazon’s ad
business is growing.
It is interesting to watch the transformation of companies such
as Wal-Mart. This business was a
traditional brick and mortar operation. Over
time, they expanded to an online platform as well. Today, they too have an online advertising
revenue stream. While Google will likely
remain the winner in digital for years to come, it will be interesting to see
how other companies grow profits in the digital ad arena.
Tuesday, March 07, 2023
The Future of Virtual Influencers
*** I USED CHATGPT TO WRITE THIS!***
The prompt I put in can be found at the end. I wanted to do some research on virtual influencers (or “vinfluencers”) because our last class was the first time I’d ever heard of them (even though I work in influencer marketing…), so I wanted to learn more.
Virtual influencers have already started to gain popularity on social media platforms, and it is possible that they may become even more mainstream in the future. Virtual influencers are computer-generated characters or avatars that are designed to appear lifelike and interact with their followers in a way that is similar to human influencers.
Virtual influencers offer several potential benefits for brands, including greater control over the content that is produced, reduced risk of influencer-related scandals, and the ability to create unique and innovative campaigns that may not be possible with human influencers. Additionally, virtual influencers can work 24/7 and do not require payment or management in the same way that human influencers do.
However, there are also some potential drawbacks to using virtual influencers, such as the fact that they may lack the authenticity and relatability of human influencers, and some consumers may find them off-putting or unappealing. Additionally, the technology required to create lifelike virtual influencers is still relatively new and expensive, which may limit their adoption by smaller brands and influencers.
Overall, it is difficult to predict with certainty whether virtual influencers will become mainstream, as it depends on a variety of factors such as technological advancements, changes in consumer preferences, and the overall evolution of the influencer marketing industry.
I agree with all of the pros and cons that ChatGPT mentioned, but I would probably add the role that virtual influencers will play in web3 and the metaverse. I believe that is where their adoption will be the most widespread, and then it will eventually trickle down into our real universe. I also think the technology will need to evolve in order for them to really catch on within mainstream marketing because right now they look…unsettling. On the other hand, however, I think any brands willing to make a big bet on virtual influencers might eventually benefit from the “first mover advantage,” allowing it to become a dominant player in the largely untapped space for years to come.
I am also curious about how programmers/developers will handle aging with vinfluencers—for example, Lil Micquela was 19 when she first created her Instagram account in 2016, and her Instagram bio still says that she is 19 seven years later. I think this could be a rare opportunity for brands since this is something humans cannot do. I think it would be interesting for brands to use a vinfluencer who doesn’t age in order to acquire audiences from every generation rather than have him/her “grow up with” the people they attract. I am very eager to see how brands will handle this in the future!
Source: https://www.instagram.com/lilmiquela/
In my first prompt I actually referred to them as “vinfluencers” like I heard in class, and ChatGPT thought they were wine influencers! See below:
Monday, March 06, 2023
CHATGBT compared Go Charlie ! What a world of difference ! Romancing The AI What Can Artificial Intelligence Do For Digital Marketing?
Chat GBT -->
First, let's talk about personalization. AI can analyze data on customer behavior and preferences to create hyper-personalized ads. Gone are the days of generic ads that don't resonate with anyone. Now, we have ads that are so specific, they feel like they were made just for you. It's almost as if the AI knows you better than you know yourself! But don't worry, I'm sure there's nothing creepy about that.
Next, let's talk about chatbots. AI-powered chatbots are becoming increasingly common in customer service. They can answer common questions, provide recommendations, and even complete transactions. This means that humans are no longer necessary for these tasks. So, if you're a customer service representative, you might want to start looking for a new job. Unless, of course, you want to become friends with a chatbot.
Finally, let's talk about predictive analytics. AI can analyze vast amounts of data to predict future trends and behavior. This can be incredibly helpful in digital marketing, as it allows businesses to anticipate the needs and wants of their customers. But let's not forget that AI isn't perfect. Just because a machine predicts that a certain trend will be popular, doesn't mean it will actually be popular. So, if your business suddenly starts selling a bunch of products that nobody wants, you can blame the AI.
In conclusion, AI is having a huge impact on digital marketing, and it's both exciting and a little bit scary. On the one hand, it's amazing that machines can analyze data and make predictions that were once impossible. On the other hand, it's a little unsettling to think about a world where machines are making all the decisions. But hey, as long as the machines keep making us laugh with their weird and wonderful ads, I think we'll be okay.
GO Charlie --> Romancing The AI What Can Artificial Intelligence Do For Digital Marketing?
Digital marketing is a rapidly growing field that is constantly evolving. With the help of AI, marketers can automate tasks and improve the overall quality of their campaigns. Below, we will take a look at how AI can be used in digital marketing to boost reach and engagement.
When it comes to reaching potential customers, AI can be used to automate customer segmentation. This means that you can automatically target different groups of people with different ads and content. By identifying which groups are most likely to convert, you can better target your campaigns and ensure that your messages are reaching the people who need them most.
Similarly, AI can be used to optimize websites for better performance. By using machine learning algorithms, marketers can identify which pages are performing poorly and make necessary changes to improve traffic flow. This allows you to provide a better user experience while also boosting ROI.
Beyond improving website optimization, AI has the potential to enhance data analysis from multiple sources. For example, you could use AI to identify which social media platforms are being used most frequently by your target audience and tailor your posts accordingly. This would allow you to provide more engaging content that would keep users coming back for more (and hopefully convert more leads into customers).
Last but not least, one of the biggest benefits of using AI in digital marketing is its ability to personalize ads at scale. By using machine learning algorithms, marketers can identify customer trends and preferences – even those customers who have never interacted with your company before! This allows you to provide superior customer experiences by anticipating their needs rather than hoping they'll stumble across your content organically.
Overall, embracing the AI revolution is essential for better reach and engagement with your customers online. By using technologies such as Generative AI, marketers can streamline their processes while also providing more relevant content that appeals directly to consumers' interests.
Sunday, March 05, 2023
Email remains the best channel for business leads
Email marketing remains one of the most effective channels for generating business leads. According to research, email marketing has an average return on investment (ROI) of 42:1, meaning that for every $1 spent on email marketing, businesses can expect an average return of $42.
Emails allow businesses to communicate with their target audience in a
personalized and targeted way, which can result in higher engagement rates and
more conversions. Additionally, email marketing offers a wide range of tools
and techniques that can help businesses track and analyze their campaigns,
including open rates, click-through rates, and conversion rates.
However, while email marketing can be highly effective, it's important to
note that it's just one of many channels available to businesses for generating
leads. Depending on the industry, target audience, and specific goals of a
business, other channels like social media advertising, content marketing, or
search engine optimization may be equally effective or even more effective than
email marketing. Ultimately, the best approach will depend on a variety of
factors, and businesses should consider a range of channels and tactics when
developing their lead generation strategy.
Chat GPT or real?