2023 could very well be the year of critical digital transformation. Every week this year seems to bring a new disrupting force, from ChatGPT to Google’s Bard to the collapse of SVB. Change of this magnitude is uncomfortable. Managing change is complex. However, change also presents incredible growth opportunities that wouldn’t have been available in normal times to nimble, fearless, and bold organizations.
Generative AI is THE theme of the present and the future; to ignore it is to fail.
Retailers should leverage the ChatGPT AI platform to generate the first draft, to stand on the shoulders of giants, as it were, to elevate their own ideas. In the short-term, we now have the foundation of a very smart friend who can help marketers generate content. ChatGPT will not change the need for well-written personalized content or the human element of ingenuity; instead, ChatGPT offers a massive boost in creativity and productivity by elevating the starting point of our idea generation. New creative ideas will be the key differentiating factor for agencies, determined, in part, by how they leverage ChatGPT and other generative AIs to enhance their work.
ChatGPT is actively transforming the search landscape. While it is unlikely to replace search engines entirely, its innovation is forcing SERPs to undergo a massive update. While Google and other search engines rely on your personal browsing history and patterns to better understand the context of your search queries and populate as many results as possible, ChatGPT provides only one answer. The quality of ChatGPT’s single answer rests on the quality of the prompt, so asking the right questions is key.
In fact, we could see ChatGPT create a brand new conversation funnel alongside the traditional search funnel. Continued AI innovations will lead to exponential technologies that can then lead to a huge number of new jobs that we cannot even fathom right now. Brands should focus on where they can leverage the generative AI element to unlock and unleash their human creativity and ingenuity.
This is Bing and Microsoft’s iPhone moment; already, we are seeing Google lose about 5% of its share to this new Bing. Five percent is massive in this context.
The early adopters of this “new” Bing are likely to be advanced searchers and higher-value online shoppers. We recommend testing the impact of 15-30% increments in ad budgets across Bing to see how those shoppers compare to others. Leveraging high-value audience insights can increase the reach of your marketing budget and optimize the inputs that machine learning modules use to better serve your ads to the right audience.
Experimentation in these turbulent times is critical to success. It is important for digital marketers to test how new trends could impact their brand and marketing strategy. We have to navigate this rapidly changing digital media landscape together, continually learn from our success and our failures.
Udayan Bose founded NetElixir with a vision to provide online marketers worldwide with a paid search campaign optimization solution capable of delivering magical performance. Prior to starting NetElixir, Udayan was Director of Business Development for PartyGaming, the world’s largest online gaming company. Udayan regularly lectures the MBA classes at the Johnson Graduate School of Management, Cornell University; Zicklin School of Business, Baruch, NY and the Indian School of Business, Hyderabad. He has been featured in The New York Times, Forbes and Time magazines. Udayan holds a Bachelor’s Degree in Chemical Engineering from the Indian Institute of Technology, Delhi and an M.B.A. from Mumbai University, India.
