The author advocates for the use of predictive analytics, which can foresee future customer activity, and machine learning models to identify which customers need attention and when. The author argues that predictive analytics can directly address substantial marketing costs and help marketers engage meaningfully with their audiences to drive real ROI. The author concludes that efficiency is not just about reaching more customers, but reaching the right customers, and predictive analytics can help achieve this.
Key takeaways:
- Generative AI is gaining popularity among marketing leaders, with 63% planning to invest in GenAI tools in the next 24 months, despite only 35% of businesses currently using machine learning.
- Marketers are missing out on using existing business data to predict future customer behavior, which could be more impactful than adopting GenAI.
- GenAI alone won't solve the challenges marketers face in finding the right customers. The real long-term return on investment will come from AI that can help retain customers efficiently and effectively.
- Predictive analytics, with its ability to foresee future customer activity, is a high priority for marketing leaders and can directly address substantial marketing costs.