Tackling 5 Vital Challenges Faced by Today’s CMO’s with Pixis AI
Pixis
Chief Marketing Officers (CMOs) are now constantly at the helm of facing the relentless task of adapting to evolving privacy concerns and driving bottom-funnel metrics. The challenges have become more complex, particularly in engaging customers, personalizing experiences, managing data, budgeting, and measuring ROI. Thankfully, advancements in AI technology present new opportunities for CMOs to leverage against these challenges they face in performance marketing. Here are 5 vital challenges that CMOs face in 2024 which Pixis AI is helping tackle successfully.
Understanding Changing Customer Behavior Across Generations
From tech-savvy Gen Zers to value-driven Baby Boomers, each customer demographic behaviors vary sharply. For example, Gen Zers are more comfortable utilizing gig economy mobile apps like TaskRabbit and Uber, while Baby Boomers would feel more secure getting in touch with agencies. To successfully engage with each segment, CMOs must understand these diverse patterns.
Traditional data analysis may overlook such nuances, but AI excels in sensing these patterns. With Pixis’ AI-powered predictive analytics algorithms that sift through a myriad of data, CMOs can decipher generational trends and causalities to predict customer behavior for more effective strategy building. From recommending high-converting content to understanding browsing habits, Pixis enables brands to stay relevant and agile in addressing consumer needs.
Coping with IDFA Removal
The changes to Apple’s Identifier for Advertisers (IDFA) and evolving privacy regulations have created significant targeting restrictions for platforms like Facebook (Meta) and TikTok. These changes have disrupted unique consumer data, making it more difficult for advertisers to effectively target and acquire potential customers, which in turn affects Customer Acquisition Costs (CAC) and ad-buying strategies.
Advertisers are discovering that their ads are less effective and that they need to expend more resources to achieve the same level of customer engagement and conversion. The quality of the data that informs ad buying decisions has diminished, leading to inefficiencies in ad spend and difficulties in optimizing ads for desired outcomes.
AI can help tackle these issues by enhancing the efficiency of ad targeting and improving the optimization process in an environment with stricter privacy controls. Pixis AI is capable of recommending strategies that involve predictive modeling, lookalike audiences, and contextual targeting to sidestep the impacts of this privacy measure. Pixis ensures that CMOs can still find and engage with new audiences effectively, optimizing ad buying and CAC, while respecting user privacy.
Gathering Data-based Insights
CMOs are well aware that informed decisions need to be driven by high-quality, reliable data. Today, campaigns need to be fueled by concrete, data-driven insights that aren’t just retrospective but proactive. Having the right tool that efficiently collates and organizes the vast sea of data from various sources is a game-changer.
Pixis AI does just that. It consolidates vast amounts of disparate data to offer a cohesive view of the market, thus empowering CMOs to carve out data-backed strategies with precision. The AI dashboard can showcase data, such as sales figures, and unstructured data, including social media conversations, customer feedback, and even visual content in a structured manner. This enables CMOs to gain an easier and more transparent understanding of the actions taken by the AI algorithm.
Allocating Campaign Budgeting
Allocating budgets effectively remains one of the thorniest issues in marketing. Performance unpredictability and the plethora of channels available make it a daunting task to decide where and how much to invest.
AI demystifies this by providing insight into campaign performance and identifying inefficiencies across and within platforms. For instance, AI-enabled tools can analyze past campaigns to forecast outcomes and ROI, ensuring resources are invested where they yield the most impact.
Pixis AI’s budget planning and pacing tool aids in forecasting campaign performance across various channels and suggests optimal budget distribution. By identifying cost-saving opportunities and estimated outcomes, Pixis AI brings a high degree of precision to budgeting, thereby maximizing campaign ROI.
Delivering and Measuring ROI
In today’s highly competitive environment, CMOs are under constant pressure to demonstrate that marketing spend translates into measurable returns. The financial gains on marketing investments have become a bottom-line imperative for CMOs. Traditional models of measuring ROI are deemed to be inadequate due to their inability to capture the nuances of digital marketing.
Especially as brands scale up their marketing efforts with increased budgets, there lies a risk of CAC becoming unstable. Inflating the budget without a strategic approach can lead to diminishing returns, as the increased spending does not necessarily correlate with proportional growth in the customer base.
Pixis AI offers a solution with sophisticated analytics and attribution models that deliver insights into the direct and indirect impact of marketing efforts. These tools provide CMOs with clear visibility into the effectiveness of marketing efforts, mapping out the customer journey, and attributing conversions accurately. Also as brands think about scaling, these AI-powered platforms aid CMOs in identifying the sweet spot of investment where the returns are maximized without unnecessarily inflating the CAC. Furthermore, Pixis AI’s machine learning continuously refines its strategies, so ROI is not only measured but also enhanced over time.
Conclusion
Understanding and tackling challenges with consumer behavior, personalizing customer experiences, harnessing data for actionable insights, effectively budgeting campaigns, and precisely measuring ROI is critical for success. By integrating Pixis AI into their marketing strategy, CMOs can effectively address these challenges. With its cutting-edge AI technology, Pixis AI is the partner that CMOs need to surmount these hurdles, making the complex task of modern marketing that much simpler, more predictable, and more profitable.
