Venugopal Ganganna, CEO, Langoor, writes on invitation and exclusively for our special series BRIEF24.
Learnings and achievements from 2023; Inspiration for 2024
The “State of AI in Marketing 2023 from MMA India report* found that: Approximately 70% of marketers in India are exploring Generative AI applications, indicating a significant interest in AI adoption.” This is one of the most significant developments of the year.
The fact that approximately 70% of marketers in India are actively exploring Generative AI applications signifies a seismic shift in how businesses perceive and harness the power of artificial intelligence. With more and more businesses embracing the era of Artificial Intelligence, another significant trend which we foresee changing the AI game is the Emergence of Hyper-Personalised Marketing.
Hyper-personalization has emerged as a cornerstone trend, redefining how businesses connect with their audiences. Leveraging AI, marketers can now craft individualized experiences based on nuanced customer preferences, behaviors, and contextual data. This trend is crucial as it addresses the growing demand for personalized interactions, enhancing customer engagement, loyalty, and ultimately, conversion rates.
My year-end analysis of 2023: As AI becomes more ingrained in marketing strategies, ensuring ethical use of data is paramount. Concerns arise regarding data privacy, algorithmic biases, and the potential misuse of AI-driven insights. Addressing these concerns is crucial to maintaining trust with customers and upholding ethical standards in the industry.
A few ways of ensuring this are maintaining transparency in data collection and processing, and adhering to Data Protection and Privacy Regulations to safeguard Consumer Rights The increased reliance on AI applications for data-driven decision-making elevates the importance of robust data security.
Concerns revolve around the potential vulnerabilities that could be exploited on these AI Applications, leading to breaches and unauthorized access to sensitive information. Incorporating strategies such as strong data encryption on these applications and conducting regular audits and updates can mitigate such issues.
Learnings and realizations from 2023: As the CEO of Langoor, my professional growth has been profoundly shaped by insights that reside at the dynamic intersection of AI and marketing. Discoveries about the immense power of data-driven strategies have fueled our commitment to delivering highly targeted and personalized campaigns.
Recognizing that AI isn’t the terminator of creativity; but the catalyst for an industrial renaissance has opened new avenues for innovation, allowing us to augment human creativity with AI’s analytical prowess.
The industry’s continuous evolution underscores the importance of agility and adaptability, influencing our ethos to ensure that Langoor remains at the forefront of technological advancements in the ever-changing landscape of AI and marketing.
Looking at 2024: The key trends to watch out for, in 2024 revolve around the continued integration of AI into marketing strategies. We anticipate a surge in demand for AI-powered solutions that enhance customer experiences, enable predictive analytics, and optimize campaign performance.
Specific to Langoor, our focus lies in refining AI algorithms to create more personalized and impactful campaigns for our clients. Overall, the evolving landscape underscores the need for continuous learning, adaptability, and a forward-thinking approach, all of which are integral to Langoor’s vision of shaping the future of AI-driven marketing.
Some advice: To my peers and aspiring professionals entering the industry, I would emphasize the transformative power of embracing innovation and staying agile in the ever-evolving realm of AI-driven marketing. Leverage the vast potential of AI not just as a tool but as a catalyst for creative solutions and meaningful insights. Embrace a culture of efficiency, innovation and growth.
At Langoor, we’ve learned that success in this dynamic field comes from a balance of cutting-edge technology, human creativity, and a commitment to ethical AI. We aspire not only to keep up with trends but to set them, contributing to the positive evolution of our industry. It’s an exciting journey, and with the right mindset, you can not only adapt to change but drive it.
My Mantra for 2024: My one-line mantra for 2024 borrows inspiration from Amazon which thrives on innovation: “Every Day is Day 1.” Think of the insatiable hunger for growth that we had on Day 1, whether that’s Day 1 of a new project or a new year. So, in 2024, “Every Day is Day 1” will be our guiding principle at Langoor.
We’ll face the challenges and chase the opportunities with the same fearless spirit that defined our beginnings. We’ll make 2024 a year of relentless innovation, groundbreaking campaigns, and customer experiences that exceed all expectations. Let’s make it a year where, every day, we redefine what it means to be at the forefront of marketing.
My personal favorites from 2023
Campaign I liked in 2023: As the CEO of an AI-driven marketing agency, I’m constantly on the lookout for innovative ways to use technology to enhance customer experiences, and that’s why JP Morgan Chase’s AI-powered copywriting is my favorite ad campaign of 2023. By leveraging AI to analyze customer data and personalize marketing messages, JP Morgan Chase is crafting truly relevant and impactful communications.
The beauty of AI is its ability to learn and adapt in real-time. As customers interact with the personalized messages, the AI gathers valuable data on what resonates and what doesn’t. This allows JP Morgan Chase to continuously refine their messaging, ensuring it’s always hitting the right chord with the right audience.
The implications of this campaign extend far beyond the financial sector. It serves as a powerful demonstration of how AI can be used to personalize customer experiences in any industry, leading to deeper engagement and improved results.
Ultimately, the goal is to use AI to empower, not replace, human creativity. When done right, it can lead to the creation of truly authentic and impactful marketing messages that resonate with customers on a deeper level, and I can’t wait to see what creative heights we reach in 2024 and beyond in terms of AI and marketing.
A show/movie that I liked in 2023: In terms of 2023 entertainment, I can’t help but be transfixed by one of Black Mirror’s episodes “Joan is Awful.” It’s a masterclass in using generative AI as a thought experiment, holding a mirror up to our obsession with hyper-personalized content.
My 2023 hobby-career connection: When I’m not diving into the world of AI and marketing, you’ll find me knee-deep in another passion: lake and river conservation. Over the last few years, I’ve learned firsthand the immense value of these ecosystems and the threats they face.
Non-profits like Paani.Earth work tirelessly to conserve rivers, educate people about pollution and water rights, and advocate for responsible water management.
Conservation is a constant battle against challenges, from pollution to climate change. This has instilled in me a deep sense of resilience and sharpened my problem-solving skills.